Having data on home improvement and insights on customer behavior can help professionals navigate a shifting and unpredictable economy.
The Home Improvement Research Institute (HIRI) gives its members research, survey results and insights on the home improvement industry so that retailers, manufacturers and other organizations can better understand the consumers that they serve.
But HIRI members don’t just get newsletters, executive summaries and pie charts (there are quite a few great pie charts, though): Membership with HIRI means that you’ll get access to the raw data that’s gathered in the surveys.
Here’s how that kind of research keeps the home improvement industry going.
If you’re a home improvement organization or retailer, do you know how much homeowners are spending on DIY products? What percentage of the home improvement market are Pros?
The data that comes from HIRI’s survey reports gives retailers and businesses the answers to those questions (and more).
HIRI’s U.S. Size of Market report is considered secondary research and gives industry professionals exclusive customer data: everything from popular product markets to product sales trends. (Primary research, on the other hand, is even more specific, and can include things like focus groups, brand surveys and product use research.)
HIRI’s Product Purchase Tracking report, for instance, has been conducted every two years for more than 25 years and is a comprehensive survey that looks at purchasing trends around the products, projects and services bought by U.S. homeowners.
That kind of secondary research is critical for forecasting industry health and can help executives and other home improvement professionals prioritize their business goals in a way that aligns with their customers best.
HIRI members also have access to the raw data from that research. While the high-level information and insights from the reports might help an executive team make decisions, raw data offers home improvement industry professionals additional benefits.
Having raw data makes it easier for HIRI members to dive into the findings that HIRI reports deliver.
In the summer of 2019, HIRI published its Online Home Improvement Products Purchaser report, which surveyed 2,295 U.S. adults over the course of almost two weeks.
Some of the questions that respondents were asked included:
Having the aggregated responses to these questions is no doubt illuminating for home improvement executives and decision-makers.
But having access to the raw data — each respondent’s age, income, purchasing history and more — can help other players on your team, such as managers, marketers, product developers, website developers, sales reps, etc., dive further into the customer’s experience.
That raw data can help your team figure out a few things about the customer:
When your sales and marketing teams have access to this kind of information, they’re able to make more informed decisions around a few things: what kind of products to promote, when to reach out to customers, which market trends to follow, etc.
Having data at your fingertips helps home improvement professionals in a few different ways, but during uncertain economic times, the biggest benefit to HIRI members might just be the peace-of-mind that comes with having industry awareness.
Business research and data from HIRI helps home improvement leaders identify risks and opportunities in the industry. Having access to raw data and top-level industry insights means your entire team can make decisions — about the business, customer communications, sales efforts, product promotions and more — with more confidence. And since HIRI’s research is available 24⁄7, members can log in and pull that data whenever it’s needed.
HIRI is the only non-profit organization that offers home improvement research like this in the U.S., and members get exclusive home improvement information and raw data to more fully empower their business decisions.
You can contact HIRI to learn more about becoming a member or sign up for HIRI’s Newsletter to stay up to date on industry news and events!
If you’re not yet signed up for our newsletter, we’d love to get your contact information so you can stay informed about the research we’re doing and information on our upcoming virtual Home Improvement Insights Summit.