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Building Loyalty among Contractors -- Risks and Rewards

An exploration of loyalty to brands among contractors as seen through the lenses of quantitative research, qualitative interviews and the personal perspectives of a brand marketer, distributor, contractor and professor of marketing.

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WELCOME TO THE
ERIC MOWER + ASSOCIATES
WEBINAR SERIES
EMA GROUP B2B
BUILDINGS + CONSTRUCTION
SPECIALTY
NOVEMBER 15, 2016
Building brand loyalty among contractors −
Risks and Rewards
PLACE HOLDER FOR WORK GLOVES AND HEART SHOT
Brand loyalty is
alive, well and worth
the investment.
You can’t build
loyalty in a specs-
oriented, channel-
sourced product
environment.VS
YOU CAN
POSE QUESTIONS
TO OUR PANELISTS
THROUGHOUT THE PROGRAM
Building brand loyalty among contractors −
Risks and Rewards
Hosted by John Favalo, Managing Partner, EMA Group B2B
PLACE HOLDER FOR WORK GLOVES AND HEART SHOT
PLACE HOLDER FOR HARLEY SHOT

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Building Loyalty among Contractors -- Risks and Rewards

  • 1. WELCOME TO THE ERIC MOWER + ASSOCIATES WEBINAR SERIES EMA GROUP B2B BUILDINGS + CONSTRUCTION SPECIALTY NOVEMBER 15, 2016
  • 2. Building brand loyalty among contractors − Risks and Rewards PLACE HOLDER FOR WORK GLOVES AND HEART SHOT
  • 3. Brand loyalty is alive, well and worth the investment. You can’t build loyalty in a specs- oriented, channel- sourced product environment.VS
  • 4. YOU CAN POSE QUESTIONS TO OUR PANELISTS THROUGHOUT THE PROGRAM
  • 5. Building brand loyalty among contractors − Risks and Rewards Hosted by John Favalo, Managing Partner, EMA Group B2B PLACE HOLDER FOR WORK GLOVES AND HEART SHOT
  • 6. PLACE HOLDER FOR HARLEY SHOT
  • 7. PLACE HOLDER FOR HARLEY SHOT
  • 8. Building brand loyalty among contractors − Risks and Rewards Our panelists: Towanda Long Senior Marketing Manager Charlotte Pipe and Foundry Manufacturer of Plumbing Pipe and Fittings Bill Burns Executive Vice President Benfield Electric Electrical Distributor Todd Anderson President/Owner Fortress Enterprises Contractor Sue Smith Professor of Marketing Practice Whitman School of Management Educator and Consultant FORTRESS
  • 9. WHAT DO WE MEAN BY LOYALTY?
  • 10. Lo∙yal∙ty noun A strong feeling of support or allegiance .
  • 11. Cus∙to∙mer Lo∙yal∙ty very nice to have The likelihood of previous customers to continue to buy from a specific organization. −The Business Dictionary
  • 12. Brand Lo∙yal∙ty holy grail The extent of faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands. −The Business Dictionary
  • 13. THE AND OF BRAND L YALTY UPS DOWNS
  • 14. FIRST OFF, ARE BRANDS REALLY IMPORTANT TO CONTRATORS?
  • 15. FIRST OFF, ARE BRANDS REALLY IMPORTANT TO CONTRATORS? VALUES
  • 16. FIRST OFF, ARE BRANDS REALLY IMPORTANT TO CONTRATORS? VALUES RELIABILITY
  • 17. FIRST OFF, ARE BRANDS REALLY IMPORTANT TO CONTRATORS? VALUES RELIABILITY PRICE, UNIQUE
  • 18. FIRST OFF, ARE BRANDS REALLY IMPORTANT TO CONTRATORS? VALUES RELIABILITY PRICE, UNIQUE MIND SHARE
  • 20. BRAND IMPORTANCE “How influential is a strong brand name when it comes to purchasing tools?” Source: EMA Contractor Study
  • 21. BRAND IMPORTANCE 18% 10% 3% 2% 1% 18% 8% 7% 1% 4% 0% 0% 13% 9% 2% 2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% What is the TOP reason the brand of BUILDING MATERIALS is important to you? Price Convenience Value Recommendations/requests Familiarity/past experiences Performance/productivity Source: EMA Contractor Study
  • 22. BRAND IMPORTANCE “How influential is a strong brand name when it comes to purchasing building materials?” Source: EMA Contractor Study
  • 23. BRAND IMPORTANCE The equipment we use is highly regulated in regard to the standards we must meet. Today’s specialty contractors have a lot of decision-making power because oftentimes specs are not complete or conclusive about brands. Source: EMA Contractor Interviews
  • 24. WAIT A IS IT BRAND L YALTYOR DISTRIBUT R LOYALTY?
  • 25. DISTRIBUTOR IMPORTANCE For what reasons do contractors prefer one source over another? Source: EMA Contractor Study
  • 26. DISTRIBUTOR IMPORTANCE I prefer the personal relationship…you build trust…they help you out if you make a mistake…you can get a lot of help if you build a good relationship. Source: EMA Contractor Interviews
  • 27. DISTRIBUTOR IMPORTANCE “It’s critical to me that the product be available at distributor locations all around town or in the areas where I work. It does me no good if what I need is in Georgia, when I’m on site in South Carolina.” Source: EMA Contractor Interviews
  • 28. RESEARCH SHOWS DISTRIBUTOR LOYALTY CAN SHIFT IN FAVOR OF BRAND LOYALTY
  • 29. RESEARCH SHOWS DISTRIBUTOR LOYALTY CAN SHIFT IN FAVOR OF BRAND LOYALTY
  • 30. “L.E.K.’s findings clearly show that building products manufacturers with strong brands have more pricing power than originally thought.” −Robert Rourke Vice President L.E.K. North American Building and Construction Practice
  • 31. “Small residential contractors tend to be loyal to distributors. By default, the contractor’s brand loyalty will be to whatever brand is carried by his favorite distributor. On the commercial side, brand loyalty is both short-term and fluid. (Manufacturer) People and policies change very frequently… and the contractors’ loyalties shift with those policies.” −John Saucier President Temperature Inc.
  • 32. YES, CONTRACTORS CAN BE FICKLE
  • 33. YES, CONTRACTORS CAN BE FICKLE Source: EMA Contractor Study
  • 34. INNOVATION CAN DRIVE BRAND SHIFT PLUGTAIL® No exposed terminals Pre-stripped connector leads Tougher polycarbonate body Mechanical shutters prevent insertion of foreign objects UL finger-safe housing Audible “snap” Assures connection Strap tabs hold face and back together Self-contained leads cut install time and enable apprentices to finish job
  • 35. INNOVATION CAN DRIVE BRAND SHIFT PLUGTAIL® No exposed terminals Pre-stripped connector leads Tougher polycarbonate body Mechanical shutters prevent insertion of foreign objects UL finger-safe housing Audible “snap” Assures connection Strap tabs hold face and back together Self-contained leads cut install time and enable apprentices to finish job SO CAN… BROKEN PROMISES
  • 36. INNOVATION CAN DRIVE BRAND SHIFT PLUGTAIL® No exposed terminals Pre-stripped connector leads Tougher polycarbonate body Mechanical shutters prevent insertion of foreign objects UL finger-safe housing Audible “snap” Assures connection Strap tabs hold face and back together Self-contained leads cut install time and enable apprentices to finish job SO CAN… BROKEN PROMISES NOT EVOLVING
  • 37. REPEAT PURCHASES TRY NEW PRODUCTS LESS TIME AND INVESTMENT TO CLOSE LARGER SHARE OF SPEND WILLINGNESS TO PAY A PRICE PREMIUM LESS SENSITIVITY TO PRICE INCREASES ADVOCATE MORE RESISTANT TO COMPETITIVE OFFERING THE BENEFITS OF BRAND LOYALTY Source: Kotler and Pfoertsch
  • 38. REPEAT PURCHASES TRY NEW PRODUCTS LESS TIME AND INVESTMENT TO CLOSE LARGER SHARE OF SPEND WILLINGNESS TO PAY A PRICE PREMIUM LESS SENSITIVITY TO PRICE INCREASES ADVOCATE MORE RESISTANT TO COMPETITIVE OFFERING THE BENEFITS OF BRAND LOYALTY Source: Kotler and Pfoertsch Loyalty leaders grow 4% to 8% over market. - Bain and Co
  • 39. THE KEY QUESTION IS THIS: CAN BRAND LOYALTY AMONG CONTRACTORS BE BUILT? AND, IF SO, HOW?
  • 40. THE KEY QUESTION IS THIS: CAN BRAND LOYALTY AMONG CONTRACTORS BE BUILT? AND, IF SO, HOW? 2 to 1- Source: L.E.K.
  • 41. DERIVING STRATEGIC ADVANTAGE FROM LOYAL CUSTOMER RELATIONSHIPS REQUIRES TRUE DIFFERENTIATION- Bain and Co
  • 44. EDUCATION AND TRAINING IMPERATIVE PROJECT AND CODE IMPLICATIONS HELP WITH NAILING THE SPEC THE IMPORTANCE OF SERVICE Source: EMA Interviews
  • 45. THE KEY QUESTION IS THIS: CAN BRAND LOYALTY AMONG CONTRACTORS BE BUILT? IF SO, HOW?
  • 46. PRODUCT AND BRAND FUNCTIONAL CONSIDERATIONS • Contractors seek products and brands that enable them to save time and minimize the exertion of unnecessary labor. In most instances, contractors are comfortable paying higher prices for elevated and differentiated value. Work Efficiently (this need is more pronounced for products being installed) Work Smartly (this need is more pronounced with “personal” tools) • Seek products and brands that shave installation time • Seek products and brands that deliver consistency throughout installation • Seek products and brands that require less muscle • Seek products and brands that multi-task (E.g. drill with light attached) Source: EMA Interviews
  • 47. PRODUCT AND BRAND FUNCTIONAL CONSIDERATIONS • Contractors seek products and brands that enable them to save time and minimize the exertion of unnecessary labor. In most instances, contractors are comfortable paying higher prices for elevated and differentiated value. Work Efficiently (this need is more pronounced for products being installed) Work Smartly (this need is more pronounced with “personal” tools) • Seek products and brands that shave installation time • Seek products and brands that deliver consistency throughout installation • Seek products and brands that require less muscle • Seek products and brands that multi-task (E.g. drill with light attached) Source: EMA Interviews CUSTOMER CENTRIC
  • 48. PRODUCT AND BRAND FUNCTIONAL CONSIDERATIONS • Contractors seek products and brands that enable them to save time and minimize the exertion of unnecessary labor. In most instances, contractors are comfortable paying higher prices for elevated and differentiated value. Work Efficiently (this need is more pronounced for products being installed) Work Smartly (this need is more pronounced with “personal” tools) • Seek products and brands that shave installation time • Seek products and brands that deliver consistency throughout installation • Seek products and brands that require less muscle • Seek products and brands that multi-task (E.g. drill with light attached) Source: EMA Interviews CUSTOMER CENTRIC PRODUCT + RELATIONSHIP + SERVICE = LOYALTY
  • 49. PRODUCT AND BRAND FUNCTIONAL CONSIDERATIONS • Contractors seek products and brands that enable them to save time and minimize the exertion of unnecessary labor. In most instances, contractors are comfortable paying higher prices for elevated and differentiated value. Work Efficiently (this need is more pronounced for products being installed) Work Smartly (this need is more pronounced with “personal” tools) • Seek products and brands that shave installation time • Seek products and brands that deliver consistency throughout installation • Seek products and brands that require less muscle • Seek products and brands that multi-task (E.g. drill with light attached) Source: EMA Interviews CUSTOMER CENTRIC PRODUCT + RELATIONSHIP + SERVICE = LOYALTY STRONG RELATIONSHIPS
  • 50. PRODUCT AND BRAND FUNCTIONAL CONSIDERATIONS • Contractors seek products and brands that enable them to save time and minimize the exertion of unnecessary labor. In most instances, contractors are comfortable paying higher prices for elevated and differentiated value. Work Efficiently (this need is more pronounced for products being installed) Work Smartly (this need is more pronounced with “personal” tools) • Seek products and brands that shave installation time • Seek products and brands that deliver consistency throughout installation • Seek products and brands that require less muscle • Seek products and brands that multi-task (E.g. drill with light attached) Source: EMA Interviews CUSTOMER CENTRIC PRODUCT + RELATIONSHIP + SERVICE = LOYALTY STRONG RELATIONSHIPS LISTENING TO FEEDBACK
  • 51. PLACE HOLDER FOR WORK GLOVES AND HEART SHOT Contractor loyalty programs A look at loyalty programs
  • 53. Distributor to contractor “With Ferguson PRO Plus™, your company can use Ferguson Online to earn points for every online purchase. Access to the industry's leading wholesale web site makes it easy to earn points for products you buy every day. Your company can also earn Bonus Points on specially featured products that are part of a specific promotion.”
  • 54. Big box to contractor
  • 57. Business benefits to contractor • Consumer Financing • eNewsletters • Customized Marketing Support • Exclusive Tech Support Hotline
  • 59. FASTER GROWTH FOR PARTICIPATING FIRMS PRODUCT KNOWLEDGE AND TRAINING YIELD HIGHEST VALUE LOW RANKING FOR TRIPS AND CASH THE BENEFITS OF LOYALTY PROGRAMS Source: Principia Consulting
  • 60. CPG PRO Rewards landing page launched at the 2016 Builder Show CPG PRO Rewards handout used at the 2016 Builder Show FOR EMA CLIENT CPG, WE LEVERAGED BEST PRACTICES FOR A BETTER PROGRAM
  • 61. FOR EMA CLIENT CPG, WE LEVERAGED BEST PRACTICES FOR A BETTER PROGRAM
  • 62. INCLUSIVE ENROLLMENT PARTICIPATION VIA MULTI-TIERS MULTIPLE BENEFITS PRIME THE SALES CHANNEL LEVERAGE TECHNOLOGY BUILDING BLOCK OF SUCCESSFUL LOYALTY PROGRAMS Source: Principia Consulting
  • 63. BRAND L YALTY IS ALIVE AND WELL
  • 64. THERE IS NO SILVER B LLET POINT ONE
  • 65. POINT ONE: THERE IS NO SILVER BULLET
  • 67. POINT TWO: DEVELOP THE OPTIMUM BALANCE Building Brand Loyalty INNOVATIVE/ DIFFERENTIATED PRODUCTS Brand must deliver products that are consistently better and smarter DURABLE Brand must deliver products with longevity, “that endure over time” SERVICE + RELATIONSHIP Manufacturer, or its rep, must deliver 1:1 personal service and proactive relationship PROMISE Brand must deliver on its promises: e.g. reliability, consistency, availability, warranty Where are your areas of strength or where can you develop them? Rarely can strength in one element build sustained loyalty. Products, performance or innovation aren’t the only factors. You can build loyalty in commodity categories.
  • 69. POINT THREE: REMEMBER WHAT IS REALLY IMPORTANT Source: Bain and Co CREATE STRATEGIC AND ECONOMIC VALUE FOR THE CONTRACTOR’S BUSINESS PROVE YOU CAN BE TRUSTWORTHY SIMPLIFY DAILY OPERATIONS AND THE CONTRACTOR’S WORK LIFE BE LIKED IN THE WORKING RELATIONSHIP
  • 71. POINT FOUR: BUILD FRIENDSHIPS The nine key drivers of friendship that activate brands more personally, more powerfully, more pervasively.
  • 72. Building Affection among steel buyers for Nucor
  • 73. BUILDING AFFECTION By telling stories that surprise the audience and demonstrate caring and listening, we made a pound of Nucor steel worth more than 16 ounces of ferrous oxide.
  • 74. BUILDING AFFECTION In a commodity industry, perceived to be archaic, dirty, uncreative and environmentally insensitive, Nucor Steel has become one of the most admired brands in the United States.
  • 76. BUILDING RELEVANCE You can launch a product in the same way as always. Or, you can make it more relevant to the contractor’s need to save time and the rapid growth of digital technology among the trades.
  • 77. BUILDING RELEVANCE Take advantage of the growing medium.
  • 78. BUILDING RELEVANCE Tell a great story about a great product and enable easy connections online and on the phone. Demonstrate the advantages to promote switching.
  • 79. Building Trust among plumbing contractors and specifiers for Charlotte Pipe
  • 80. Build trust and differentiate by the way you make it… BUILDING TRUST
  • 81. …by the way you deliver it... BUILDING TRUST
  • 82. …and by the audience. BUILDING TRUST
  • 84. ©2015, Eric Mower + Associates (EMA). Brand as Friend is a registered trademark of EMA and its methodologies are proprietary information. All ideas, concepts, strategies, recommendations, trademarks and materials presented in this document by EMA are provided to you to help make an informed decision regarding the use of our ongoing services, and will remain the property of EMA unless otherwise negotiated in a formal agreement with our agency. The use of any EMA presentation concepts and materials outside of a contracted relationship with our agency is prohibited, including the use of this material in-house or with other agencies. By accepting this proposal, you agree to these terms and understand our ideas cannot be employed or further developed without a formal agreement between our agency and your organization. THANK YOU