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Marketing Mondays: What Would You Do With $10,000?
by Katie Rotella
November 3, 2008

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Sometimes my sister-in-law Anna and I daydream about what we would do with the money from a winning lottery ticket. It usually involves a lot of monetary gifts to family members ― to make other’s lives easier ― but our fantasy also includes some personal indulgences as well.

For instance, I have always admired this historic dream home in a neighboring town. My ultimate desire would be to write out a high-zeroed check to the current homeowners and request the keys. You should see this house: It’s a beautiful Queen Anne Victorian with all the trimmings of that era. (It probably also comes with all the 19th century heating and plumbing systems, too. However, as a multi-millionaire that could all be taken care of, right?)

But sometimes our daydreams don’t reach for the moon. Sometimes Anna and I scale down our whimsical thoughts to what dollar amount would make us happy in our present situations. If money were to, say, fall in our lap to devote to home improvement projects, what would we prioritize?

I would definitely re-work my kitchen. Install new cabinets and fixtures, update appliances, and just make it less 70s, if you know what I mean.

The folks at The Shelton Group, a consumer research company, asked homeowners that same question recently for its “Energy Pulse 2008” survey. They wondered, “If you were given $10,000 to make home improvements, which one or two of the following things would you do?”

The choices consisted of:
    Windows
    Insulation
    Painting
    Kitchen or Bathroom projects
    Replace HVAC or Furnace unit
    Replace Carpet or Add Hardwood or Tile
The results were interesting. While “replace windows” garnered the most responses (35%), close behind were “replace HVAC or furnace unit” (27%) and “refinish kitchen or bathroom” (26%). Nearly 23% also chose to “add insulation.” What this means is that consumers are definitely focusing on what it will take to make their homes run as efficient as possible.

“The economy is driving their thinking right now,” Suzanne Shelton said when she hosted a press-only webinar announcing the study’s results. Her team also uncovered some “motivators” behind these consumers’ choices when it comes to energy efficient or “green” purchases ― and it’s not always “savings,” as one might think.

“To connect with today’s consumers, you must promise a deeper benefit: comfort, control, peace of mind,” Shelton said. She also advised tailoring your message to the right audience. Providing the right amount of product information and system education is also important when advertising to homeowners or presenting a project. "They still know less than you would think."

For more information on the Energy Pulse 20008 study, click here.


Katie Rotella
katie.rotella@gmail.com
Katie Rotella was the senior editor of Plumbing & Mechanical from 1999-2009.

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