Comprehensive construction data can give you a lot more than just raw numbers. By looking a little deeper into those numbers, you’ll gain insights that help you connect with your target customers more effectively and direct your business more profitably.
- Profitable opportunities – Examining data on building permits can tell you where the money in your industry is going. If you see a lot of permits issued for industrial building projects, as a specialist in waste management systems, it might make sense for you to focus on systems that can handle industrial waste. You’ll also learn about the average value of these projects, which can help you decide how to appeal to your potential customers based on their budgets.
- Construction hot spots – Construction data shows you where building is booming in your area so you can target your offline advertising to the most receptive markets. You might find there’s a lot of remodeling going on in your city’s wealthiest neighborhood. If that neighborhood is full of older homes and you sell paint and wall coverings, you could market to these homeowners by describing how your products will help them retain the original character of their homes.
- Your prospects’ personal interests – The kinds of projects your target customers are working on can give you insight into their personalities. If cabins are popular with your target demographic, chances are they’re outdoorsy types. If they’re building large garages, that could point to an interest in vehicles, including boats and snowmobiles. That’s information you can use to build a more personal connection and position yourself as the company that really “gets” them.
- Emerging risks – By tracking building permit data over time, you’ll quickly notice when certain project types are heading into decline. Maybe you’re having success building garages now, but you notice permits issued for new garages have started to drop off. Spotting the change early gives you plenty of time to shift your focus.
Learn more about getting the most out of your construction data at Construction Monitor.