How to be a Chandelier in a Pot Light World—Hedging for Uncertain Times

Written by: Jane Lockhart, Jane Lockhart Design
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In the last few years, a lot of businesses have been affected by the changing markets.

Here are five ways interior design professionals can move their business into the future by standing out from the competition.

“Predicting rain doesn’t count. Building arks does.” – Warren Buffet

1. Know Your Customer, Know Your Audience

Understanding demographics is essential to understanding your customer. Power and money shifts between demographics over time. So, if you’re looking forward, millennials should be in view. Millennials, also known as Echo Boomers, are born between 1981 and 1996. They are a culturally diverse and socially influential group. They are heavily reliant on technology since they were born into a digital world. While a large percentage of millennials are still financially dependent on their parents, many more are financially stable and starting to invest in property. This matters because their consumption habits are changing how our industries work. Specifically, how we build, communicate and sell. For instance, selling real estate with virtual staging.

2. Be Where your Customer Is

If you go to your customer, they will find you. One thing all demographics have in common is the internet. So, if you are not online, you do not exist! Online, customers respond to authenticity, value, emotion and trustworthiness. According to Ann Mack, Director of Facebook IQ, the new paradigm is “Convenience is king, and time is money.”

3. Be Authentic, Don’t be a poser

Being authentic means finding what is unique about your business and communicating that to your customers in a way that resonates with them. This can be through original or humorous packaging, unique aesthetics, novelty gifts or simply making items available for online ordering and home delivery.

4. Know Your Industry. Where is design headed?

Interior design isn’t exempted from the changes in the consumption styles and living habits of millennials. Some major changes to the home include the death of the “living room” as we know it. The living room has transformed into an open plan “family room” space. With casual seating spread throughout the home.

In my business, clients still demand dining spaces but the “formal dining room” must have flexibility so it’s location within the house needs to work multiple ways. Millennials want informal layout spaces that function well and not just square footage for the sake of it. They love to customize because their homes need to be authentic to their lifestyle. They like the ability to put their hobbies on display. They also prefer more energy efficient, SMART technology and low maintenance lawn care.

The changing consumer home will sacrifice overall square footage, garages and storage spaces in favor of aesthetics and functionality.

5. Hire Smarter. Invest in Good People

Take advantage of globalization to grow your business. Look for people that have the best skills from all over the world and search in places where you don’t typically look for candidates. Hire people who are smarter than you.

People can work remotely and still be effective. Employers are having to find increasingly expensive and innovative ways to get employees back into the office because the pandemic proved that people are just as effective and often even more productive when working remotely. For the same reason, don’t settle for people just because they are in your location.