As exciting as growing your business can be, it’s natural to have some uncertainty about whether you’re headed in the right direction. Instead of relying on hunches to guide you, let construction market data direct you straight toward a profitable pool of new customers.
Focus Your Expansion
Even if you have a good feel for the new market you’re entering, there might still be complexities and nuances you haven’t discovered yet. That’s where construction data can help. Reviewing hard data on how the market behaves can give you insight into what those customers really want and what kinds of companies they prefer to do business with.
If you’re an insulation contractor wanting to expand into commercial insulation, building permit data might point you toward hotel property managers as the customers to target. That saves you from the guesswork of marketing to every potential commercial customer out there until you hit on the most profitable buyers. Data can also reveal other specialties customers in your new market might need, such as soundproofing for quieter hotel rooms.
Develop Your Marketing
By examining data on the top companies serving your new market, you can get an idea of what messages customers in that market respond to best. If you specialize in waste management for small businesses, but want to expand into serving large office buildings, you can learn a lot from construction-related companies already popular with office building property managers. Knowing where those companies place their ads can help you determine where your advertising money is best spent. By browsing the topics successful companies discuss on their websites, you can identify issues you might want to address in your own content marketing.
The data can also reveal benefits you can offer that will help you outshine your competitors. If your successful competitors all stress the low cost of their waste management service, you might set your company apart by highlighting your top-notch customer service.
To find out how construction market data can help make your expansion a success, contact Construction Monitor today.