Home Services Companies Raise Revenue 25% on ServiceTitan
There’s a lot of buzz at ServiceTitan this week. The results are back from an internal study commissioned to track the revenue growth of new ServiceTitan customers, and numbers have raised a lot of eyebrows.
We sat down with the lead author of the study, ServiceTitan’s Christopher Lee, to learn a little bit more about how ServiceTitan customers have achieved an average revenue growth of 25% in their revenue in their first year on ServiceTitan, the #1 home services management software platform.
ST - Let’s start with the obvious question, Why this study? Why now?
CL - Why did we perform this analysis? It’s simple. We hear everyday about how ServiceTitan helps our customers grow -- from our customers themselves. But we could never put a number to how much ServiceTitan users grow on average when they make the switch. Honestly, when we first ran the numbers I couldn’t believe it. 25% year-over-year growth in their first year on ServiceTitan?! Are you kidding me? That’s phenomenal. We all know about the John Akhoians and the George Brazils -- the crazy success stories of high-profile ServiceTitan customers -- but we honestly didn’t realize just how successful our customers were in their first year of switching to ServiceTitan.
ST - What parts of ServiceTitan’s software platform are the most successful companies using?
CL - Our research showed that while the average ServiceTitan customer grew 20% year over year after their switch to our all-in-one home services software, those that adopted Mobile and Phone Integration showed the strongest growth -- 25% year over year. The customers that see the most success are the ones who utilize all features of our software platform, not simply call booking and dispatch.
ST - Some readers might look at the numbers and wonder how much of this success is due to ServiceTitan alone.
CL - We were very careful with this study not to overstate the link between the 25% average revenue gains we saw among our customers after switching to ServiceTitan and the ServiceTitan product itself. After all, we attract some of the smartest, best companies in the home services sector. For this reason alone, it’s not surprising to see revenue gains that are above the industry average.
But as we dug further into the numbers -- and specifically as we looked back into available historical data, we realized that these same companies saw -- on average -- a 10% year-over-year revenue increase before switching to ServiceTitan. That’s a more than doubling of revenue growth from one year to the next. That’s phenomenal -- and pretty compelling!
ST - How could you tell what parts of ServiceTitan customers are using?
CL - The great thing about ServiceTitan is that as a cloud product, our customers don’t have to worry about loading and maintaining software on their company computers. The ServiceTitan platform runs in the cloud. This allows customers to access their data from any device any time. Additionally, centralizing the data storage allows the ServiceTitan Success team members access to usage for statistics for the customers they serve. They use this data everyday to help their customers make better use of ServiceTitan. For this study we tapped into this data stream, assembling a dataset that began revealing trends as soon as we plugged the numbers into Excel.
ST - So what’s next? Any more data nuggets from your team?
CL - You bet. We’re just getting started. Overall use, Mobile and Phone Integration were the low hanging fruit from an analysis perspective. We’re also looking at how ServiceTitan impacts other metrics that matter to our customers -- average job size, number of jobs completed, lead conversion rate -- just to name a few. Our goal is to continue to refine and replicate the magic recipe for success our best customers have found, and all our customers can use to succeed.”