Jun 23, 2023

This Podcast Is Episode Number 529, And It's About A Guide To Building A Solid Construction Company Marketing Plan

As a contractor, having a solid business plan is essential for growing your company and attracting new clients. If you're serious about getting the best value you can for your marketing budget, you'll need to develop a marketing plan.

One of the first steps is to identify your target audience. Who are your ideal clients? What are their needs and pain points? Once you understand your target audience, you can develop a marketing strategy that speaks directly to them.

Building a solid construction company marketing plan is essential for any business owner looking to grow their company. With the right strategy, you can increase your brand awareness, generate leads, and ultimately boost your revenue.

Some critical elements of a successful contractor marketing plan might include the following:

1. Knowing your customers

Firstly, you need to identify your target market. You probably have an idea of who buys from you, but make sure you:

• Define your target market in detail.
• Write down who your target market is.

To help you focus your promotions more effectively, spend time finding out about your client's preferences and habits. To get the best return on your investment, look at how your message is structured, worded, and designed – and where and when you advertise.

2. Studying your market

Market research is an effective way to help find out about your target market. Ask customers for feedback directly or send them an email.

Ask questions such as:

• Why did you hire us?
• What could we do better?
• What additional services would you like us to offer?

Your clients' responses will highlight what works well and will help you attract more sales. This feedback can also help improve your service and encourage positive word-of-mouth referrals.

Show that you're listening and improving where you can, and you'll gain greater customer loyalty.

3. Identifying your competitors

Find out who your direct competitors are – and gather as much detailed information about them as possible. Try:

• Visiting their websites
• Reviewing their advertising and promotional leaflets.
• Observing their relative strengths and weaknesses.

If you want consumers to differentiate between you and your competitors, develop a new marketing and advertising approach. Your competitors' weaknesses will present opportunities for you to market your points of difference.

4. Determining your competitive advantage

When it comes to the construction industry, there's no shortage of competition. Many companies are vying for the same contracts and trying to build a reputation for quality work. But how can you set yourself apart from the rest? How can you create an advantage that will help you win more bids and secure more business?

Sit down with your staff, advisers, and mentors to brainstorm the best competitive advantage for your business. Your competitive advantage can be anything that sets you apart from your competitors in your target market – such as price, service, or location.

It should be something that:

• Makes you stand out from the crowd
• Exploits a gap in the market that your competitors haven't thought about
• Suits your business and the current market condition
• Is essential to your target customers

Use it in all your marketing after you've worked out your competitive advantage. Ensure that your competitive advantage is evident in any customer communication.

One key factor is innovation. Look for ways to incorporate new materials or processes into your projects to give you an edge over your competitors. Maybe you can find a way to use eco-friendly materials that are more cost-effective in the long run. Or perhaps you can streamline your construction process to save time and money.

Another factor is reputation. Word of mouth is compelling in the construction industry, so ensure you deliver quality work and treat your clients well. Be responsive to their needs and concerns, and go above and beyond to ensure their satisfaction. This will help you build a loyal customer base and attract new business through referrals.

5. Creating a promise

A promise helps clarify the most crucial aspect of your business to your customers. You want the customer to value your promise or guarantee.

For example, if you offer a product or money-back guarantee, you must stand by these assurances. Your customers will find out if you can't stand by your promise, and they'll quickly lose trust in you and your business. You'll also run the risk that they'll warn their friends not to hire your company.

6. Building a reliable brand

You must develop an integrated marketing strategy to ensure that all your promotions, advertisements, and marketing communications convey the same unified message and consistent brand values.

A solid online presence: In today's digital age, website and social media profiles are crucial. Ensure your website is easy to navigate and showcases your services and expertise. Use social media to share project updates, photos, and testimonials from satisfied clients.

Networking: Building relationships with other professionals in your industry can help you generate referrals and connect with potential clients. Attend industry events, join local business organizations, and try to stay in touch with your contacts.

Advertising: Depending on your budget and target audience, you may want to consider paid advertising channels such as Google Ads or Facebook Ads. Be sure to track your results and adjust your strategy as needed.

Content marketing: Creating valuable content such as blog posts, videos, or infographics can help establish you as an expert in your field and attract potential clients to your website.

Also, make sure you maximize the opportunity to cross-market your message. For example:

• Mention your website in your email signature.
• Market your social media presence on your website.
• Use your various social media platforms to cross-market content effectively.

7. Evaluating your marketing and updating your plans

Measure the return on investment on all your marketing efforts and update your marketing plans based on what works and what doesn't – for your business, market conditions, and customers.

Some returns are easy to quantify, like the number of sales or the sales value generated from an advert or promotion. Others are harder to put a value on like the number of followers gained on social media or the number of visitors to your website. Some are more difficult to measure, like customers' perceptions or increased brand awareness.

Marketing experts will be able to advise you on the best ways to measure the hard-to-quantify parts of your marketing plan – and will help you improve your efforts for maximum results.

Final thoughts

Don't underestimate the power of marketing. Ensure your website and social media presence are top-notch, and invest in advertising to get your name out there. Consider partnering with local businesses or organizations to increase your visibility in the community.

Remember, developing and implementing a successful marketing plan takes time and effort. Be patient and focus on your goals; you'll see results over time.

About The Author:

Sharie DeHart, QPA, co-founded Business Consulting And Accounting in Lynnwood, Washington. She is the leading expert in managing outsourced construction bookkeeping and accounting services companies and cash management accounting for small construction companies across the USA. She encourages Contractors and Construction Company Owners to stay current on their tax obligations and offers insights on managing the remaining cash flow to operate and grow their construction company sales and profits so they can put more money in the bank. Call 1-800-361-1770 or sharie@fasteasyaccounting.com