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CEDIA Releases Key Findings from Annual Benchmarking Survey (22/8/2012)
The Custom Electronic Design & Installation Association (CEDIA) has released key findings from its 2012 Benchmarking Survey, which evaluates the state of the CEDIA member electronic systems contractor businesses for calendar year 2011 and reports on 2012 expectations. Results find electronic systems contractor companies are stable, growing again, and willing to take risks on new strategies to keep growing.
Participants reported an expected increase in revenue from 2011 to 2012 of 12%.
Median number of employees stayed flat from 2010 to 2011 at 6 employees per company (full and part-time). However, ESCs indicate that they will increase their staff by 10% in 2012.
82% of ESCs expanded service or technology offerings in 2011 to increase profitability.
The percentage of companies offering remote network monitoring and diagnostic services has doubled in a year (16% in 2011 to 32% in 2012).
Of the 87% of ESCs utilizing some type of space as a showroom, 63% report that their space is focused on demonstrating the “integrated home” instead of only a dedicated home theater.
“The CEDIA Benchmarking Survey provides members with a clear understanding of how they can improve and strengthen their business in areas such as strategic and business planning, financial performance and management, operations, and staffing and compensation,” said Erica Shonkwiler, CEDIA Market Research Manager. “The survey also helps members of the industry assess opportunities for growth and development.”
The survey report, compiled by Profit Planning Group, provides detailed benchmarks, best practices, and trend analysis based on data collected from CEDIA member electronic systems contractor (ESC) companies.
In addition to receiving the full general report, this year’s participants were provided with a customized report that compares their company against companies of similar size, the industry median, and the most profitable industry companies. In addition, each customized report includes suggested action items for building business and increasing profitability.
"We've been participating in the CEDIA Benchmarking Survey for several years and always find the report to be invaluable. This year's version raises the bar with the addition of the customized performance analysis report, which really allows us to compare ourselves with other firms in the industry,” said Eileen Komanecky, Owner, simpleHome and CEDIA member. “I highly recommend the CEDIA Benchmarking Survey to any and all CEDIA members who wish to improve their bottom line."
For the first time this year, CEDIA members who have CEDIA Certified employees may request a complimentary condensed version of the general report. Additionally this group may attend the Benchmarking Survey Results review during CEDIA EXPO or a Benchmarking webinar in October. The full survey report is available for purchase through the CEDIA Marketplace at a rate of $1,495 for non-participating CEDIA members and $2,995 for non-members.
A CEDIA EXPO show rate is available for the Benchmarking Survey. A discount of 35% is available for all reports ordered before Sept.16 through the CEDIA Marketplace.
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