Construction data services make it easy to pull up the exact market data you want, but once the data is in your hands, it’s on you to make the most of it. Knowing how to extract more value from the information you have puts you ahead of your less-savvy competitors.
Get an In-Depth View of Your Market
Building permit data gives you an overview of the type of construction projects in demand in your area, but that’s not all it’s good for. Project value can tell you what kinds of products are likely to sell well. If you sell cabinets or countertops and notice a lot of budget-conscious bathroom remodels going on, you can be sure you have potential customers out there looking for budget-friendly materials. On the other hand, if high-value bathroom remodels are on the rise in your area, make sure you can provide the kinds of timelessly fashionable, high-quality products affluent homeowners want.
Permit data can also help you find general trends in the market. If new roofs and kitchen remodeling projects are popular at the moment, that suggests residents are focusing on their existing property. A lot of new swimming pools and weekend cabins, however, might tell you your would-be customers are interested in developing their property beyond what they already have. That could mean they’re in the market for home additions, too.
Learn From The Competition
When you go through local building permit data, pay attention to which construction companies are working on the kinds of projects you want. Is there a reason they’re getting the jobs and you’re not? Maybe your company has more expertise, but your marketing isn’t making that clear.
Find the top three or four companies that serve your market and identify what they have in common. As an insulation contractor, if you find the biggest general contractors near you focus heavily on industrial projects, you’ll know there’s likely to be money in industrial insulation.
For tips on getting the most out of all the construction data you have, contact Construction Monitor.