After a generally positive start to the year, as we’ve entered Q2, I have the impression that things may have cooled off in the new kitchen market.
At the least, the data shows that the number of people searching for new kitchens is lower than the months pre-Easter.
It's a clear reminder of the seasonal fluctuations that affect consumer interest in home improvement (despite the drab weather).
It's also a sign that the higher interest rates continue to undermine consumer spending, which, of course, is what they're designed to achieve!
For independent kitchen retailers, this cooling period presents a unique challenge and a golden opportunity to refine and ramp up your marketing efforts.
When the market quietens down, it's a natural response to consider cutting back on expenditure, including marketing. However, this could be a critical misstep.
Think of it this way...
With fewer prospects available, each lead becomes more valuable, and securing their business becomes more crucial.
It's a bit like central heating at home, where the radiators are the equivalent of your marketing. The colder it is, the more you use them. When it's warmer, you turn them down- all to achieve a consistent temperature hour in, hour out.
With your marketing, you want a consistent flow of enquiries year-round - where the peaks and troughs are smoothed out.
So, the quieter times are precisely when your business needs to increase its visibility and attract the reduced pool of potential customers.
It allows you to stand out in a less crowded field. Many of your competitors will pull back, giving you a prime opportunity to capture the attention of those still in the market for a new kitchen.
From what I've seen over the years, kitchen retailers' reactions to quieter market periods are a fair indicator of their commitment to their business.
Many people instinctively want to cut back and tone things down. However, a few press forward and turn the volume up. (And I can tell you which ones have the more successful businesses in the long run.)
With all that considered, if enquiries are too few for you right now, Would you double your advertising investment to lift them back up?
No, I'm not suggesting forever. But at least for the next few months?
A quieter market doesn't have to mean less business for you - it just means that your marketing efforts need to be more focused and intense.
It follows that investing in marketing during these periods can ensure your business better weathers a downturn but emerges stronger and more ready to capitalise on the market as it inevitably heats up again.
Navigating Market Downturns