Market Research and Intelligence
In the December 2021 Snapshot Survey, contractors share their company’s approach to conducting market research and intelligence to uncover best practices for staying at the top of your competitive marketplace. Here’s one survey question and its results from the “Market Research and Intelligence” summary report, which will be available in its entirety to EGIA members on 1/17/22.
Which types of market research and intelligence gathering does your company participate in? (Select all that apply)
The home services industry is highly competitive, regardless of the market. That’s why conducting frequent market research and consistently gathering intelligence is vital to the success of any contracting business. It’s not just about what your competitors are doing, but what opportunities exist for growth and how your customers and employees feel about your company as well. Of the contractors who took our survey, the majority (72%) said they constantly gather internal research on how their companies are performing. Just over half (52%) said they keep track of their competition’s practices in the market and only 36% reported investigating their market’s potential for growth.
What is even more shocking is that 24% of companies that took our survey said they do not participate in market research or intelligence gathering. Without understanding the market and how your business and your competitors function within it, it can be difficult to understand how to adapt and grow to the evolving demands of your customers.
Here’s what an HVAC contractor from Maine said in the survey:
“Information is key to mapping the success of our business. Ongoing market research can quickly identify new market opportunities, changes in customer buying habits, identify what are competitors are focusing on, and how we can stand out as a leader in the industry.”
