The Next Economic Summit

Due to overwhelming demand from customers and clients we have decided to reprise the Economic Summit that was such a big success in April.

It will take place in Indianapolis in conjunction with the Remodeling Show in October.

While it is still relatively early we would like to hear your suggestions for topics you would like us to discuss. You may either submit a comment on this blog or you can e-mail your suggestions to admin@daveyoho.com.

Also, don't forget to check out the complimentary mp3 of the last Economic Summit. You would hate to miss out on a wealth of information from one of the most knowledgeable industry figures: Rick Strachan Executive Director at Hanley Wood as he gives his keynote address.

Bathroom Remodeling Remains High on ROI Lists

According to a recent article from the ARA – while foreclosures are at record rates the vast majority of homeowners are still current with their mortgages. Between the low interest rates and the fact that most of these homeowners are opting to remain in their current houses, it is providing more opportunities for home improvement and remodeling businesses.

There are several very distinct advantages for people to have various home improvements and remodeling projects done and upgrading one or more bathrooms are high on the list. Among the advantages are:

*People want to improve the value of their property during these recessionary times.

*People want to enjoy the benefits of a more luxurious living environment.

*People can recoup as much as 75% of a bathroom remodeling project’s costs when they resell their home as indicated in Remodeling Magazine’s 2008-2009 Cost vs. Value Report.

*People can realize savings in energy and resources consumption through upgraded “green” materials including ceramic tile, water-conserving fixtures and energy-efficient lighting

*People find that investing in baths and fixtures that create a spa-like environment provide a more relaxing experience in their own home, reducing stress and saving them the time and expenses of visits to spas and massage therapists. According to Steven Deland of Acryline Bath Systems, “Demand remains strong for tub experiences that really underscore hat feeling of spa like relaxation in the home bath.”

The U.S. has continually experienced cycles of economic upturn and downturn since World War II. On average, despite these cycles most homeowners have realized a doubling of their home value about every 11 years. Deland says, “Investing in your home is still one of the most sensible ways to spend your money and improve your life.”

There are always opportunities in every adversity. A solid plan, flexibility and innovation are important cornerstones of not only surviving, but also thriving during these challenging economic times.

Best Regards,
Dave Yoho

Follow-up Failure

When we go into a client’s operation one of the things that we frequently hear is that they are doing their best to follow up with prospects who have expressed an interested in their business. Yet despite this, we have yet to interact with a client who has the time or resources to follow up with all interested parties on a consistent basis.

Sure, many do it better than others, but the fact remains that everyone would like to improve their prospect conversion rate.

So how do you accomplish this task?

What we have found is that the majority of our clients and customers do an excellent job following up with prospects and customers via phone calls and person-to-person contact and these both remain the most effective methods of interaction. However, the reality is that many homeowners are very inaccessible in today’s society and this is why e-mail communication can be so effective if it is done correctly.

Now before you stop and say that:

a) You have tried this before and it was not very effective
b) E-mail is treated as spam from most homeowners

I would like to ask you to rethink your opinion.

First of all, while these two points might be inherently true, the fact remains that most e-mail communication is composed in an ineffective manner. There are services or individuals that can be hired at extremely low rates (particularly in today’s economy) to write effective copy for you. Let other people handle the tasks that you do not specialize in.

Second, what are you doing to build your database? Are you attempting to double opt-in all of your prospects/customers? Do you realize how dramatically this will reduce your e-mail bounce rate?

Once these two tasks are accomplished then you need to consider investing in a software service that can automate your follow-up process. There are inexpensive services out there that can accomplish the task of multiple phone sales representatives simply by continuously following up with homeowners.

Why does it work so well? Because it keeps your company in the forefront of the prospect/customer’s mind. Studies show that it takes an average of 5 contacts before an individual processes the information that you are presenting them with.

The culture of our society is changing and it is vital that you do everything you can to stay in front of your potential customer.