Are you driven to working long hours while the building market is hot, but then pushed to discount when construction work dries up – just to stay afloat?
I’d like to make my renovation business more secure, but I don’t have time? I don’t advertise yet I get more enquiries than I can handle? There’s not time to work on the business.”
I’ve heard this from a number of builders. When the workload’s high, it’s hard to focus on anything else. But, this is when you have the best opportunity to grow your company’s ability to connect with the market and prepare for the future!
You see, now you can afford it. Now you can spend a little on growing your marketing skills. But you might not have that luxury later on.
You’re most in control of your business when you have a good idea of what is happening in your market. And you want to be in control when the market dips.
So here are three reasons successful builders advertise to prepare for the troughs of the economic cycle.
Successful builders become experts on the needs of their target market
When you understand your market’s needs you’ll be able to design services that match and advertise in a way that connects.
How can you do this? Here are two easy and relatively cheap ways that have worked for many of my clients.
- Letterbox flyers. One of the best-kept secrets of many successful renovation companies is dropping flyers in the immediate neighbourhood of current jobs. With an offer directed at what you think is a need. Then waiting to see what happens. As you target different needs, you will discover which ones are more prevalent. Power.
- If you have a website, spend a little time mastering AdWords. Test various ads, keywords and offers to better understand your market’s needs. Savvy!
To know if you’re getting work because of your marketing skill (not just because people are desperate) you need to be advertising and measuring responses.
Successful builders build marketing resources for the future
Keep a record of what you do in your marketing. This will become a valuable resource of your market’s response to advertising at various times in the year and in the building / economic cycle. It’s your company’s IP.
Why reinvent the wheel? Imagine starting a new year with a folder full of last year’s marketing attempts. All you have to do is repeat the things that worked and see if you get similar results. Doesn’t take much thinking! Then focus the rest of your marketing time on trialling new initiatives.
Over time you will discover what stays the same for your business and what requires change. Moreover, when your monitoring tools tell you the market is starting to shift, you can adjust to meet those changes.
There is no magic formula in marketing. It’s just consistent work.
Successful builders improve their specialisation
Some of the biggest companies in the world limit their offerings to just a few products and services – and they become very good at them. For example, how many products does Apple offer?
Similarly, in construction, bigger companies offer fewer services. And they are perceived as experts. Yet the local builder, who offers everything, is not (even though he often produces a better job).
So, if you wish to improve the security of your business, look at what you learn from your marketing activities and adjust your business to provide specialist services.
So, don’t quit advertising in a hot building market! Instead:
- Define in detail what you do and how
- Improve your operations, so you can deliver
- Build a value proposition that connects with your target market
What steps are you taking now to secure the future of your building business?