Developing a marketing plan for your construction company
Marketing should be viewed as your construction company’s strategic plan to maximize strengths and downplay weaknesses. It’s also a way to find areas where the company has a competitive advantage, further assess which markets to focus on, understand demographics and set a competitive pricing structure. In order to achieve these goals and help your business grow, your company must take a few simple steps to develop a solid marketing plan.
It all starts with an objective.
As most projects start with some type of objective, marketing is no different. Setting one will help you craft your company’s market so ask yourself this question: what should the goal be of your marketing efforts? A solid marketing plan must start with a measurable objective that will allow you to quantitatively compare your results against.
Perform a SWOT analysis.
A SWOT analysis can help you create your marketing plan while providing you with a clearer perspective of the industry landscape in your area. Strengths: What does your company do best? Where does your company have a competitive advantage? Weaknesses: Where does your company need improvement? Where are you at a competitive disadvantage to other companies? Are you lacking key team members or processes? Opportunities: Where do you see opportunities? What services could you begin to provide as add-ons that would be natural/logical for your business? What areas are competitors weak in where your company is strong? Threats: What market conditions are posing a challenge to your business? Are some of your business processes in danger of being replaced by new technologies? If so, are you developing strategies to counteract the changes? What other problems exist (financial, economical, etc.)?
Analyze the current market.
Your team should ask themselves, what opportunities align most closely with the objective that you set? Where does your firm have a competitive advantage? Does this area of strength align with your strategy? In some cases, your company’s strengths won’t necessarily fit into your initial marketing objective, but don’t be afraid to adjust your objective accordingly. Always compete in the areas where you see potential for growth, that you are already strong in and that your company has a competitive advantage in. Also, this doesn’t mean that you shouldn’t begin to work in areas you see having potential but don’t yet have an advantage. Your goal should be to develop an advantage as quickly as possible … unless the cost and barriers for entry are too high for it to be logical.
Create a marketing budget.
We’ve all heard the saying about spending money to make money and that definitely isn’t easy for many companies to do. You have to start by considering the platforms you want to focus on and go from there. You must set a solid dollar figure you are willing to spend and develop the mix within your budget. It’s also important to consider: if your marketing efforts work, do you have enough staff to cover additional work? Is your company able to hire more staff if necessary?
Develop a strategy to market your company.
Once you have completed the other steps, it’s time to determine the platforms that you will take to achieve your objective. It’s important to remember to constantly analyze your target market and make the necessary adjustments to fine tune your campaign.
Monitor the results.
As you look back on whatever objective you made at the beginning of this process, you have to check how much progress you’ve made with the strategies and tactics you’ve used. Maybe even try getting some feedback from clients and make any necessary adjustments from there.
Creating a marketing plan in itself won’t magically bring results, but a well-constructed and thoughtful marketing plan will assist your business in working to allocate resources most efficiently and earn new business in markets where you have a competitive advantage.