Where is the opportunity?
Looking at the current national and global situation, one can conclude that end-consumers are emotional and scared for their health, families, and finances. That said, for many, it is the term ‘staycation’ that sounds more appealing now than ever before, and this presents good news for the pool and spa industry.
In fact, the travel industry has been hit hard by the pandemic and, when some normalcy returns, many families are going to look for ways to justify staying home—and what better way to do so than by having a relaxing oasis in their backyard? These families will not have to worry about any possible backlash of COVID-19. They can spend more time as a family together creating memories, and if something like this ever happens again, they will actually look forward to some extra vacation time while knowing their family is safe.
With the economic disaster that is taking place (which started before the COVID-19 pandemic) it is safe to say many people have lost a lot of money and are worried about how they will move forward. The good news is interest rates are at an all time low, and there is a strong possibility that, in the near future, negative interest rates will become a reality in North America. The purpose of negative interest rates is to incentivize people to spend their money rather than save it. People taking on loans and borrowing money will be credited interest, where as people who continue to operate with a savings account will be penalized for having money in the bank. Therefore, it makes more sense for consumers to invest in bigger ticket purchases such as putting a pool and/or spa in their backyard.
This would solve the issue of filling the travel void and also give them a chance to spend their own money, rather than a bank just taking it from them. This is where the opportunity is found, because some who are reading this paragraph may be thinking, “but nobody will have money to spend!” This is false. There may be more people with less money as a result of the global recession but rest assured, there are still people out there with more than enough to spend and before they lose it to the banks, pool and spa companies could come to the rescue and give them something worth investing in.
Finally, how can pool and spa companies expand in their marketplace when for much of the spring (at the time of writing) no one could enter a store as the whole country was slowly coming out of lock down?
This is a simple answer. Companies know most of their customers and prospects are at home self-isolating. Therefore, it is now time to adapt and adjust. Most sales representatives may prefer “face-to-face” methods, which ultimately may still be the best way to sell pools and spas, but not during these circumstances. That said, sales teams can overcome these obstacles by using social media. People are spending more time on social media throughout this crisis than ever before. Today, thanks to smartphones, it is easier than ever before to connect with new prospects. However, what this author has come to realize over the past few years is that a large portion of pool and spa companies recognize they should be using social media but, in some cases, do not know how to use these powerful tools.
