IN THIS ISSUE

• How payments have better success odds than your fantasy league 🏈

• Poll: Place your innovation bets 🎰

• Hashtag hiring on Social Media? 👀

• 3 friends for a beanie? Deal 🤝 

DEEP DIVE

Cashing in on convenience: The rise of digital payments in LBM

After analyzing thousands of payments on our platform we crunched the numbers, not for fun, but so you don't have to. Here's the deal with online payments: they're more than just a modern convenience. They're your business's secret weapon for staying lean, mean,—and in the green 🤑

Why pore over stats and figures? Because knowledge is power, especially when it's about getting your money faster and making your operations smoother. This isn't about jumping on the digital express just because everyone else is. It's about analyzing the real impact—through cold, hard stats—that online payments can have on your LBM business.

So, what did we uncover?

Two Out of Three Ain't Bad: It turns out, making payments as easy as a few taps on a screen actually works. When nearly two-thirds of payment requests lead to money in the bank, it’s clear that convenience is king.

Quick Draw: Imagine sending out a payment request and getting paid in less time than it takes to finish your coffee. Yup, 52% of those requests get cleared in 15 minutes or less.

The Night Shift: Ever wonder what happens after hours? Turns out, 22% of payments are sliding in when the office lights are off. It's clear that the 9-5 window is getting a bit of a makeover.

Prime Time: Forget Fridays; Thursdays are when the action happens, especially between 9-10 AM. Knowing when your customers are most likely to pay can help tailor your strategies.

So, what's it all mean?

• 24/7 availability: That 22% of payments coming in after hours? It’s like having a night shift that doesn’t cost you extra. Being available around the clock isn’t just convenient, it’s profitable.

• Speedy time to cash: Getting paid in 15 minutes or less is a game-changer. It means you're not just waiting around for the money to come in; you're actively moving on to the next thing.

• Simplicity pays: The high success rate of payment requests shows that when you make it easy to pay, people are more likely to do it. Simple as that.

PULSE CHECK

Results from last month’s poll ‘Digital marketing: are you in or out?’

• 33% of respondents are using both paid ads and organic social media strategies

• 0% are focused mainly on paid advertising.

• 67% are primarily using organic social media.

• 0% are planning to start using paid ads soon.

• 0% are not engaged in any form of digital marketing.

These results indicate a strong preference for organic social media strategies among dealers, with a smaller portion utilizing a mix of both paid and organic approaches.

We will provide a breakdown of results from dealer’s responses in our next issue.

WORTH READING

• Louws Truss Innovates with Robotic Assembly Plant: 🦾 Louws Truss has launched a pioneering robotic roof truss assembly plant, one of the few in the U.S. This strategic move, leveraging Idaho-based House of Design's expertise, introduces robotics into building component manufacturing, enhancing safety and efficiency. This investment in automation and a lean manufacturing ethos addresses industry challenges like skilled labor shortages and workplace injuries, marking a significant leap towards future-ready manufacturing in the LBM sector.

• US Housing Market Eyes Rebound: The US housing market is showing signs of a spring revival. Permits for single-family homes nudged up 1.6% to over a million units, hinting at a construction comeback. Builders are feeling more upbeat, scaling back on discounts and incentives as buyer interest picks up. With the Fed poised to cut rates and builder confidence at its highest in 18 months, the sector could be poised for a sunny season ahead 😎

• 26 Construction-Related Tech Companies To Look Out For: Crunchbase has curated a list of 26 companies getting their hands dirty in the best way possible—injecting some much-needed tech into the construction scene with fresh seed funding. These startups are paving the way for smarter, more efficient building methods that your pro contractors are going to want in on. Ready to see where the industry's headed? This article's your crystal ball 🔮

FROM OUR PRODUCT TEAM

Improvements to make a payment flow

We've revamped the payment process to make it more intuitive and user-friendly.

Now, when customers decide to make a payment, they're greeted with clear choices: pay a statement, settle invoices, clear the current balance, or make a custom payment. This streamlined approach not only minimizes confusion but also provides reassurance during the payment process. Once the payment type is selected, customers can easily choose their preferred payment method and complete the transaction.

NAIL THE TREND

We're big fans of this aerial delivery showcase. It's a brilliant example of leveraging everyday operations for engaging content. Consider this a top pick for your next social media inspiration.

@woodlandbuildingsupply

When business is BOOMING, you need a BOOM truck delivery. 🤯💥💣 Yesterday we made a delivery with our boom truck to the 5th & 6th floors of ... See more

Bender Lumber's POV video is like a rollercoaster ride, but with more 2x4s and less screaming. This unique perspective gets our seal of approval. It's a creative way to pull back the curtain on your operations.

@benderlumber

Our mission is to supply our builders and communities with the highest quality materials/services to be successful 🤟🏼😊 #benderlumber #lumb... See more

Kudos to Franklin Building Supplies for showcasing truss craftsmanship—straightforward, challenging, and teamwork-driven. It's a genuine pitch to those ready to dive into the LBM world. Perfect for drawing in the next-gen builders.

@franklinbuildingsupply

Lets Build Trusses! #construction #fyp #builder

UPCOMING EVENTS

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