Hardware Retailing

DEC 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://www.hardwareretailingarchive.com/i/1056221

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Page 20 of 78

HARDWARE RETAILING | December 2018 16 16 HARDWARE RETAILING | December 2018 Emphasize the Priorities of Remodelers Attracting or keeping pro remodelers' business requires focusing on what matters most to them. Many of the home remodelers who participated in a contractor study from the Home Improvement Research Institute (HIRI) use big-box home centers as their primary sources of supplies. However, contractors who made a recent switch in suppliers left big-box home centers and took their business to other types of operations, such as hardware stores. The top reasons contractors changed loyalties were that the new source offers a wider selection of products, better prices, higher quality service, higher quality products and their preferred brands—all motivators related to why they chose their primary suppliers in the first place. Applied to Retail Don't assume your operation is excelling in the areas that your home remodeler customers value, even if you currently have their loyalty. You need to keep pro contractors' priorities constantly in mind and regularly reassess how well you're offering what they need. Keep your retail outlet well stocked and competitive on price. Stay in tune with how quickly your customers need deliveries, and revisit your product mix regularly. Communicate often with your pro customers so you can adapt to keep them happy. Then, work to stay ahead of them by setting new delivery speed goals and developing plans for regularly comparing prices with competitors. Source: 2017 Contractor Study, HIRI Trends Sponsored by HIRI | HIRI.org Motivators for Loyalty to Primary Suppliers The top 5 most important factors remodelers consider when choosing where to buy supplies: 0% On-time delivery Competitive prices Products in stock 58% 55% 60% 66% 40% 10% 20% 50% 70% 30% 60% Convenient location Wide selection of brands, sizes, colors, etc. 53% % of Contractors Percentages do not total 100% because respondents could select more than one answer.

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