‘Improve not move’: How the new homeowner mentality is your next opportunity6th August, 2018 by Dale Maycock
You may have noticed it already but consumer habits are changing…and fast. Nowhere is this more prominent than in the housing and home improvement industry. Research commissioned by the BBC reveals that the days of families moving three or four times in a lifetime are now a thing of the past, instead people are now opting to move around twice (on average).
With house prices starting at around 7.6 times the average annual salary it’s no surprise that people aren’t willing to up sticks like they once did (not to mention the ever-stringent mortgage restrictions that are being enforced by banks) The result? Consumers are now adopting the ‘improve not move’ rule. This has meant that home-owners are now choosing to invest their cash in other ways, such as house extensions and interior design projects. People now want to make the most of the space in their home rather than struggling on a mortgage they might not be able to afford.
But with change comes opportunity, so how can home and lifestyle brands take advantage of this shift in attitude and how should they be communicating with their customers?
Homes with benefits – It may seem obvious but informing consumers of the benefits of home improvement will help change the perception that buying a new property is the only way forward. After all, the right changes could add significant value. Brands can do this by creating content that inspires and informs, by planting a seed and showing consumers how good their homes could be. Whether it’s creating advice pieces on upcoming trends or filming short, snappy videos on easy transformations, it’s important to give back to customers in the form of quality content. Position your brand as a leading authority and you’ll start being seen as such.
Experience over objects – Times are a changin’ and Millennials now are choosing to spend more of their hard-earned cash on travel and experiences rather than hard goods. This means that brands need to get creative in the way that they connect to their customers. Research shows that people who attach positive experiences with a product are more likely to purchase that product in the future. As experiential PR garners more success, this new wave of storytelling could help bridge the gap for consumers looking for more than just an Instagram post, leaving them with a lasting impression, and a good one at that.
One of a kind – With the home and lifestyle sector growing year-on-year it’s important to create products that set your brand apart from the competition. ‘Run of the mill’ is no longer good enough for the modern-day consumer, so it’s important to give them something different. Creating a product with a strong USP is a sure fire way to create a buzz around your brand but more importantly, it will give you a story to tell.
The rise of the influencer – We’ve all seen it, you look around to see a crowd of people all glued to their phones. There’s no getting away from the fact that technology is now entwined with our modern-day lives and this is having a huge impact on how consumers connect with brands. By aligning your brand with influencers, not only will you be reaching new audiences but you’ll also be able to connect with people on a more personable, human level. Insta-entrepreneurs are now bigger than ever, with thousands, if not millions of followers, meaning there’s never been a quicker way to put your brand in front of the right audience.
With the news that UK homeowners have spent around £41 billion doing up their homes in the last five years, there’s never been a better time for brands to stand up and take their bite of the market share. So, if you’ve got a story to tell why not get in touch with our team of home and lifestyle PR experts at Richmond & Towers who have the experience and know-how to take your brand to the next level.