Market Trends: LP’s® New Strategy and Product Line
Keeping track of the latest company initiatives can help you make better purchases. In the increasingly competitive home improvement industry, manufacturers have to constantly innovate and consistently introduce cutting-edge and competitively priced products to the market. This imperative prompted LP® to roll out several strategic initiatives, which have helped them take the lead in the building products sector.
What were these initiatives? How did they help the company? More importantly, how can they affect you as a consumer? The home improvement experts at Exterior Source elaborate further below.
Focusing on a New Market Segment
LP is known for its oriented strand board (OSB) products, having pioneered the production of this particular engineered wood product. In an industry that’s ripe for disruption, however, technological changes and changing labor market conditions can quickly evaporate the advantages a manufacturer has accumulated.
In need of a new growth strategy, LP decided to move away from the notoriously volatile commodity space and focus on value-added, high performance branded solutions. And as part of this shift, the manufacturer even introduced a new metric called overall equipment effectiveness (OEE) to measure how much these products have improved and ensure customers continue to enjoy cutting-edge features.
More Premium Choices for Consumers
The strategy resulted in the manufacturer diversifying its premium products, giving homeowners more options to choose from. These new products include the LP WeatherLogic® Air & Water Barrier, the LP Elements™ Performance Fencing product line, and the LP SmartSide® Smooth Trim & Siding. A more diversified product line-up, combined with increased efficiency at its factories, allowed LP to further solidify its market position at the top.
If you want to know more about LP’s latest premium vinyl siding products, consult one of your local contractors. They can help you pick the right one.
Just make sure the contractor you’ll be consulting has enough experience. This will make sure that your new siding will be installed properly.
Exterior Source, a contractor with more than 25 years’ worth of experience, offers a wide variety of premium exterior products, including fiber cement siding. To get a quote, call us at (804) 275-5323 or (757) 464-2060, or leave us a message here.