No Renovation Regrets: 3 Insights for Home and Building Product Brands

  • Categories:

    Industry Trends, Marketing Insights

  • Date:

    February 16, 2023

No Renovation Regrets: 3 Insights for Home and Building Product Brands

Industry Trends Marketing Insights

Research can tell us quite a bit. And, when experts from different building product categories come together, their collective wisdom reveals even deeper insights. That’s why I was so excited to hear four Wray Ward clients participate in an International Builders’ Show (IBS) panel conversation with Liza Hausman, vice president of industry marketing at Houzz. Together, these thought leaders and change makers discussed the formidable regret factor — and how manufacturers can help combat it.

Every three years, the Research Institute for Cooking & Kitchen Intelligence (RICKI) releases comprehensive Regret Factor research that examines the science behind underspending in home improvements, specifically in the kitchen. What drives homeowner dissatisfaction? And, how can home improvement professionals better navigate these projects and prevent homeowner regret?

In 2021, the regret factor hit an all-time high. This means that a large percentage of homeowners who completed a kitchen renovation in the previous year wish they had sprung for a more extensive — and expensive — upgrade.

But, we wondered, how does the regret factor play out in spaces beyond the kitchen? To explore that question, Wray Ward brought these product experts and clients together:

  • Dave Jones, senior marketing and brand manager, Broan-NuTone (ventilation)

  • Justin Evans, vice president of marketing, Clopay (garage and entry doors)

  • Nick DeVita, senior global training manager, Sonos Professional (built-in sound)

  • Stephan Moyon, president, VELUX America (skylights)

What We Learned About the Regret Factor Beyond the Kitchen

The bottom line? Education is key. According to these experts, when homeowners are better educated on products, they tend to spring for additional product accessories or automation technology upfront. And, as a result, they avoid wishing they’d done more.

1. Encourage homeowners to think outside the box — literally.

When homeowners think of leveling up their home aesthetically, they often think of the interior before the exterior. However, an exterior facelift could become a more popular renovation project choice if homeowners are better educated on the potential impact of a new garage door.

A garage door swap has a 93% return on investment according to Remodeling Magazine’s 2022 Cost vs. Value Report, making it a decision that’s rarely second-guessed. Luckily, the garage door industry offers more design options now than ever. In a sea of sameness, a garage door with a customizable window pattern or a pop of paint color can add a little personality and help a house stand out from its neighbors in the best possible way.

2. Once indoors, educating homeowners on the ways to gain access to fresh air may be key to reducing regret.

The expert panel also touched on the need and desire for good indoor air quality. It’s impossible to deny the ROI of fresh air, and homeowners have multiple ways to bring it into their homes.

They may just not know it yet.

Products such as automated, whole-home ventilation and operable skylights provide access to outdoor air without impacting the thermostat. Not to mention, more fresh air means better mold mitigation, odor elimination, significant cost savings and increased well-being.

Educating homeowners on the different product systems, how they work together, and the resulting benefits can help support the upsell while avoiding buyer’s remorse.

3. Pros are integral to Do It for Me homeowners’ product selection.

When “Do It For Me” (DIFM) homeowners — those who want to avoid the sometimes substantial burden that comes with the DIY approach — don’t know what they’re looking for in a product, they typically lead with price as a deciding factor. And, since leading with price is largely a symptom of not knowing what to ask for, it’s important that pros have enough information and knowledge to guide their clients toward the best fit.

DIFM homeowners want a partner who has their best interests in mind. For example, millennials may want to know whether their contractor uses sustainable materials, user-friendly smart home technology and trusted indoor air quality products.

This is where product manufacturers come in. If you make a product, make sure pros know how it delivers in these areas.

Want more insights to drive your business? Read our recent blog about six home trends to watch in 2023.

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