Challenges and opportunities in 2023
After the combination of a global pandemic, rising costs, supply chain and resource issues over the last few years, it might sound strange to say that events in 2023 could pose the biggest challenge to our industry in years. Selecta Systems marketing manager, Mark Walker, offers his view on the marketing opportunities that come with the possible challenges ahead.
Since 2020, the fenestration industry has overcome a tough time, crammed with a multitude of challenges.
Our industry has continued to perform extremely well during this period, remaining resilient and buoyant during a distressing time for many in both their personal and business lives. As we move in to 2023, it seems like we are in a constant news feed of doom and gloom, with the next challenge to hit us all being the cost-of-living crisis. However, with every challenge comes opportunity.
We enter 2023 with rocketing energy costs. When you compare current energy costs to 2020 and 2021, we have seen a substantial increase in energy bills. With this in mind, many homeowners are now looking at ways of reducing their energy consumption and improving their home’s energy efficiency levels. It’s with this that opportunity comes along for the fenestration industry, as we have a range of window and door products that can provide a long-term solution to the current ‘crisis’.
There are millions of homes that would benefit from new, energy efficient windows and doors, possibly saving hundreds of pounds per year on energy bills. Replacing tired, draughty and ageing windows and doors can be seen as an essential renovation project.
For all involved in our industry, especially fabricators and/or installers, it presents the ideal opportunity to promote the energy efficiency of our windows and doors as one of the product’s main USPs. Focusing on simple and effective, educational and informative marketing campaigns could prove worthy over the coming months. Combining this with the recent revisions to Approved Document L, it also provides us all with a legislative platform for promoting the thermal performance of windows and doors.
Hot on the heels of rising energy costs, we also face the prospect of mortgage rates increasing further during 2023. It is envisaged that this may lead to a dip in house moves, which in-turn could lead to the possibility of a sharp decrease in housing prices, as demand wanes. Higher lending rates, lower housing prices is a double whammy for the housing market. However, this may lead to a rethink from homeowners.
This may lead to the renovation or extension of their home, a more viable and less costly option than moving up the property ladder. Again, this could open up another opportunity to upsell and promote our range of window and door solutions. With clear and concise marketing campaigns aimed at the ‘improve, don’t move’ home improvement and renovation market, there could be business opportunities.
With these potential challenges ahead, it is important that you choose the right supply partnerships for your business, to support you through both the good and bad times.
As a supply partner, Selecta provides a bespoke marketing support package that can assist you with your current and future marketing needs. We are also a supply partner that can provide you with a PVC-U window and door profile system that meets your customers current and future demands.
One that is tested and in compliance with Document L, PAS 24 and SBD requirements, with excellent thermal performance and enhanced security for refurbishment, replacement and new build projects.
Remember, your supply chain and supply partners are an extension of your business. Whether that’s product, service or support related, your supplier is a reflection of your business. Ultimately, if they fail, you fail.
