Make Trades Great Again
Eric looks back on '23, Forward into 2024
Jan 23, 2024
Hosts reflect on the challenges faced in 2023 and discuss the factors affecting business performance, such as decreased average ticket prices and struggles with selling upgrades. They also analyze the challenges with data analysis and higher costs of goods. The impact of rising costs, inflation, and interest rates on financing for home improvements is explored and the hosts express their readiness for new opportunities.
18:53
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- In 2023, the average ticket price for lower-end service category jobs in the plumbing business declined by about 10%, which could be attributed to customers reacting negatively to higher prices and feeling unable to afford larger ticket items.
- The decline in sales of high-end upgrades in 2023 can be attributed to factors such as inflation and changes in financing options, prompting the speaker to consider offering financing options to engage customers and make larger projects more affordable in 2024.
Deep dives
Challenges with Pricing and Margins
The speaker discusses how the prices and margins of their plumbing business were affected in 2023. On the high-end jobs, margins were better and the cost of the jobs was higher, but on the lower-end service category jobs, the average ticket price was down by about 10%. The speaker reflects on the reasons behind this decline, speculating that customers were reacting negatively to higher prices and feeling that they could not afford the upgrades or larger ticket items.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
