Top 3 take aways from the 2024 Home Improvement and Remodeling Benchmark Report

By Emma Peterson. 

Learn how to improve your business processes, customer’s experience and profit margins. 

In this Read Listen Watch® webinar, Heidi J. Ellsworth takes a look at Leap’s 2024 Home Improvement & Remodeling Business Benchmark Report. Katy Pusch from Leap was there to guide her through the comprehensive report. Katy explained the report’s purpose, saying, “Our goal is to use this data as a way to provide insights into our industry's challenges, priorities and technology adoption trends.” The data provided in this report are key to helping businesses find routes to growth and staying power. So, what are the main takeaways? 

1 - Professionalism redefined  

The report found that over half of the respondents maintain traditional leadership structures in their organization. However, Katy explained, "In 39% of these companies, the owner is remaining directly involved in those day-to-day operations. Professionalism then doesn't mean that you need to somehow evolve beyond being involved in the day-to-day operations of your business.” Professionalism can often be interpreted as a type of separation between leadership and the day-to-day operations. But the Leap reports found that the type of professionalism that will actually build success is based on the company’s ability to prioritize and set clear goals.  

2 - Tech buzz  

85% of respondents are reported to see technology as a critical aspect of their business plans. The report also found that 80% of respondents are planning to increase their budgets and invest further in their technology capabilities in the upcoming year. Katy elaborated, “The top areas for investing in production management, accounting, customer communication and lead generation.” Another trend surrounding the use of technology that the report revealed is that contractors are succeeding when they customize their technology use to their needs. Katy explained, “Contractors want to put together the best tools to fit their workflow and the customer experience that they're creating for homeowners.” 

3 - Marketing and customer service emphasis 

The third main take away from the report builds upon the other two. Katy described the importance of prioritization and goal setting when it came to being a professional in the industry. When technology is incorporated, the report found that successful contractors are using that to their advantage to streamline their processes to make it easier to achieve that prioritization and their goals. All of this was found to be structured around what Katy called, “Creating a more efficient construction process and delivering better customer communication.” This better customer communication refers to making sure that the customer is feeling cared for, and it is easy for them to understand your process and why choices are being made. Katy emphasized, “You want to work with technology that allows you to deliver the customer experience that matches your craftsmanship.” 

Leap’s report found that the success came to the contractors achieving this, the ones that have technology that supports their professionalism and translates into improved experiences for their customers. This is the first time Leap has put together a report in this style, but Katy is excited about the possibilities it opens for the future. She explained, “As we do future versions of this report, we'll be able to see how the industry is trending, how things are evolving, so that we can get ahead of what our customers need as well.” 

Read the transcript, Listen to the episode or Watch the webinar to learn more about Leap’s 2024 Home Improvement and Remodeling Benchmark Report.