Thankfulness in a Struggling Economy
October 2, 2009
The last two years have been a particularly tough time for the Home building industry. However, in our toughest hour we sometimes become much more appreciative of what business we do have; and we become more attentive to our customer’s needs. So first of all we our thankful for what we have.
Our company, P.L. Lyons, Inc. survived the late 70’s and early 80’s despite the hyperinflation, high interest rates and savings and loan scandal. We did this by getting involved in remodeling along with our custom home construction. We also developed a new marketing strategy using detailed cost estimates instead of “guestimates”. We tailored this estimating system to work for each individual project. That tool along with our quality construction, and team of subcontractors helped carry us through the tough times of the 70’s and 80’s while setting us up for growth in the last two decades. So secondly, we are thankful that we survived and thrived in the past.
Often extreme circumstances require being leading edge in your tools, techniques and your marketing strategy. Like any industry, the home building business has rapidly changed in the past ten years. If we didn’t change with it, we were left behind. One of the biggest changes has been the oncoming of the Internet along with websites and social media marketing. As many larger home building firms have developed in our area, the smaller custom home builder has had to find a way to compete with their prices and mass production. Larger firms realized quickly that websites and Internet marketing could scale their sales and production. Smaller builders did not recognize the need as quickly, and have had to play catch up.
Our son in law joined our firm for a period of time a few years back. He helped us realize the need to change directions and embrace the power of the Internet. He modernized our estimating system and pushed us to get a web presence. In this past year he has us blogging, twittering and connecting with prospective customers online through the many social media tools available today. These tools are no longer on a “maybe list” they are on a “required list”. Many people use the Internet as their only means of checking out a prospective builder. People are looking to get information quickly to help them make decisions. Although the conversations still end up at the meeting room table or the coffee shop, they start online. These tools have helped bootstrap our marketing in this recession. Thirdly, we are thankful that we listened and we adapted.
Many of the most successful people in business have spent time in the wilderness only to emerge into great opportunity. Lastly, we are thankful for all the freedoms and opportunities we enjoy in the USA; and for an organization like the HBAL which is our voice of support during tough times.
