On Deck: Digital Strategy in Facility Services
Growing Importance of a Sound Digital Strategy
As consumer purchasing patterns change, your digital marketing strategy will be more important than ever
It is becoming ever more important for facility services companies to evolve from a passive service provider to a proactive strategic partner. A key differentiator in communicating a solid value proposition can be a cohesive digital strategy. By nature, facility services companies are widely spread out throughout the country with no one company holding meaningful market share. Using plumbing as an example, there isn’t a single plumbing company that claims more than 1% of overall industry revenue. With plenty of companies for customers to choose from, the typical facility services company is just one of many if you don’t have a solid marketing strategy. In addition, to be competitive in a saturated market with historically low customer loyalty, companies need to build brand awareness. It is estimated that only 10% of Millennials care whether they have used a company’s service before when making a purchasing decision – compared to more than 30% for previous generations.
A cohesive digital strategy that includes thoughtful and targeted marketing can help you deliver the right message to the right customers at the right time. It has been shown that 70% of home services customers prefer email as the best type of communication related to deals, offers, and reminders and even more of those consumers want communication from businesses to be personalized. In addition, to stay competitive, facility services companies must integrate their digital strategy beyond just marketing and support the overall company strategy to encompass asset deployment, technician management, hiring, training, HR, IT, and customer service as it all impacts the overall customer experience.
League Park believes that companies that embrace a holistic digital strategy will be positioned to disproportionately capture market share as they empower service delivery with data and deliver personalized services through data utilization.
- By empowering service deliveries with data and utilizing data to extend beyond just managing assets and buildings to managing spaces, it will ultimately support customers’ performance. Data will allow facility services companies to understand how to best support customer performance/experience, attract talent, and increase productivity.
- Delivering personalized services through utilization of data can greatly enhance a customer’s experience. Many companies have been lulled into a standard offering, as many buildings/homes are similar, as is the way they are being used. To be competitive, companies need to be focused on creating personalized service deliveries and a more fit-for-purpose orientation. Customers will be more “sticky” as they receive services that they feel are tailored to their exact, specific needs.
League Park is a boutique investment bank that professionally and ethically advises clients on strategies aimed to maximize shareholder value. We assist middle market companies with transactions that generate value through mergers and acquisitions, recapitalizations, capital raising , and outsourced corporate development.
216.455.9989 firstname.lastname@example.org June 2020