For over a decade, the emphasis on Eco-Friendly and Energy Efficient technology has been at the forefront of industrial and political conversations. Consumers not only desire the best price, quality, and service, but also the most energy efficient. Eco friendly HVAC systems are on the rise and this increase in demand is not just the product of consumer request. The U.S. Government has continued to change the efficiency requirements for heating and cooling systems. As a result of new regulations, consumers often refurbish or reinstall their HVAC systems in order to reap the benefits of government tax incentives. The new regulations and processes of becoming a more environmentally friendly society have increased business for the HVAC industry. Thus, learning how to capitalize on this new trend is incredibly beneficial for you.
- Identifying and Discussing Industry Trends: Through social media, you can easily emphasize products that are eco-friendly and/or more energy efficient, which is the most prominent industry trend. The EPA has implemented a program in order to eliminate 90% of the hydrocloroflourocarbons that are often used in the HVAC industry. Strategically placing your own expertise within content that discusses industry trends is just one way that you can engage with and convert your audience.
- Brand loyalty and Representation: Building a brand name for yourself will drive new customers and returning business. Word of mouth is one of the most popular modes of discovering a brand. Building a strong social media presence, presenting your business as a thought leader, and explaining how you run your business will allow new customers to learn about your brand in a more all-encompassing way. Another way to gain a greater audience is to be an advocate for your industry as well as for your brand. Publishing white pages, which explain industry standards, methods, and trends will speak to your expertise. This strategy will help you in relation to the proceeding topic: Price.
- Your Pricing: Industry pricing is a complex notion, which fluctuates based on economy fluctuation, imports, and company size. If your business is part of the 76.8% of the HVAC industry that employs 500 people or less, then it is challenging to set low prices. For the three industry leaders, whom control more market share individually (United Techonologies Corporation, Johnson Controls, Ingerstoll-Rand Company ltd.), it is easier for them to control pricing due to their size. However, initial price is not everything to a customer. New HVAC systems are held to higher government efficiency ratings. Consumers are often willing to concede to a higher up-front price if you are able to show them where they can save money on energy costs. Having a relationship with your customer and building a brand name for yourself via word of mouth and social media will help you convert these customers.