563: Unlocking New Construction Clients And Markets

This Podcast Is Episode 563, And It's About Unlocking New Construction Clients And Markets For a business to thrive and grow, it needs a strategic plan and the ability to find new customers and continually tap into promising markets. However, this can be easier said than done in a highly competitive trade industry.   With time, the quality of your work will speak for itself, which is the most valuable testimonial of all. While your good reputation preceding you is undoubtedly essential, there are a few other ways that you'll want to market your services to ensure that you have a steady stream of work.   The untapped potential in existing markets   Start by re-evaluating your existing customer base. Profiling them will help you more accurately define your target consumers.   

Strategic Marketing is essential for any business to attract new clients, and the construction industry is no exception. Effective marketing strategies can help you reach your target audience and showcase your expertise. Some of these include:

Utilizing Social Media to showcase your work and attract new clients Creating a professional website to showcase your services and expertise Using Search Engine Optimization (SEO) to improve your local online visibility Email marketing to stay in touch with potential clients and promote your services Advertising in local newspapers, magazines, or on radio or podcasts. Appear in directories: Ensure your business is on relevant trade directories in your area.

Personas: your marketing's best friend

Personas bring your target customers to life. If your service's ideal customer is a 40-year-old stay-at-home mom and a husband in the tech industry looking to update their kitchen, create a detailed profile reflecting their lifestyle, income, concerns, educational background, and other key demographics. The deeper your understanding of your target customer, the easier it will be to find others who fit the same profile.

Expanding your business horizons

Look at where your customer personas are located. Could different geographical regions hold potential for you? If so, conduct thorough consumer demand research in these locations. If the demand is significant, devise a strategy to serve these customers. This could mean extending your services to locations outside your city if the project will pay well.

Integrating vertically or horizontally

Depending on your current position in the market, you might find opportunities to expand by buying out competitors or partnering with complementary businesses to increase your reach and customer base.

Networking can help you build relationships with potential clients and other businesses in your industry. Attend industry events, join local business associations, and participate in community events to build your network

You can also consider partnering with other businesses or contractors to expand your reach and attract new clients.

The digital landscape: have an online presence

A robust website or a business page is a valuable way to reach more clients. A responsive website design could be beneficial if your business customers mostly found you through a Google search on their phone (that's why it's essential to ask how they found you during your first chat). Your website is your storefront, so make sure it's professional, easy to navigate, and highlights your services and expertise.

Increase visibility in the real world

Make sure your construction business's name and logo appear on any equipment you use, and make clothes for yourself or your crew to wear when they're out and about in the world.

It may be smaller than a billboard, but driving and walking around letting people know who you are, what you do, and how to contact you will go a long way to marketing your trade business. If people become familiar with your business name, they'll likely turn to you when needed.

Analyzing your competitors   It's essential to know what your competitors are doing. By researching their marketing strategies, you can gain valuable insights into what works and doesn't in your industry. This can help you make informed decisions about your marketing efforts and stay ahead of the competition. One way to start is by analyzing your competitors' websites, social media profiles, and advertising campaigns. Look for patterns and themes in their messaging, branding, and target audience.

Re-evaluate your marketing strategy

What actions are you taking to attract new clients? Consider brand promotion through conferences or customer surveys. Enhance your online presence on relevant websites and social media platforms. Showcase your work, engage with your followers, and connect with potential clients.

You could even set up a formal referral program, as most customers will refer your business to others. Encourage satisfied clients to refer you to their friends and family, and consider offering referral incentives. You can also ask for testimonials and showcase them on your website and social media to attract new clients.

Consider offering promotions and discounts to attract new customers and encourage repeat business.

Exploring new markets

If you feel you've maxed out growth opportunities in your existing market, it might be time to cast your net wider. Perhaps your expertise could transfer to consulting or different sectors like B2B, which could be viable options. This could require some tweaking of your marketing approach and product offerings to cater to other pain points, problems, and priorities.

Partner with other businesses in your industry or outside but still relevant to what you do - like Real Estate Agents, Photographers, and Local Community Artists and Influencers, to offer joint promotions, share leads, and cross-promote each other's services.

In Conclusion

As a construction business owner, it's important to increase your local visibility, understand your target audience, and create a message that resonates with them. Of course, don't forget to measure your results.

Finding new clients and markets is an exciting journey that could unlock doors to business growth. It requires careful planning and strategic actions, but the rewards could be significant with the right approach.

P.S.

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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