Options. Everybody loves them.
And lucky for home improvement companies looking to conduct market research, you have plenty of them.
In this blog post, our market research company discusses five market research methodologies we'd suggest for companies working in the home services industry.
Option #1: Customer Surveys
When brands think of market research, customer satisfaction surveys are often the first thing that comes to mind. And for a good reason.
This type of market research methodology is the greatest way to measure likes, dislikes, areas of opportunity, competitor comparisons, and other key performance indicators.
Especially during times where businesses are rapidly evolving and changing to different health regulations, it is imperative to make changes based on data-driven decision-making.
The most popular types of customer surveys for home renovation companies include:
Each approach to collecting customer feedback has its advantages and disadvantages.
For instance, online surveys are more cost-effective than phone surveys, but both surveys can provide more in-depth insights.
For more context, Drive Research covers the pros and cons of 10 different types of market research here.
Option #2: Online Reputation Management
Customer reviews matter.
That's why our market research company often recommends adding an element of online reputation management (ORM) to customer surveys.
Establishing an ORM process helps generate more positive online reviews to popular rating sites such as Google and Yelp.
Do positive online reviews really matter? Absolutely.
According to Moz, online customer reviews gain more weighting (6.47%) in local organic searches.
Plus, positive ratings are vital for home improvement companies to sell their services, with customers willing to spend 31% more on an organization with excellent reviews.
Learn more about the process of ORM in this in-depth blog post: Improving Customer Ratings with Online Reputation Management
Or, get up to speed quickly with this 60-second ORM explainer video.
Option #3: Competitor Analysis
According to a recent 2020 State of Competitive Intelligence Report, an overwhelming 94% of businesses are investing in competitive assessments.
The driving factor of investing in CI is likely due to companies understanding the increased level of competition in their industries.
This is undoubtedly the case for the home services sector.
Not only do you have local competitors from other third-party companies, but with household brands such as Home Depot and Lowes that encourage DIY home improvement projects.
For this reason, competitor analyses are a growing need among home improvement companies. It allows them to better forecast and react to local competitive threats more quickly.
This market research methodology helps businesses understand how they compare on critical components such as:
- Service offerings
- Pricing analysis
- Marketing and advertising strategies
- Social media
Option #4: User Experience (UX)
User experience (UX) is a type of qualitative market research focused on a website, application, or other digital platforms.
While the services performed by home renovation companies are completed in-person, the relationship with your customers starts online.
Here are a few statistics to support our claims:
- People form 75% of their judgment on a website's credibility purely on its aesthetics (SmallBiz Genius).
- Research shows that, on average, every $1 invested in UX brings $100 in return (Intechnic).
- 70% of consumers learn about a company through their blog rather than ads (Impact).
- 94% of people won't trust an outdated website (Web Host Review).
User experience market research provides a fundamental foundation for website design strategy.
It helps companies to create an optimal product for potential and existing customers.
Additionally, home improvement companies gain data to back your marketing and sales strategies.
Option #5: Content Surveys
Producing quality content marketing deliverables such as blog posts, guides, video testimonials, and infographics is a must. Why?
Nearly all consumers (97%) now use online media when looking for services in their local area. SEO-driven content is the best way to increase your online visibility.
Nonetheless, home improvement companies struggle to find the time and resources to create lead-generating content for their websites. Or, they simply don't know what to write about.
Take it from me, writer's block is every marketer's worst enemy.
To overcome this hurdle, consider content surveys. The objective of content or public relations (PR) surveys is to repurpose market research findings into various content offers.
- One survey ➡️ several blog posts.
- One survey ➡️ infographic.
- One survey ➡️ social media shareables.
- One survey ➡️ press releases.
- One survey ➡️ webinars.
The opportunities are endless. Here are five tips for maximizing public relations survey results.
Drive Research is a full-service market research company located in Upstate New York. We partner with home improvement companies across the country to execute various qualitative or quantitative market research studies.
Learn more about our services by contacting our team today!
- Message us on our website
- Email us at [email protected]
- Call us at 888-725-DATA
- Text us at 315-303-2040
A SUNY Cortland graduate, Emily has taken her passion for social and content marketing to Drive Research as the Marketing Coordinator. She has earned certificates for both Google Analytics and Google AdWords.
Learn more about Emily, here.