The Farnsworth Group Releases 2022 Contractor Brand Ratings Report

Indianapolis, IN, December 07, 2022 --(PR.com)-- The Farnsworth Group, the premier custom market research firm in the building products and home improvement products space, has released their 2022 Contractor Brand Ratings Report.

For over 30 years, manufacturers and suppliers in the building products, home improvement, and lawn & ranch industries have trusted The Farnsworth Group to gain deep insights in their customers’ behaviors, their go to market strategy opportunities/risks, and their overall market presence.

The Farnsworth Group fields primary research studies so clients can understand the purchase behaviors of architects, builders, contractors, and DIY homeowners and to deliver actionable insights and grounded recommendations impacting clients' marketing & sales teams, brand teams, channel teams, and product teams.

As such, The Farnsworth Group has conducted another complimentary study for industry manufacturers and suppliers.

Why Study Contractor Brand Preferences?
"Brand shift and brand loyalty has changed quickly in the past two years, so it’s more critical than ever for manufacturers and suppliers to understand their brand position in the market," notes Grant Farnsworth, the President of The Farnsworth Group.

Grant also pointed out that "As industry research experts with a focus on brand health and customer behaviors, we want to provide the building products industry with a baseline understanding of brand positions in the market among contractors. This report provides information about Professional's use of, and opinions of, top brands in 32 different building, home improvement, and lawn product categories."

About The Farnsworth Contractor Brand Ratings Report
The Farnsworth Group surveyed nearly 1,000 contractors about their brand preferences across 32 categories of tools, materials and building product brands.

Generally speaking, those 32 categories fall within 5 buckets:
1. Adhesives and Fasteners
2. Appliances and Equipment
3. Home Exterior
4. Home Interior
5. Tools

Of those Pros surveyed, 35% work in firms making $749 thousand or less annually. Another 38% work in firms making $750 thousand to $1.9 million annually. The last 20% work in firms with annual revenues of $2 million or above.

The Farnsworth Group weighted all data to represent the U.S. contractor population included in their research.

Of the survey respondents,
- 25% are General Contractors and Remodelers
- 20% are Mechanical Trades
- 17% are Landscapers
- 14% are Finish Trades
- 9% are Exterior Trades
- 9% are Home Builders
- 6% are Architects and Designers

Overall brand ratings are scored based on responses to the following:
- Brand Awareness
- Brand Use
- Brand Perceptions
- Perceptions are evaluated on various characteristics:
- Best Value
- Most Innovative
- Best Performance
- Best Service or Support
- Easiest to Install or Use
- Best Quality
- Most Available at My Suppliers
- Wide Variety Within Brand

Within the full report for each category, the top brands are identified for each characteristic with the percentage of respondents that made the association. The 2022 Brand Ratings Study results are available for download in the resources section of The Farnsworth Group’s website. https://www.thefarnsworthgroup.com/landing-page/contractor-brand-ratings

General Observations About Contractor Brand Ratings Results
The Farnsworth Group often noticed a similarity between the "preference" score and the "brand values" score for each, in contrast to the "awareness" and "use" scores.

"The correlation we see, oftentimes, is that the brands that add value across as many of those categories as possible have higher overall customer preference scores. This is because your customers' purchase behaviors are driven by more than just awareness," reminds Grant Farnsworth. "In contrast, just because Pros are aware of your brand, does not mean they will want to use the product. Awareness messaging is important, but it’s only the top of the purchase funnel. Brand preference and customer loyalty are driven by several elements which vary by category."

"Some categories have invested heavily in increasing brand awareness. For many brands across categories, efforts to increase market share is not an awareness issue - it's a consideration issue. There are key attributes of these building products, tools, and equipment that are not winning over customers, representing a big opportunity for the brands that work hard enough to capitalize on those opportunities to innovate and iterate their product lines."

Read more general observations from The Farnsworth Group's 2022 Contractor Brand Ratings Report here: https://www.thefarnsworthgroup.com/blog/top-brands-rated-by-contractors