The 2019 HVAC Market Study Report – Growing High Efficiency HVAC Brands.
Updated: Jan 8, 2019
First-of-its-kind study examines the mechanics of HVAC business growth, comparing HVAC business leaders' focus areas, industry trends and consumer data on how they interact with home service providers.
HVAC leaders seeking growth face challenges on several fronts. While the real estate and stock markets have been on a steady growth trend since the 'Great Recession' signs of slowing are already beginning to show themselves as we move into 2019.
We asked, 'How does an HVAC leader move their business forward in the face of mounting pressure?'
The 2019 WorkWave HVAC Market Study sought to get answers from three data sources. 1). HVAC business leaders and where they are focusing to impel growth and 2). overall industry data. However a complete story of HVAC business growth must look at the issue not only from these two vantage points but also and, perhaps, more importantly, must include data from consumers on how they approach selecting home service providers and their current experiences.
The resulting analysis of these three data sources is the 2019 WorkWave HVAC Market Study.
Pathways to Customer Engagement
The report goes beyond summarizing data into actual analysis and drawing conclusions HVAC leaders can apply to their businesses.
As an example, the report looked at how consumers selected home service providers, why they retained these companies. A model was then developed to show the opportunities for HVAC company growth.
Some of the findings included that 36.1% of consumers said they use a regularly scheduled service, while 33% hired their service provider through a referral. This data shows the importance of customer service experiences. Once you establish your business as a reliable service, customers will want to stay with you and continue to use your services, as well as refer your brand to others. Fundamentally, you build a trusted relationship with your customer.
Market Share and Your HVAC Brand.
HVAC leaders who have reached a certain level of growth are now in a market share play, meaning your new customer is someone elses' former. There are few “new” customers in play, and those that are tend to reach for Google first.
Additionally, the report discusses that there’s more to brand awareness than getting on the first page listing on Google. It should definitely be one of your goals, but high efficiency brands also communicate expertise, educate customers on the work being done, and maintain the relationship with the customer long after the job has been completed.
Your brand is the key to not only punching through, but also reducing your cost per customer acquisition and increasing your overall marketing effectiveness.
For HVAC, plumbing and electrical companies, it’s a competitive, digital world. But by building brand awareness, trust and establishing your company as true industry experts, you will cultivate digital success and a high efficiency brand.
Download your free copy of the 2019 WorkWave HVAC Market Study Report here.