With impacts felt globally from the war in Ukraine and inflation on the rise in the US, financial markets are shifting. Despite these factors, investors are still actively pursuing the car wash space due to its continued growth and its resiliency.
When costs rise, consumers look for ways to save money. Although studies show that consumers are more willing to give up commodities like a daily coffee trip before sacrificing their car wash experience, it’s still important to consider how to keep customers connected. It’s also a good time to think long range about your own plans for your business and where you can cut costs to navigate this increased cost environment.
While it might be tempting to simply transfer rising costs to the consumers at your car wash, raising prices may not be the wisest move. However, it is a smart time to consider how to best hold onto your members at your sites and what incentives might work to help them stay with you throughout this time. Consider automations you might be able to leverage and how to best use your employees in the key places where they matter most – in staying connected with customers.
As Chris Jenks says in several ways during our conversation, now is not the time to be complacent! Inaction is not a good option right now, and it’s not a good time to sit on your hands to wait and see what happens. It’s critical during these tumultuous times that car wash owners take stock of their business and consider what they can do to take care of their members and to most effectively utilize and support their employees.
Want to dive deeper into car wash M&A information? View all Car Wash M&A, The Podcast episodes here: http://amplifywash.com/podcast