There’s a common misconception that marketing isn’t associated with the construction industry. Whether you’re a large, mid-sized, or small construction company – marketing matters.
The best companies know who their target market is, where they are receiving content and what content they want to see. Creating a strong brand image and persona can solidify customer loyalty and retention. Implementing a marketing strategy doesn’t have to cost you an arm and a leg either.
Follow these four simple steps to begin thinking about marketing concepts and how they could apply to your company.
STEP 1: FIND OUT WHO YOU ARE
Well, find out who your company is. What do you want your customers to associate your company with? A great beginning to finding out what your niche is within the construction industry is defining the following aspects of your business. Search for a section or two that you can be very strong in or finding a section that your competitors lack:
Defining your product can sometimes be difficult. Especially within the construction industry where your product is a mix between a tangible good and an intangible service. Begin by understanding the benefits and features of your product and how your product solves a problem for your customers. What are you customers unique challenges? How do you solve these problems?
Simply stated there are three places a company can be in terms of price and value. 1. High quality, high price. 2. Lower price, lower quality. 3. Somewhere in-between. If you’re finding yourself in a mixture of 1 and 2 then this could be indicating that the perceived value of your product and your price do not match. If a product is priced higher or lower than it’s perceived value then it will not sell.
Consider the value you bring and price your product accordingly. By no means is this easy because price may also be affected by your value chain, distribution, margins, and competitors.
Place has everything to do with how your product is accessed. Are you able to service customers in a variety of locations? The placement strategy of a business is closely related to the rest of the strategies and need to compliment the rest of the marketing mix. Determine whether it makes sense for your business to offer your products in a vast area or in a specialized location.
How do you advertise? Does your company offer sales promotions or special offers? How is your company communicating with the public? Promotion is the communication aspect of the marketing mix. Sales can be enticing to some customers but could also damage the general reputation of a brand. It’s important to understand your target market to learn how to communicate with them.
STEP 2: DISCOVER WHO IS IMPORTANT TO YOU
Who is important to your company? The customers!
It’s important to define your ideal customer (or your target market). There are 3 simple segments that make it easier to understand who your customer is:
This segment is grouped based on measurable statistics:
- Income level
- Marital status
Understanding who you are marketing to can help you communicate and drive business.
This segment is grouped based on lifestyle:
Determining how your customers behave and make purchase decisions will give you valuable insights into how your product solves their problems.
This segment is grouped based on location:
- Postal or ZIP code
- Area code
- Province or state
- Country (if your business is international)
Customers in a specific area will have unique needs.
STEP 3: UNDERSTAND WHAT OTHER COMPANIES ARE DOING
Knowing your competitors is vital to your companies success. Don’t confuse that with copying competitors. Instead use their offering as a way to analyze your own product to make it stand out. If you delve into what your competitors are offering the market and how they are solving the challenges of their target market it helps you create a niche for your own brand. It’s much easier to make sales when you are the only company solving a problem in the industry. Understanding your competitors is necessary for you to understand your role, as a company, in the construction industry.
What is your competitive advantage?
STEP 4: TELL YOUR STORY
Now that you have a deep understanding of your product, who you are selling your product to and how you stand out against competitors; it’s time to tell your story.
This is where you have the option to dive into your pocket book or test the waters without much of a financial investment. Set your budget and goals beforehand and determine what platform is best for you and your company.
There are lots of options for communicating with your target market:
The trends in the industry as leaning towards digital. Websites and social media are an easy and cost-effective way to reach your target market.
At the end of the day, it’s important to understand where your communication is going to be the most effective. Remain consistent and engaging with your messaging. The best companies know who their target market is, where they are receiving content and what content they want to see.