Loyd's Electric Supply was founded by Henry and Edith Loyd in 1961 in Branson, Missouri. Today Loyd's has grown to be Southwest Missouri and Northwest Arkansas' leading electrical wholesale supplier, with five locations in Missouri and Arkansas.
As a third-generation, family-owned and operated business, Phillip Loyd and his sons and business partners Chris Loyd and Andy Loyd lead the executive management team. The Loyds agree that the company's focus on customer service, inventory levels and new service offerings is what gives them a competitive edge.
In today's on-demand economy, customers want what they want when they want it. For Loyd's, this mentality works in the company's favor. Loyd's carries a deep inventory at all of its strategically located wholesale locations in Harrison, Arkansas, and Branson and Springfield, Missouri.
"Having products in-stock is something that really separates us from our competition," Chris said. "Our customers want their orders immediately. If we don't have an item in stock, they'll jump online and get it in a couple days. That's why we keep a very extensive inventory at all of our locations so we can deliver products quickly. When our customers need something, we figure out a way to get it to them that same day."
It's not just common everyday items that Loyd's stocks, the company's inventory includes a lot of uncommon products as well. "When a customer needs something unusual, they know that we'll likely have it in stock," Chris added. "We also have one of the largest selections on lamps and light bulbs in the state."
Having the right inventory means anticipating the needs of different types of customers. Loyd’s Electric Supply has a customer mix of approximately 60% commercial, 15% industrial, 15% residential and 10% utility.
For residential clients, the Loyds have a separate division called The Lighthouse Gallery with two lighting showroom locations in Branson and Springfield, Missouri. They offer high-end custom lighting, control and home décor.
“As part of our service offerings we’ll go into a customer’s home or work with the architect or builder to design a custom lighting and controls package that meets the homeowner’s unique needs,” Chris said.
Loyd’s also has a theatrical lighting and sound division to work specifically with the numerous theaters located throughout the area.In addition to having the right inventory on hand and delivering it quickly, Loyd’s has an experienced sales force, as well as gear, lighting and energy specialists at each branch location to provide project support.
“One of our great strengths is our employees,” Chris said. “Many of them have an impressive tenure with us and have accrued a lot of industry knowledge over the years. Whether they have forty years with us or are just starting out, we focus on consistent training to make sure everyone is up to date on industry practices. Likewise, the younger generations of employees have a different set of desires and needs in the workplace, but they bring a different set of skills and new ideas to the job. We have adapted and it has benefitted us.”
Being open to new ideas and ways of doing business is what keeps Loyd’s advancing forward. The company offers services like lamp and ballast recycling, tool rental and energy project management. Later in 2020, the company plans to introduce additional services.
“We are continually evolving our offerings and that sets us apart from our competitors and provides new ways for the company to be profitable,” Chris said.
Ten years ago, Loyd’s established its “green” energy division to grow the business and expand into a new market segment. “IMARK’s training program was an invaluable resource as we established our energy division,” Chris said. “It enabled us to be successful at it.”
Loyd’s has refined its approach in energy sales over the years. “We’ve figured out what works and what doesn’t,” Chris said. “Success has come as a result of partnering with contractors to offer turnkey solutions to end users—solutions that are a smart, financial investment. Our energy specialists manage the entire project from start to finish.”
As the industry continues to evolve and new competition emerges, Loyd’s has continually realized the importance of being an IMARK Electrical member. “We actually joined in 1988, before it was even called IMARK Electrical,” Chris said. “We realized the benefits early on. From rebates and financial incentives, to vendor networking opportunities and training,
IMARK Electrical has been an important resource for our business.” Loyd’s business philosophy centers on trying new things, moving in new directions and selling new products.
“We are always looking for new market segments to move into,” Chris said. “We choose our vendor partners wisely and commit to partnerships with them. That’s what has made us so successful for more than five decades.”