What's your recommendation rate with your customers?
On March 23, 2020, we sent a survey to 7,000+ GuildQuality, Best Pick Reports, and Five Star Rated members. Within the survey, we asked a number of questions about COVID-19, including how significantly the public health emergency was currently impacting their business, as well as how they believed it would impact their business in the future.
Not surprisingly, nearly all respondents (91%) responded to the first question negatively, as well as the second (62%).
Although this feedback isn’t exactly encouraging, it should be noted that it includes a wide range of business types. To better understand who exactly in the industry is struggling the most, we broke responses down by type of job/project.
Present impact
To see an enlarged version of this image, click here.
Current highs and lows
According to our members’ feedback, COVID-19 has made the biggest negative impact on these project types:
- Concrete and Asphalt
- Garage and Shed
- Gutter Installation
Painting (which includes interior and exterior), as well as Cleaning and Pest Control, are a close fourth and fifth. This isn’t shocking given how many people are uncomfortable inviting anyone into their homes, or unwilling to spend their money on unessential projects, such as a new driveway.
On the flip side, these job types reported experiencing very little negative change due to COVID-19:
- Exterior Construction and Repair
- Damage Restoration
- Repairs and Upgrades
Once again, this data isn’t especially surprising. Despite the public health crisis, homeowners are still hiring contractors for exterior work, especially if it’s absolutely necessary (i.e fixing a leaky roof).
Future outlook
To see an enlarged version of this image, click here.
Future highs and lows
So, which business types believe they will be most negatively impacted by COVID-19 in the future? Here are the top three:
- Concrete and Asphalt
- Foundation and Structural
- Remodeling and Renovation
And who believes their business will be least negatively impacted?
- Air Conditioning, Heating, and Ventilation (HVAC)
- Electrical
- Repairs and Upgrades
There’s no way to know (yet) whether or not these predictions are accurate, but, once again, the results make sense. Homeowners may put off remodeling and renovation projects for some time, depending on how the economy shakes out. However, it’s likely that businesses that focus on jobs that take less time or are deemed necessary (i.e. a broken HVAC unit) may recover more quickly.
Takeaways
Although it’s clear from this data that some businesses are fairing worse than others, in reality, nearly everyone is being impacted by COVID-19 and its affiliated consequences (i.e. a suffering economy). Fortunately, there are things every company can do to attempt to maintain business continuity and stay afloat during this challenging time. To learn exactly what our members are doing today, click here.
