Connecting the dots between data and strategy

By Emma Peterson. 

How the Farnsworth Group combines research and consulting to help industry professionals navigate change and stay competitive. 

For over 35 years, the Farnsworth Group has collected market research and intelligence for manufacturers, suppliers and business owners in the construction industry. Not only does the Farnsworth team go far beyond just providing market data, but they also have the deep industry knowledge needed to translate that data into risks, opportunities and more. To learn about how the Farnsworth team turns data into business strategies, we hosted Eric Voyer, Farnsworth’s director and senior consultant, onto an episode of Contractor Outlook. 

Eric started by explaining what the Farnsworth team does for their clients, sharing, “We help people connect the pieces. We are both a consultant and a market researcher. So we’re able to say, ‘Look here’s what’s happening. Here’s what causing it,’ and then explain how you stay successful through it.” 

So, how does this work in practice? Eric used the current market trend of artificial intelligence (AI) as an example, first sharing what their market researchers are seeing, saying, “Our research shows that 15-20% of contractors are using AI... And what we see is that this fits into a larger shift in the industry – a shift towards technology as the next generation, the digital natives who are used to using technology and phones, comes into adulthood... 

He then explained how this research informs their client consultations:  

We’re talking to manufacturers about making more marketing on platforms like TikTok and YouTube shorts. Some we’re even talking about content creator partnerships. Really just how you change the way you are getting your message out there as we shift toward technology... For contractors, we’re talking about incorporating digital tools to make more instant experiences for people who are used to quick returns thanks to cell phones and AI.  

Overall, by conducting both the market research and translating it into actionable insights, Eric and the Farnsworth team have become an invaluable resource to professionals in the construction and roofing industries.  

To learn more about how Farnsworth Group supports contractors, Listen to the whole episode or Watch the newscast.