Why rising interest rates must change the way we market
By Aaron Soloman, sales manager, Insight Data.
The Bank of England has recently announced yet another hike in the base interest rate, following a surprising rise in inflation in February.
Consequently, a rapid surge in costs has rendered borrowing unaffordable for many, with rates reaching their highest level since the financial crisis in 2008. These changes have led to an estimated 356,000 mortgage borrowers facing payment difficulties, with over 5 million exposed to changes in their rates, all amid a cost-of-living crisis.
This points towards a troubling housing market, and with mortgage repayments at such a high rate, many homeowners sat on a fixed rate might be discouraged from moving.
However, while the market remains unpredictable, the latest news suggests that homeowners could opt for upgrading their current property rather than moving house and agreeing to inflated mortgage rates.
There is demand for home improvements due to the economic benefits, as upgrading a property also adds to its value. On top of this, rising rates will allow those with more savings to invest in their properties.
Reports suggest that approximately £40bn was spent by UK homeowners in 2022, with kitchen and bathroom renovations amongst the most popular options.
With the suggestion that the demand for home improvements may continue to rise, it may be time for fabricators and suppliers to start investing in new products and add to their inventories to become more competitive.
Insight Data offers two comprehensive databases that can be utilised to effectively target the home improvement sector, providing businesses with a valuable opportunity to connect with thousands of companies that supply directly to the domestic market.
The fenestration and local builders’ databases contain details of over 32,000 installers and sole traders from across the nation, enabling businesses to launch targeted marketing campaigns to those directly involved in renovations and restorations.
Moreover, businesses can be confident that the contacts provided in the database are current and relevant, as the data is regularly updated by a team of dedicated researchers. The team conducts approximately 20,000 calls and interviews every month, resulting in roughly 1,200 changes and updates to the database.
At Insight Data we offer businesses access to a wealth of information, including emails, phone numbers, and credit ratings (where applicable), placing vital data right at their fingertips.
In today’s business environment, avoiding marketing to irrelevant or inactive companies is crucial.
Therefore, businesses that wish to attract new customers must explore alternative ways to simplify the process. Using the industry’s most accurate and in-depth prospect information will only enhance the success of an ambitious company.
The Insight database is also a valuable tool for business intelligence, helping leaders make more strategic, informed decisions about products, markets, and competitors. The in-depth information provided in the database helps companies of all sizes gain a comprehensive understanding of these factors, allowing them to identify new opportunities or potential acquisition targets.
Companies need to anticipate, not react, or else they risk getting caught up in what is a very competitive market. With the current environment pushing towards a continued rise in home improvement, it is vital that the sector is explored by fabricators and suppliers across the industry.
