Use the WQA Consumer Opinion Study in your 2024 strategic marketing planning
Strategic marketing planning is your roadmap to success, and dealers who use the WQA Consumer Opion Study have a competitive edge.
As 2024 begins, take a close look at how your business did in 2023. You need to assess what worked and what didn’t. You need to analyze the number of potential buyers in your market and consider how to reach them. This is a time to refine your message; dive deep into your competition and evaluate your unique value proposition. This is what sets your company apart from the rest.
Your marketing plan is your compass in the ever-changing business world. A solid plan will help you get ahead and stand out in today’s competitive market.
More competition – more interest:
According to statistics from Dun & Bradstreet, the number of companies selling water filtration has grown by 12% over the past three years. While there may be increased competition, there is also increased interest in water filtration.
Consumers are clearly concerned about the condition of the water in their homes. The WQA 2023 Consumer Opinion Survey shows that “almost 3 in 5 households are very concerned/concerned about the safety of their water”.
That means you need to be sharp, focused, flexible and creative – and have a strategic marketing plan to make progress.NL reach these households.
Direction and focus:
A clear, well-defined plan guides your team. Set specific goals, define your target audience and map out the tactics to get there. This focus ensures everyone is on the same page and working together on shared goals.
Set goals that you can measure. Your marketing plan gives you a benchmark for success. Track your progress, identify what’s working and make informed adjustments for the best results.
Let’s start with your goals. Do you expect higher turnover? I hope so – there are many opportunities.
According to the 2023 WQA Consumer Opinion Study, nearly 50% of American homeowners have some type of water filter in their home. That percentage has grown in recent years (in 2021 this was 2 in 5). This means that there is a growing awareness that this is an essential need.
That also means that today at least 50% of American households do not have a water filter. And according to the survey, “nearly a quarter of people without a system have some interest in purchasing in the future.” That’s a lot of potential things.
Resource optimization:
A strategic marketing plan allows you to optimize your resources (money, time and people). No more waste. Focus your efforts and spend your marketing dollars where they matter most.
That means when you market, target – target – target.
The 2023 WQA survey shows that one-third of water treatment products were purchased in a homeowner’s first month of living in their new home. And “overall, four out of five systems were purchased within a year of the move.”
That means dealers should be too focus their efforts on new homeowners, because they are the most likely buyers of water treatment products. If you’re on a budget, spend it here.
The study also notes that “home water system owners were much more likely to operate at a higher economic scale than those who did not.” If you sell complete systems, your marketing efforts should focus on people who can afford your product. In the marketing world this means overlapping revenue, modeled credit or the value of your home when you look at your potential customers.
Competitive advantage:
You need to understand your market and competitors. Your marketing plan will help you identify what makes you unique. This distinctive character sets you apart from your competitors. It is also what attracts and retains customers.
Let’s go back to the 2023 survey. Consumers want to do business with knowledgeable people. 40% of consumers believe that the water purification company is the expert in their field. Are you? How do you portray your dealership, your technicians?
Are you in the public eye discussing water quality and water safety? Do you network with other business professionals? Are you seen as the local expert? Do they trust you??
Is your staff informed? According to the survey, the ability to answer questions (81%) and product knowledge (79%) were considered the two most important qualities in a salesperson.
Knowing that expertise resonates with consumers, consider emphasizing that in your marketing. State it unambiguously in your marketing: we are your water quality experts. Make it one of your unique value propositions (UVPs).
Reviews and testimonials:
The more expensive the product, the more reviews a consumer will read before making a purchasing decision. According to the 2023 WQA study, 42% of consumers say reviews are the most important thing influencing their decision.
Your strategic marketing plan should include a tactic for obtaining reviews and getting them on your website and in your marketing materials on a consistent basis. If the last review you have on your site is from 2021, you need to make this a priority.
18% of consumers said they would prefer to do business with a company whose products are made in the US. If your equipment is made in the USA, make sure it says that loud and proud on your marketing materials, your website, and in your UVP!
Understand your customer:
Know your audience inside and out. Your marketing plan requires you to dig deep into customer behavior, preferences, and trends. Customize your messages so they resonate with your customers. This encourages commitment and loyalty.
Back to the 2023 WQA Consumer Opinion Study. Of homeowners who do not currently own a water filtration device, “more than a quarter suggested that a promotional offer or discount could motivate a purchase.”
That means when you’re marketing to homeowners, you should consider including a promotional offer or a discount in your marketing. create one worthy offer otherwise it will be meaningless.
Here are some examples:
- $200/$250 off installation (you choose the dollar amount)
- FREE designer tap for your water filter ($200 value)
- 1 year supply of soap/salt/detergent
- FREE low flow shower head
- Receive a $25 gift card with water test
Target unique audiences:
Another new question raised in the 2023 survey: Two-thirds of consumers who don’t currently have a filter said they would consider installing a system if they were to undertake a major renovation to their home.
This can be a great innovative, targeted marketing opportunity. Consider marketing to homeowners who have just refinanced their home. According to Bankrate statistics, 43% of refinances are for home renovations. Do you want to distinguish yourself from the competition? Create a list of refinances and market them. You can even select the loan amount. When they consider renovation, a whole house system is on their list. And they should be on yours.
Another statistic I found valuable from the survey: “Millennials are the only segment where more than half (59%) believe a water treatment product is a necessity.” In the sales world, it is always easier to sell a want than a want. When you market to Millennials your messages should remind them that the quality of the water they provide to their families is in their hands.
WQA consumer opinion survey
I would like to commend the WQA for conducting the Consumer Opinion Study. This is a real tangible benefit of WQA membership. Market research is a very expensive and time-consuming affair that individual dealers cannot afford to do on their own. The fact that WQA conducts this survey every two years gives us a lot of historical data and benchmarks that we can use for future growth.
From a marketing perspective, the research provides useful data to help us create a strategic marketing plan. Understanding consumer preferences, motivation and purchase timing can help us better plan.
As we enter 2024, make sure you’re set up for success. Your strategic marketing plan will enable you to make informed decisions, thrive in a dynamic marketplace, and confidently drive your business toward its goals.
Reference By: www.datamangroup.com
