As the owner of a construction business, constantly being on the lookout for new projects is a necessity. And with total revenue projections for the US construction industry projected at $808 billion for 2019 (up from $807 billion in 2018), the stage is set for your company to bring in more deals than ever before.
Despite a favorable economy, though, it’s clear the landscape has changed in terms of landing construction contracts, along with the sales and marketing strategies needed to get you there. On that note, here are four ways your firm can reel in more projects in the coming year.
#1.) Invest more in marketing and advertising.
Because of the tools and platforms available online today, businesses of all sizes are now able to market and advertise their products to reach new audiences. No matter how large and established your company is, word-of-mouth marketing can only get you so far. In today’s marketplace, you’ve got to make the leap and take advantage of the tools available to us all.
Consider leveraging platforms like LinkedIn and Facebook to reach key decision makers through targeted advertising who can help you land more contracts. Additionally, take advantage of LinkedIn Sponsored InMail, which allows you to send personalized direct messages to individuals based on their job titles, location, interests and more.
We know every deal isn’t done in a day. This is why you should also utilize these platforms simply to network with individuals who could end up being a partner down the road. This can be done, easily, by joining and engaging in LinkedIn and Facebook Groups related to construction.
#2.) Be easy to reach.
Get this: According to a recent study by Hubspot, 82 percent of consumers expect an immediate response from brands when it comes to their sales and marketing questions. If consumers’ expectations are this high when it comes to response time and accessibility, your clients or potential clients can’t be much different.
Wherever people are able to reach out to you, you should be able to be reached.
A necessity for landing more projects in 2019 is just being available on all mediums to potential clients. Make yourself easily reachable by email, phone, through Facebook Messenger, on Twitter, LinkedIn, Instagram—you name it.
Wherever people are able to reach out to you, you should be able to be reached. When it comes to how people choose to communicate, there are more options than ever before. Being accommodating to each potential client’s preferences, when it comes to how they wish to connect, can increase the likelihood of securing more deals.
#3.) Make your company bulletproof.
In 2018, the US construction industry alone was up 3 percent compared to the year before, coming out to $807 billion dollars. Unlike doing business in slow, struggling economies, today the winner of a contract won’t necessarily always be the lowest possible bidder.
Instead, clients want to know they’re in good hands when it comes to compliance, insurance coverage, level of experience of workers and more because they can afford to do so in this current economy. This makes hiring the cream of the crop, both for employees and subcontractors, critical.
Unlike doing business in slow, struggling economies, today the winner of a contract won’t necessarily always be the lowest possible bidder.
For starters, be sure your company is keeping up with drug tests and background checks. Also, take the time to do a hefty amount of research on the subcontractors you hire. Look through their work history on BBB.org and Yelp to see if their track record is clean—because, at the end of the day, your reputation is what’s really on the line.
#4.) Be open to new technology.
Having a track record of always meeting project deadlines will increase your referrals faster than anything in any business—but especially construction. It can also help to boost the confidence clients have in your company.
When it comes to finishing projects on time, technology can make the process easier. By embracing and experimenting with new apps and online platforms—from the time tracking and workforce management solutions we’ve developed here at ExakTime to the project management tools created by companies like PlanGrid, smartsheets or Procore—your company is bound to be more efficient and effective on the job site.
With more venture capital pouring into construction technology than ever before, and with 74 percent of contractors saying they plan on adopting new technology in the coming years, it’s clear tech solutions for construction aren’t slowing down anytime soon. By working these products into your processes, you’ll instill confidence in potential clients by giving them the reassurance that you’re a forward-thinking company.
Whether you’re the owner of a construction company or the operator, projects are something you can never have too much of. By applying the tactics laid out in this article, you’ll set your business up for success in 2019.