Marketing your construction company should be one of your priorities if you want to position your company for success. Like any and all other industries, you have to make sure that you get your service known to your targeted audience.
The goal in doing this is to make your audience understand why your company is superior over that of your competition. Of course, marketing your business can be an expensive undertaking. However,fortunately there are a number of different loans for construction companies that can furnish you with the capital you need to professionally market and promote your company.
A good marketing plan is composed of different pieces of strategies that, when put together, will give your audience a bigger picture of what your business is all about. It’s important to understand that each part will affect each other. That is why it’s necessary to have a plan on how you’ll reinforce your strategies in a way that will set the business up for success.
With that said, here are the 6 important steps in creating a marketing plan for your construction firm:
1. Know What Your Objectives Are
First and foremost, what do you want your business to achieve this year? Is it to increase project bookings? Increase your revenue per project? Or are you planning to expand and build another location for your firm? Whatever it is, you must consider your goals in the short and the long term.
If your company offers other services that generates other revenue streams, a separate marketing plan should be created for each.
Entrepreneurs should also be able to determine what their objectives are even before launching their construction firm. These will shape your marketing strategies and serve as a measurement as it relates to your company’s success.
2. Do a SWOT Analysis
Now that you have your objectives in place, the next thing on the list is to perform a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats.
These factors will give you some insight regarding what aspects of the business you’re doing well in as well as areas that need to be improved upon.
Aside from that, it will also help a business foresee what business opportunities are available along with the possible threats that are currently present. Together, the SWOT analysis will help you strengthen your marketing strategy.
The next step on the list is to find out who your target market is. With the objectives and SWOT analysis in place, you now have the two components that will allow you to determine what sectors you should be pursuing. You may even discover at this point that the market with the most potential for growth may not be aligned with your goals and objectives. If this were the case, you can reassess and modify your objectives.
3. Study Your Competitors
You’ll be surprised at how much you can learn when you study your competitors. If they have a website, you can visit is and study their business. You can easily discover how their company works by studying their web pages as well as their social media accounts. While you’re doing that, look for the answers to the following questions:
- What types of clients are they looking to serve?
- What marketing strategies are they using?
- What sets them apart from your company or other competitors?
- What makes their services special?
- How do they make use of technology in their business?
- What makes their construction plans unique?
These questions, simple as they may seem, will give you an idea regarding the strength and weak points of their business. This, in turn, will give you an advantage as it can guide you on what aspects of your business you need to improve on in order to modify your own operation.
4. Prepare Your Marketing Budget
Many businesses generally allocate around 0.5% to 4% of their revenue towards their marketing strategies. However, if you’re planning to use advanced marketing strategies like SEO or television ads, then you might need to increase your allocated budget.
Your marketing budget should bead equate enough to realize your goals. Design your budget so that it will be enough to pay for the strategies you have in mind. If money is tight, then you’ll probably need to be creative in order to make it work.
You can also apply for business loans specifically intended for construction companies like yours. Either way, you’ll need to have solid financing in place so you’ll know what channels you can use that’s within your means.
5. Analyze and Measure the Effectiveness of Your Marketing Plan
Finally, a construction marketing plan will never be complete without proof of its effectiveness. Gather your team together and discuss the results and the outcome of your marketing efforts.
If one of your company’s marketing goals is to increase your annual revenue, be sure to compare it to the previous year’s results. Take note of the strategies that aren’t working well and consider modifying or eliminating them. If you didn’t reach your goal, consider the factors that might have led to the failure and use it to improve your marketing plan.
6. How Loans for Construction Companies Can Help
Creating a marketing plan is an important step in attracting more customers to your construction business. But it can be costly.If you want it to work, you will need to invest a of time, effort, and most importantly, money on your marketing strategies.
For this reason, banks and other lending companies are giving contractors a chance to reach their full potential by offering loans for construction companies. You may not realize it, but additional funding in your business maybe the solution to your marketing problems.