Gaining Customers Through Product and Materials Shortages
We recently read an article in Paint & Decorating Retailer magazine that we thought worthy of sharing. They conducted research with the HIRI (Home Improvement Research Institute) to discover key customer insights regarding the current product and materials shortages.
Here are some highlights that can be useful in your planning:
59.2% of customers will shop at the same store for home improvement products regardless of what product they're shopping for.
Takeaway: Keep them coming back via bounceback coupons/offers and make sure they are on your communications list to keep them informed of any events, sales, new product arrivals, restocks, etc.
78.8% will buy a product at another store before waiting on stock to return.
Takeaway: Plan ahead by pre-ordering and stocking best sellers.
39.7% are indifferent or disagree that hardware stores have more helpful, knowledgeable employees than big box stores.
Takeaway: Big box is spending more time and resources on employee training so think about developing employee learning roadmaps with a rewards component. Customer service and knowledge is a main differentiator for independent retailers, so it's important to maintain that edge.
67.4% of customers have many home improvement stores to choose from.
Takeaway: Find ways to stand out to make lasting impressions and create positive word of mouth. From service and product knowledge to following up with your customers after making a purchase – even offering coffee and donuts on Saturday – it all adds up!
79.8% of shoppers agree that home centers usually have everything they need.
Takeaway: Selling (and upselling) ancillary products at one location allows customers to do a one-stop-shop! Teach your employees to ask more questions about customer projects and goals and then sell them all the materials they need to succeed.
Understanding your customers and planning ahead to meet their needs is a major key to success!