Qualified Remodeler Magazine

NOV 2015

Qualified Remodeler helps independent remodeling firms to survive, become more professional and more profitable by providing must-have business information, namely best business practices, new product information and timely design ideas.

Issue link: https://qualifiedremodeler.epubxp.com/i/606984

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Page 22 of 55

HIP 200 companies have lists of challenges and op- portunities indicative of strong growth ahead. Te No. 1 challenge for nearly half of the companies was fnding and retaining qualifed employees and trade contractors. Te biggest opportunities include: increased business from Internet marketing, adding a new product or service of- fering, expanding geographical service areas, an expected higher volume of leads, increased demand for bigger jobs, and an abilityto hold or increase pricing. Although not all the companies on the HIP 200 can conceivably aim to one day own the naming rights to an NFL stadium, all can claim a share of the market gains that are out there to be had in 2016. | After referrals and repeat business, Internet marketing drives the most revenue. Source: Qualifed Remodeler , 2015 HIP 200 ranking Forty-one percent of HIP 200 companies cite finding employees and trade contractors as their top challenge this year. Source: Qualifed Remodeler, 2015 HIP 200 ranking Higher demand for services, bigger projects and increased marketing effectiveness are top opportunities this year. Source: Qualifed Remodeler , 2015 HIP 200 ranking HIP 200 companies are seeing increased effectiveness of Internet marketing and Web services for leads. Source: Qualifed Remodeler , 2015 HIP 200 ranking PERCENTAGE OF REVENUE BY LEAD SOURCE TOP CHALLENGES TOP OPPORTUNITIES MARKETING EFFECTIVENESS (Scale of 1 to 5, with 5 being "most effective") Repeat business 16.7% Referrals 12.3% Internet marketing 12.1% Home shows 11.1% Canvassing 10.8% Other 6.9% TV advertising 5.8% Direct mail 4.6% Signage 3.8% Web-posting services (Houzz.com, Angie's List) 3.6% Radio advertising 3.1% Newspapers 2.7% Magazines 1.9% Yellow Pages 1.7% Billboards 0.3% Referrals 4.39 Repeat business 4.35 Internet marketing 3.54 Home shows 3.32 Signage 2.53 Web-posting services (Houzz.com, Angie's List) 2.38 Canvassing 2.35 Direct mail 2.21 TV advertising 2.15 Radio advertising 1.90 Newspapers 1.76 Magazines 1.64 Yellow Pages 1.48 Billboards 1.26 25% 16% 26% 3% 3% 5% 7% 4% 11% Finding and hiring employees Finding and hiring trade contractors Generating leads for new business Higher material prices Increased competition Increased regulations from the government Keeping up with increased demand Reduced profitability due to operational inefficiencies Other Adding a new high-demand product or service Overall higher volume of leads for new business Adding a new or expanded service area Better opportunity to hold or increase pricing Eliminating unprofitable products or services Higher demand for bigger projects Increased business from Internet marketing Increased business from overall marketing Increased sales training and effectiveness Increased throughput without adding more overhead Mining existing customer base 6% 14% 13% 13% 8% 6% 4% 23% 6% 4% 3% QualifiedRemodeler.com QR November 2015 23

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