March 2016 Program Faith Technologies – Evolving Brand for a Growing Company
Speakers for our March program were Tom Clark (Executive Vice President) Kelly Chartre (Director of Marketing).
Faith Technologies started as an electrical contractor in 1972. Their initial growth strategy focused on that one area, and opening offices in the markets they served – striving to become the “McDonalds of Electrical Contractors.” In other words, they were order takers, with a limited desire to expand how they served customers, and with a strong focus on executional efficiency. This operational focus is common in their industry.
Tom came on board in 2008, and Kelly started in 2011. Over the past several years, Faith has gradually expanded their customer value proposition, moving away from the purely order-taker and execution-efficiency oriented strategy. This change was motivated and guided by a set of 3 major customer research projects conducted since 2008; 2 Voice of the Customer surveys and a Net Promoter Score study– where they received a very strong 86% score and learned more about what their customer wanted.
One example of how they have shifted their value proposition is the type of projects they tackle. Faith now pursues larger and more complicated projects that involve design work and that span different geographic areas. In 2008, their largest project was $13 million, all focused on electrical contracting. Today, they can discuss how they just finished a $125 million project that involved substantial design work. Another example of Faith’s change in strategy is reflected in their investment in marketing and customer/business support. Faith now has 7 full time marketing employees, and across their company, they now have about 3 people in the field for every one support person. The industry average is about 10 people in the field for every one support person. This higher support level reflects Faith’s view to compete on a level that differs from the sole focus on executional efficiency….
Wishing you learned more? Don’t miss out on our next program and Join today to get the first-hand experience and full meeting highlights.