When you’ve been working with your market for a while, you develop an instinct for what your customers want. While that instinct might often help, it can also lead you in the wrong direction and distract you from good marketing opportunities. Construction market data keeps you on track by giving you a clearer picture of your market.
Understand Your Target Market In Depth
To create an effective marketing strategy, you first need to know exactly who you’re targeting. Building permits are one of the best sources of data on which markets are thriving, valuable information you can use to guide your marketing.
If you’re a framing contractor, you might find building permit data shows an increase in single-family homes being built in a middle-class neighborhood where most families have young children. To reach those clients, you might target young families in your brand awareness and advertising campaigns and focus on the durable materials and cost-effective methods you use. On the other hand, if you notice more cabins being built in local forested areas, you might target older, nature-oriented residents.
Get an Accurate View of Your Competitors
You can learn a lot by analyzing how your competitors do things, but it’s hard to know whose example to follow unless you know which companies are truly successful. Data on the top construction companies in your area can help you learn from the best instead of guessing based on a company’s public image.
If you’re a roofing contractor and discover all the successful roofing contractors stress the energy-efficiency of their roofs, you’ll know your marketing strategy should address that issue. You might want to focus on in-bound marketing with articles and videos that educate your prospects on how your roofs save energy.
On the other hand, the data might show you a certain roofing contractor whose billboard ads are everywhere isn’t particularly successful. That can save you the money you might have spent if you’d assumed those billboards were bringing in business.
For more ideas on using market data to develop your marketing strategy, contact Construction Monitor.