Here's the deal: Amazon and Google are two powerhouses that almost always get it right. These guys clearly know their stuff. So when Amazon and Google suddenly pour a ton of time and money into a new industry, you better pay attention to it.
Now, if you're wondering what is this magical industry I'm speaking of, it's none other than the home services industry.
Hold on, I know what you're thinking. Home services? But that's such a traditional, boring industry, and it's has nothing to do with technology.
Well, I won't deny home services isn't quite as exciting as drones, AR technology, or even lab-grown meat. That said, this doesn't mean the industry isn't attractive or profitable.
Consider this: According to Angie's List, home services generate approximately $400 billion in revenue per year -- and that's a stat from 2016. It's all up for grabs.
Why Amazon and Google Are Making Waves in Home Services
In a nutshell: Both Amazon and Google now have their own products that cater to home service businesses. Amazon's platform is called Amazon Home Services, and Google has Google Local Services.
Let's talk about how each of these platforms works -- starting with Amazon. Here's an example: If a customer purchases a sink, Amazon will prompt him or her to book an installation for that sink. Once the customer responds positively, Amazon will alert home service businesses in the area about the job opportunity, and let them take it from there.
Google recently launched a new product called Google Local Services. It allows home service businesses to display a small green "Google Guaranteed" shield next to their Google listing. This indicates that a business is licensed and insured, and gives customers more peace of mind when engaging it for the first time.
How to Cash In
If you're not currently in the home services industry, this is an excellent time to jump in and establish a company. The industry isn't that saturated yet, so make sure you quickly build up your brand while you have less competition.
If you're already in the home services industry, you'll want to strengthen your foothold and prepare to deal with the wave of new entrants that will hit the industry soon.
Obviously, you should be on every platform (including Amazon Home Services and Google Local Services) there is; on top of that, take the time to differentiate your company, and build a brand that's authentic and memorable.
One word of advice: The one thing that can have a 10X impact on your business is customer service. Think about it: If your clients don't enjoy doing business with you, you'll keep having to spend on customer acquisition, which is crazy expensive.
On the other hand, if your clients enjoy working with you, this means you'll enjoy repeat business, and you'll get new clients from referrals and word-of-mouth as well. So make sure you work on your customer service, and keep your clients happy.