There are other issues in construction that many construction companies are facing, but the way to beat these challenges and rise to the top is to build a brand and business that can survive ANY rough patch.
Much of building a great business has to do with of course having a great product (your construction services) and an effective ongoing marketing and brand strategy. The goal for your business should be to build a robust brand marketing strategy as sturdy as the projects you build.
If you want to sell more of your services in this modern, ever-changing business world it is necessary that your brand image and identity are top notch. This helps to build and ensure trust and reliability amongst your clients and consumer base which will keep your business going strong for years.
We will discuss eight effective Brand development strategies for construction companies, but first, let's quickly study the definition and core values of business branding.
Business branding uses names, logos, slogans, copywriting, and other specifically produced materials to create a holistic, intentional statement and feel for a business, product, or service. A brand is, in essence, the promise of an experience.
For example, When you go to Disney, you anticipate being in a "magic" place and enjoying the robust theme park and attractions that Disney has been known to provide. With Starbucks, you can expect high-quality beverages regardless of the location.
Now, your construction company shouldn’t have the same brand image as Disney, but you want people to react with the same sense of knowingness about your brand, your company, and what you offer, no matter the size of your construction business.This is the most important idea to grasp when creating (or refreshing) your company's brand.
Your brand represents your company's identity, aspirations, and public perception. Therefore, a commitment to deliver consistently would help you build a strong brand identity. People must connect your brand name with trustworthy, excellent, safe, and on-budget services.
Three main stages make up the process of branding an organization or business.
It is a strategy with a long-term development focus on your effect and purpose, the road map for how the public perceives your company.
It is how you present your brand to the general public through imagery, messaging, and experience using tools like logos, colors, typefaces, website design, content, advertising, print, or packaging.
It is a method used by companies to emphasize and raise awareness of their goods or services. A good example of a brand marketing strategy would connect values and voices to the appropriate audience through strategic communication.
Business branding is a task that should be well thought out and planned before implementing. This part of the process demand imagination and foresight of where you want to go asa business. At this beginning phase, it is important to put some effort into selecting the ideal brand personality or voice. Whatever the situation, learn to keep things simple.
Whether you are just beginning in your contracting business or are a seasoned company in need of an update, Craft & Trades specializes in branding professional contracting businesses. We take your companies look and feel to the top floor, helping attract more eyes, and grow your business. Contact us today for your free brand consultation.
Here are some of the top business branding suggestions to assist you in creating a powerful brand.
Your vision explains the broader strategic view of your firm in the context of its environment, whereas your mission is why your business exists. You must state them clearly because they dictate your construction company's direction and strategy.
The cost of conducting the research need not be prohibitive. Websites for the building sector offer a ton of free information. You should set up a time for thorough market research and analysis to succeed with your project and brand. Deciding whether you will be a higher end company, or more of the blue-collar builder matters. And consumers just builders based on this brand presence and reputation.
You can gain a lot of knowledge from your rivals. Look them up and spend some time learning:
● The marketing techniques they employ.
● The market segment(s) they seem to aim for.
● What distinguishes their construction strategies?
● The service features you like the most.
● How do they use contemporary building technology?
● The marketing platforms they employ, and how?
By doing so, you can comprehend their advantages and disadvantages and the natural forces influencing the construction sector.
The SWOT andPorter's Five Forces analysis are the two most effective marketing strategy tools. First, you examine the Strengths, Weaknesses, Opportunities, and Threats(SWOT) your company is facing. Then, it would help you build on your strengths, strengthen your weaknesses, take advantage of opportunities, and protect yourself from threats.
For construction organizations, which frequently must do business in a complicated environment, Porter's Five Forces model is a crucial tool for formulating effective strategies. According to the Five Forces model, a thorough examination of five general environmental elements is necessary, including industry rivalries, the threat of new entrants, customer power, supplier power, and the threat of substitute products.
Positioning explains how your clients should view your offerings. It takes into account the following:
● Your intended audience and clients.
● Your rival's service offerings and tactics.
● Your advantages, dangers, opportunities, and weaknesses.
The five environmental forces mentioned above
It makes it simple to maintain your marketing strategy's consistency and concentration.
The elements of the services marketing mix are the seven Ps:
● Product
● Price
● Promotion
● Place
● People
● Process
● Physical Evidence
When choosing the seven Ps of your company's unique marketing mix, it's crucial to use research data and strategic analysis.
A good marketing strategy for a construction company includes channels, campaigns, timings, budgets, and target markets. These objectives typically last for several years. However, to achieve these objectives, you must adopt short-term marketing strategies.
It is the most critical component of a construction company’s marketing strategy. Many construction companies' leading causes of failure include underpricing, poor cash flow management, and not having set budgets for their advertising and marketing to get their companies out there. It would be best if you documented the cost of marketing efforts, projected sales, cash inflow and outflow, and the investment required to carry out the plan. Each and every detail here should be considered as it related to your specific business goals.
Key performance indicators (KPIs) are needed to track and measure progress toward your goals because anything that doesn't get measured never gets done. The essential KPIs for construction marketing include:
● Growth in sales
● Leads such as MQL and SQL
● Customer Lifetime Value (CLV orLTV)
● Customer Acquisition Cost (CAC)
● Response time of sales team
● Traffic-to-Lead ratio of website
● Lead-to-MQL ratio of website
● Ratio of MQL-to-SQL
● Ratio of SQL-to-Quote
● Ratio of Quote-to-Closed
● Amount of traffic on the website
● Reach and engagement on social media
● Email Marketing Leads
● Incoming Website Links
Not all the KPIs mentioned above need to be measured, but some do to track your performance and make necessary modifications.
With the goals discussed above, you can be creative and strategic with your marketing if you run a construction company. Building your brand, acquiring new leads, and adding value should be the goals of your efforts. Your revenue will reflect the outcomes if your marketing campaigns accomplish all this.
Navigating the world of marketing, branding, and web design can be difficult, but we want to provide the information you need to succeed. We also can help you to get there.
Our plans and services vary from standard to highly complex, depending on your budget and more importantly, what your contracting company needs most.
Get in touch and we'll see what strategy and marketing your business needs with our free consultation ($397 Value)
