Few can predict the future, but economists try. U.S. economists watch building permit application trends very carefully. They review monthly statistics. Based on the number and types of building permits applied for by homeowners, land developers, and businesses, economists can reveal “economic indicators.”
Let’s say you’re considering expanding your flooring business. There has been a marked increase in single-family home building permits in one region just outside your service area.
You’ll cultivate the contractors and builders winning the new construction bids. But it might be worth your time and money to add a satellite center in an area that will be frequented by the new homeowners.
That’s one way to use building permits data to grow your business. Here are four more:
1. Competitive Analysis
If your business is doing more than it can handle, work that success and expand. If your competitor is getting the work you need, figure out why. Use building permits information to determine the relationships your competitors have with customers, builders, architects, and plumbing contractors. Analyze their strengths and weaknesses. Develop your marketing strategy to build upon your strengths and take advantage of their weaknesses.
2. Demand Generation
When building permits reports indicate remodeling business permits are dwindling (and your business depends on renovations and conversions), take advantage of the downtime to create demand. This is the time to educate buyers about what your business can do for them.
Substitute your product or service word in place of the word “it.”
One customer said, “I didn’t know I needed it until you told me how great it was. Then I wanted it.”
That’s demand generation.
3. Demographic Data
Where are your industry’s products/services most utilized in your locale, state, and in the country? Those areas are great places to be but using building permits information can give you the information edge: Where are the demographic areas that will soon need your services?
4. Opportunities and Risks
You may understand how building permits can reveal opportunities. With targeted analysis, you will also be able to pinpoint marked economic downturn and potential risks.
Call 800-925-6085 (international callers 435-586-1205) or contact Construction Monitor to discuss how up-to-date information can benefit your organization.