Your competitors likely aren’t offering everything they could, and that’s a chance you can capitalize on. It can be difficult to get ahead and edge out your competition in the home improvement business. Mark Twain once said, “There is no such thing as a new idea.”
That sentiment is even more true with information so easily shared these days. That’s why no matter what type of business you’re in, chances are there’s someone else out there trying to get a piece of the same pie. In fact, you very well may have multiple competitors.
With that in mind, it’s important to find strategies to get an edge on the competition. (P.S. Offering home improvement financing is one of them.)
1. Home Improvement Financing for Customers
Our first suggestion of things your competitors aren’t offering is home improvement financing. It’s important to remember you have an amazing product and service to offer. Plenty of people are interested, but many abandon their plans to purchase because they don’t have the funds readily available.
Rather than letting them leave empty handed or, worse yet, running to the competition, have some sort of financing opportunity in place. Whether it’s financing for contractors, home improvement financing, or some other type of home improvement loan, there are choices for all types of businesses.
Don’t worry if you have no financing expertise; there are ways to make these services available to your customers without having to go through the process yourself. The best way, we would argue, is by partnering with HFS Financial to offer the best financing for your customers.
The process is super simple and can actually help you win more customers in the long run.
2. Higher Prices that Reflect Your Value Over Your Competitors
Another thing your competitors aren’t offering that you should are higher prices. We know this sounds counter-intuitive but hear us out. Slashing prices is a technique that often comes to mind when businesses are trying to drum up traffic.
The problem is that cutting prices too much can give the impression that you’re offering bargain basement products or services. Prices that are too low can cause suspicion among your potential clients. If it’s too good to be true, it often is. So, those potential customers will write you off because they think there has to be some sort of catch.
Conversely, when you raise prices, you elevate the perception of your offerings. Just don’t go too crazy, and keep in mind that what you offer needs to live up to the higher price.
The bottom line is that you need to offer accurate pricing that coincides with the product your offer. Most people are willing to pay for good, honest hard work. That’s what you’re aiming for.
3. Outside Strategies for Business Improvement
And finally, businesses often look to the competition to gain insight into what to do next and to keep on top of trends. That said, watching what other industries are doing can give you some ideas that none of your competitors have thought of yet.
Keep an eye specifically on businesses that are of similar size and age to your own, and then incorporate these proven business strategies. You can learn a lot just by observing the business choices that other companies have made. See what works well for them and maybe what hasn’t worked so well for them.
Then take some time to brainstorm and adapt those strategies to your own home improvement business ventures. You’ll set yourself apart from the competition in no time by learning from those around you.
4. Partner with HFS Financial
If you want some financing experts to back you up, HFS Financial can help. We can help get your customers the right loan they need. And you can start offering the best contractor financing for your customers.
To make the application process completely straightforward for your clients, you can even add the HFS widget to your website. Just a quick click and customers are taken to our secure site. From there, it’s an easy process to apply. When you’re ready to add all the benefits that HFS offers, we’re here to help seal the deal with your customers. Contact us today!