A look back – and a look ahead. What can pest and lawn companies expect in 2023?
With 2022 in the rearview and a new year on the horizon, it’s time for pest control and lawn care professionals to plan ahead for 2023. There’s no doubt that the past few years have been a bit of a rollercoaster, but even with all of that volatility, analyzing data from past trends can help shed light on what to expect over the next 12 months. Guided by the experts from the PMP Industry Insiders Podcast, let’s journey into the unknown together and explore some predictions that might come into play.
The economy is cooling but inflation is still hot. How does this affect your business?
Continuing inflation, and the economy in general, are major issues facing pest control and lawn care businesses. Facing higher costs on everything from fuel to supplies to labor, businesses need to find ways to stay profitable while still providing effective service. That can mean cutting corners or raising prices – which might turn customers off. It’s important to consider innovative solutions that can keep costs in check without compromising service quality.
The current economic climate is having a significant impact on the pest and lawn industries. When people face economic hardship due to job losses, reduced wages and other money pressures, spending on pest and lawn services can decline – which causes a domino effect of decreased demand and lower profits (which have already been negatively impacted by rising costs). This pressure on profit margins will likely stick around until the economy recovers.
The slowing housing market and new customer acquisition
The recent slowdown in the housing market is having a noticeable impact on pest and lawn companies. Fewer people moving into new residences means fewer people signing on for new pest and lawn services. Companies need to adjust by continuing to focus efforts and resources on existing customers, while trying to find innovative ways to reach potential new customers. Social media, email and digital marketing can all be effective in connecting with prospects and keeping your business top of mind. Additionally, investing time and money into improving customer service and strengthening your relationships with existing customers will help keep you competitive.
Strategies to grow your business in an unfavorable market
A market environment that isn't favorable for business is a challenge, but there are strategies to ensure your business continues to grow. One of the most important things you can do is stay informed on trends impacting the industry. Knowing what's going on in the market will help you anticipate what may come, and make smarter decisions as a result. Additionally, it's crucial to stay agile and be able to pivot as needed when conditions change. This could involve updating your product offering, marketing tactics or even customer service processes. Making small changes over time can make a big difference in how well your business performs in an unfavorable market environment.
Finally, it's good practice to explore new opportunities and expand into different markets that could potentially benefit your bottom line. Don't be afraid to invest resources into research and analytics that could help you identify areas where growth potential exists. With these strategies in place, you should be able to weather any storm and keep growing your business!
Want to take a deeper dive into this and other hot industry topics? Tune in to the PMP Industry Insiders podcast! Every week, hosts Donnie Shelton and Dan Gordon talk with the biggest players in the pest control and lawn care industries and take listeners to the front lines of what the future holds.