Focusing on emerging Customer segments

Posted by Sharon under Business News, Homeowner

Sex and the City: Season 2, Episode 5. Single, financially-secure, intentionally-childless Miranda purchases a large apartment unit in New York City. Very few services are tailored to her profile as a homebuyer; in fact, through the entire buying process, she faces unfettered curiosity and judgment on her decision (and ability) to purchase a home without a male partner. The show aired in 1999, when…

• The definition of discrimination had included sex for over a DECADE (Fair Housing Amendment Act). As recently as in 1989, a woman’s paycheck was not considered when a married couple applied for a mortgage).
• 54% of single women (never married, divorced, or widowed) owned homes (vs. 47% of single men).
• Over 18% of home purchases were made by single women.

Fast forward a decade. As a single, first-time home buyer, I purchased a condo in Chicago. My financial independence reflects a trend among single women caused by demographics (delayed/no marriages, rising salaries, increasing divorce rates); greater credit access (loan programs for women, inclusion of child support payments in single parent incomes, first-time buyer programs); and macroeconomics (low interest rates/down payments, novel financing products, general housing bubble).

• Of home buyers, single women make up 14% (1995) to 22% (2007); single men stay roughly at 9%.  In fact, from 2000 to 2003, 3.7million single women purchased over $550B in real estate – 1.5million purchasing for the first time.
• Of homeowners, women buyers make up 46% (2007), vs. 36% of all buyers.
• By 2010, 28% of households are expected to be headed by women – that’s 31 million homes.

This established market is an opportunity for Service Providers – take notice!

From 2002 to 2003, single women spent $9.3M on remodeling. Home builders are beginning to include security enhancements, energy efficiency, and increased storage – features often sought by single women homeowners. According to surveys conducted (2003, 2004):

• Home improvement support: 69% of women homeowners consider themselves “at least somewhat handy”; over 70% report enjoying home repair projects.
• Seasonal care: 75% of minority homeowners are significantly concerned about home maintenance.
• Renovation jobs: 13% of second/vacation homebuyers are single women, some of whom buy older homes to fix up for resale.

Women were more likely to recommend their agents to friends and family, according to another study. This word-of-mouth marketing may translate into increased buyer ratings for Service Providers.

Sources: National Association of Realtors, U.S. Department of Housing and Urban Development, U.S. Bureau of the Census, Businessweek, Fannie Mae, MarketWatch, Mortgage Bankers Association, Joint Center for Housing Studies at Harvard University, Sears, Roebuck and Co.

http://www.searsmedia.com/tools/press/content.jsp?id=2003-11-21-0002063356
http://www.jchs.harvard.edu/publications/markets/n06-3_drew.pdf
http://www.hud.gov/
http://www.businessweek.com/magazine/content/03_42/b3854001_mz001.htm
http://www.realtor.org/library/library/fg212

Other resources I found interesting:

http://www.bankrate.com/brm/news/real-estate/20060706a1.asp
http://www.doityourself.com/stry/singlewomenhomebuyer

Tags: Business News, Economics, Finance, people, Women

Patriotism at Work

Posted by Frank under Business News, Service Providers

By Rich at Independent Appliance Installers, Inc.

I received the below email yesterday, which seems to be going around the Internet.  I thought other ServiceLive providers might like to read it if you haven’t already.  It makes me proud to be associated with Sears.

Sears - Christmas shopping has already started!

I know I needed this reminder since Sears isn’t always my first choice. Amazing when you think of how long the war has lasted and they haven’t withdrawn from their commitment. Could we each buy at least one thing at Sears this year?How does Sears treat its employees who are called up for military duty? By law, they are required to hold their jobs open and available, but nothing more. Usually, people take a big pay cut and lose benefits as a result of being called up.

Sears is voluntarily paying the difference in salaries and maintaining all benefits, including medical insurance and bonus programs, for all called up reservist employees for up to two years.

I submit that Sears is an exemplary corporate citizen and should be recognized for its contribution. I suggest we all shop at Sears, and be sure to find a manager to tell them why we are there so the company gets the positive reinforcement it well deserves.

I know I would go out of my way to buy products from Sears instead of another store for a like item, even if it’s cheaper at that store.

I wrote to Sears to see if this was true and here’s the response I received from Sears Customer service:

Dear Customer:

Thank you for contacting Sears. The information is factual. We appreciate your positive feedback. Sears regards service to our country as one of greatest sacrifices our young men and women can make. We are happy to do our part to lessen the burden they bear at this time.

Bill
Sears Customer Care
1-800-349-4358

Americans, we do appreciate what they are doing for our military!!!

Source verified by Snopes.com.

Tags: Holiday, Military, Patriotism, Sears, servicelive

The Road Ahead!

Posted by Val under Business News, Tips

By now customers are aware of the difficult times that our economy is facing and the need to cut expenses. Many companies are now focused on better understanding their customers and transferring that information to the people at the frontlines of their businesses.

The online service industry is heavily dependent on that frontline, which includes contractors, providers, sales associates, etc.

To be competitive in many industries, and to be able to create revenue, many online service companies are reducing their prices. At the same time, some companies are hiring online service providers who do not have a license, insurance, background checks, or additional skill requirements, to make up for those reduced prices.

So how are online service companies growing in the market place? Their front-line representation is made through partnerships with providers and contractors!

Here are a few tips:

• Hire licensed providers and contractors
• Perform background checks and screening services
• Engage qualified and experienced prospects
• Provide training to cover company business model and how to treat your customers
• Charge no enrollment fees
• Promote and market the service provider’s business
• Introduce the service provider to your customers prior to the service call
• Provide online forums for providers to learn while sharing their experiences

Here at ServiceLive we look forward to continuing to build the road ahead. In order to continue to succeed, we are focused on recruiting qualified providers, while assuring that our customers receive the best experiences.

Tags: Business News, Contractors, Jobs, servicelive, services

Consumers May Get Big Sales Breaks Early

Posted by Frank under Business News, Homeowner

With the ongoing fears that the economy is closer to the straggle hold of a recession, Americans are likely to cut back on their gift buying this holiday season.

Many retailers are going to run earlier than usual sales as we near Christmas to remove some of the shopper’s fears of a potential recession. Shoppers may get a big break as retailers will offer bigger and earlier sales this year — to lure customers to spend more dollars.

Shoppers need to be consumer conscience for the best deals and put their negotiating skills in full swing with retailers for the best price. Just don’t wait too long for the risk of not finding the items you’re looking to purchase.

Marshal Cohen, chief retail industry analyst for NPD Group, said that consumers feel obligated to buy gifts for some folks on their list, but he generally is calling this a “ho hum holiday.”

The pain will be felt everywhere, from high-end stores to discounters.

“No level of retailer is insulated from this downturn,” Cohen said.

“Consumers will be keeping careful watch on their credit card spending this season,” Cohen added. “I think many will refrain from purchasing an indulgence or splurge gift, and for the first time in years, may actually cut people from their shopping lists.”

Tags: Consumers, Holiday, Sales, Sears, Shopping