With many tightening their belts in tough economic times, it’s never been more crucial for construction businesses to remain competitive in order to thrive; in this article, we’ll be covering some concepts to bear in mind if you want your firm to lead the pack.
Understanding market changes
The likelihood of people no longer needing things built or fixed is non-existent, but the extent to which they can afford it, the materials they want used, and the ways in which these operations can safely and legally take place are likely to change relatively regularly. Therefore, some common examples of market changes in the construction industry include:
- Economic fluctuations.
- Technological advancements
- Regulatory updates.
- Shifts in customer demand
Keeping your ear to the ground to stay informed and aware of these changes is crucial, through conversations with industry peers, suppliers, customers, and regulatory bodies such as the Building Safety Regulator and HSE.
Conducting market research
The role of market research allows you to be proactive in identifying and understanding changes, as opposed to reactive, whereby you run the risk of your competitors already meeting new and evolving needs before you get the chance to. Methods for conducting effective market research could take the shape of:
- Analysing industry reports and publications
- Attending industry conferences and trade shows
- Networking with industry professionals
- Keeping tabs on your competitors
Embracing technological advancements
The fundamentals of your trade may not change all that much, but the tools, techniques, and materials have the potential to. To prevent getting left behind by your contemporaries, it’s essential to embrace new technology within your industry if you’re looking to stay competitive.
For example, this could be anything from using drones to survey a site, to using sustainable materials, to implementing state of the art project management software to ensure you stay on time and on budget. All this could give you the edge when providing quotes, and tendering.
To get ahead of the curve, consider working with training and tech providers to put your construction brand firmly in the future; you could even put your hand up to help with pilot projects.
It’s not just you as the business owner that contributes to staying competitive; your team does too. A company that fails to invest in continuous skill development in the workforce risks losing them to more competitive firms, so by considering the following, you remain an employer that retains talent:
- Offering regular training sessions
- Encouraging certification and professional development
- Leveraging online courses and resources
Of course, the benefits of a well-trained team are numerous – from improved productivity to an enhanced quality of work, you, your team, and your customers can all enjoy the result of a highly skilled workforce.
Improving operational efficiency
Stumbling blocks in your operation efficiency can cost you in several ways; you’ll work at a slower rate, be able to command less money, and struggle to obtain those coveted glowing reviews.
Ironing out inefficiencies within your business can help you stay competitive as well as cut costs. Ways you could do this include:
- Streamlining project management processes (this could include investing in software, as we suggested earlier, or draft in a skilled project manager)
- Implementing lean construction principles
- Enhancing communication and collaboration with your team, as well as suppliers
Strengthening client relationships
People buy from people, after all, so strong client relationships are the backbone of any business that becomes and remains successful in the construction industry. Build the values of clear and consistent communication and high-quality work delivered on time and within budget into your day-to-day operations, and you’re onto a winner for delighting your client, and ensuring you get fantastic feedback.
From here, you could get more business from the same client, gain referrals from them, and enjoy the satisfaction of making someone’s day with your work.
Effective construction marketing
The role that marketing plays in staying competitive within the construction industry is not to be underestimated; it’s no longer simply a case of word of mouth with a business card and a simple website to back it up.
Firstly, this website should be professional, informative, responsive to different devices, and set up with Search Engine Optimisation in mind to help you reach the top of Google searches. You should also leverage social media to showcase projects and expertise, create valuable content like videos, blogs, and case studies, and utilise email marketing to stay in touch with clients (both previous and prospective).
With so much noise in the industry, and with many making decisions on who to spend their money with from the comfort of their sofa, a strong online presence and reputation is key; consider engaging with a construction marketing specialist if you feel this would be better left to the professionals.
To conclude
There’s no magic spell for keeping your construction business competitive; it relies on a combination of proactive approaches, and a willingness to adapt to changes within the market. Stay alert, open, and decisive, and you stand yourself in good stead to remain the go-to in your niche.
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