Running for Home

It is no secret that the U.S. housing market is on the rise. And the speed at which it is moving can be compared to that of Usain Bolt. But as we marvel at this rapid recovery, keep in mind it's not a sprint, but a marathon.

As you run through ways to promote your products, consider a balanced approach, which allows you to ride out of market swings better. Build a foundation targeting both segments of the housing market: new construction, and the “flip” side – the remodeling market.

Sure, some products are only a fit for new construction, but when remodeling is applicable, here are a few reasons the home improvement industry should be considered in your plans:

• With the rapid increase of home prices in many markets across the country, homeowners are opting to remodel their home to increase sale prices or to upgrade their home to enjoy for many years to come.
• Federal and state stimulus programs encourage homeowners and rental property owners to invest in energy-efficient upgrades.
• Due to increasing home costs, renting is on the rise, causing many rental property owners to reinvest in their units to stay competitive.

According to a recent study from MetroStudy, the number of remodeling projects reached a high in 2007 just before the recession, with 11.2million projects taking place. As you would expect, the number of projects decreased dramatically over the next 5 years in the heart of the recession. In 2016, the number of projects is now up to 11.5 million, and is expected to reach 12 million in 2017.

These numbers demonstrate the importance of continually analyzing and adjusting your marketing efforts and messages to reach new audiences. How do messages change to address these new home improvement trends? Here's just one idea “on the house.” During the recession, campaigns were more focused on products, because marketers were appealing to consumers who wanted to do minor repairs. So the messaging could be simple, straightforward and feature-driven. But now as the market continues to improve and consumers look to remodel entire rooms, the focus should be more "aspirational." The marketing should inspire consumers to think about how the products fit into their spaces to make them extraordinary.

Are you taking full advantage of your marketing to the home improvement industry? It's time to get out of the starting blocks and cross the finish line by staying ahead of industry trends.