While a thriving market for the construction industry signifies the great potential for growth, it also means more competition. With new players emerging left and right, existing construction companies often struggle to reduce their margins. Despite a continuous rise in the demand for construction, many companies still find it hard to bag projects due to increased competition.
While surviving in this climate may prove a challenge, construction companies have plenty of opportunities to up their game and win over clients. To get ahead in the industry, you can try any combination of the following business strategies:
Build a Clear, Consistent Brand
As in most industries, cultivating a unique brand helps set your business apart from the rest. Branding helps potential customers instantly recognize your company and understand exactly what it offers.
Of course, establishing a brand doesn’t happen overnight. You have to come up with a unique logo, design, and develop a clean but interesting website and foster a strong presence on social media. You should also make sure your brand logo and designs carry over from your online media to print materials.
Offer Niche Services
Being a jack of all trades and master of none will not cut it in the construction industry. If you want to get ahead of your competition, you have to find your niche and become an expert. Developing a niche that meets a specific need will make your business an authoritative voice in the industry. How can you find your company’s niche? Try the following:
- Run a search on the niches currently available in your industry.
- Check out the kind of competition that exists in each of these niches.
- Select a niche that has maximum demand.
- Identify the gaps that are left by the competition in that niche.
- See what you can do to fill in these gaps and stand out in the industry.
Implement Cost Estimating Software
First and foremost, potential clients want to know how much it costs to hire your construction company for their project. To give clients an accurate estimate promptly, you can use cost estimating software or even add this feature to your website.
Cost estimating software allows businesses and potential clients to calculate the cost of a project based on all material and labor costs. Having commercial contractor software cuts out the long and often difficult task of manually pricing an entire project. It also reduces the queries a client might have after seeing an estimate. The efficiency of this software saves both time and money, making the estimation process easier for both construction businesses and their potential clients.
Be a Part of Your Local Community
If you are a locally-owned and operated business, engaging with the community is a great way to reach new clients and establish trust in your company. By closely interacting with other locals, you can keep track of the needs of the neighborhood and also meet other business owners to potentially partner with.
Networking at the local Chamber of Commerce events can help construction business owners connect with others and start becoming more involved in the community. According to a study conducted by the Schapiro Group, community members are 49 percent more likely to think favorably of a business if they know the company is a member of the local Chamber of Commerce.
How else can your business get involved locally? Consider participating in established community events, sponsoring or planning new community events, building partnerships with community leaders, or volunteering for a local organization.
Highlight Client Testimonials
When potential clients research a business, they often look for input from previous customers. If you showcase positive client testimonials, new prospective clients can easily identify with other consumers. Especially in the construction industry, word of mouth goes a long way. Highlighting your client testimonials can help you gain credibility and trust. In addition to adding these testimonials on your website, make sure to post and promote them on social media.
Customer Service is Key
Staying ahead of the competition in the construction industry is all about providing the best experience possible for all clients. Adopt a customer-first approach in every aspect of your operations. Find out what best you can do to provide maximum value to your customers, and you’ll have no problem setting your business apart from the competition.