July’s 3 hot topics for home-improvement brands

We clock the big boxes, stare into Depot’s retail media network, and chart the YouTube path of DIY.

by The Drill Down Team on July 30, 2024

Home Depot vs. Lowe’s: Which home improvement player edges over the other?

The home improvement industry has long been a witness to the tussle between the market duopoly — The Home Depot Inc. (HD) and Lowe’s Companies Inc. (LOW). Having dominated the U.S. home improvement market for long, Home Depot and Lowe’s have time and again been in competition with each other for the top spot.

Fundamentally, Home Depot stands tall in terms of market share, revenues and profitability, benefiting from its larger scale and efficient operations. Lowe's, while smaller, remains a formidable competitor, continually enhancing its operations and customer offerings. More here: (Source)

The S/M Take:

Ah, the classic Home Depot vs. Lowe’s showdown. It's like choosing between Starbucks and Dunkin’ – both have their perks. (Sorry about that, it won’t happen again). While Home Depot's broader range has appeal for professionals, Lowe's customer service and aesthetic appeal attracts the DIY enthusiasts. Plus, consider Home Depot’s aggressive expansion plans versus Lowe’s innovative store layouts. In the end, merchandising decisions are about knowing your audience and playing to your strengths, then leveraging the best partner (or sometimes, both of them).

A packed movie theater shows a screen with a scene of a man standing in a large hardware store aisle. In the audience, several men are wearing construction attire, and one holds a shovel. Store signs read "Special Offers," "Top Brands," and "Home Improvement.

Home Depot builds retail media network around DIY

The Home Depot Inc. has a unique customer base and tailors its retail media network to maximize brands’ ability to target it.

Chain Store Age recently spoke with Melanie Babcock, VP of Orange Apron Media and monetization, Home Depot, to discuss the details of how and why the leading home improvement retailer launched a retail media network in 2018 and then upgraded it to the new Orange Apron Media offering in March 2024. More here: (Source)

The S/M Take:

We see this as a cheat code for brand visibility, and Depot is using it to great effect. By leveraging customer data, they’re not just selling hammers and nails; they’re creating a DIY digital ecosystem. Imagine having the precision needed for brands to place ads for paint brushes just when a customer decides to repaint their living room. That’s an RMN. It’s seamless, it’s smart, and it’s powerful. Get even smarter on RMNs right here: https://simon-myers.com/the-lowdown-on-retail-media-networks/

A person with shoulder-length hair stands in front of a glass case mounted on a tiled wall. The case contains a rotary tool and is labeled "IN CASE OF DIY BREAK GLASS." Among potted plants and a framed picture on a nearby surface, it's clear that home-improvement is one of the hot topics here.

Projects homeowners are eyeing for DIY renovations

The majority of Americans say they’ve taken on DIY home improvement projects mostly as a way to save money, according to a survey from Angi, a home improvement resource. But homeowners admit they’ve taken on more than they should, often resulting in costly errors or delays that could hurt their home’s value.

Eighty percent of survey respondents admit they’ve made mistakes during their DIY project; 45% say they’ve “completely butchered” their project.

For better or worse, 43% of DIYers say they turn to YouTube as a top source of information for their projects. But what are they searching for the most? More here: (Source)

The S/M Take:

One of the most dangerous creatures on Earth is a new homeowner with a power drill. But give ‘em enough time and YouTube, and beautiful things might result. The charts in the story above are super-informative… and if you’re a brand that helps with door repair, you’re smiling to the tune of 34.3 million views.