How Big Data Can Help You Convert Your Prospects to Clients

Whatever the size of your company, big data can give you a competitive edge. With a wider pool of data, you can draw insights that give you a clearer understanding of what it will take to turn your prospects into satisfied clients.

Keep Up on Market Conditions

In the past, available database technology couldn’t process large amounts of data continuously flowing in from multiple sources. That meant the view it gave you was incomplete and always a little outdated. Big data solutions can handle far more data in real time to give you a more comprehensive view of the current market.

Suppose you supply building material to multi-family housing developers and big data analysis tells you your prospects are struggling with a shortage of skilled tradespeople. Knowing this, you might win them over by offering materials that don’t require advanced installation skills. If your data analysis tells you developers are under pressure to use eco-friendly yet affordable materials, that’s an angle you can use to convert them.

Analyzing data from the top companies in your field along with data on external conditions such as economic factors, current events, and weather conditions further helps you understand how these factors affect what your prospects want from you.

Understand Your Clients

Efficient use of big data cuts down on blind spots to give you a more in-depth view of what your prospects will buy. If you sell waste management systems for high-rises, traditional data might suggest your clients want easy-to-use recycling systems. That’s good to know, but it doesn’t give you much competitive advantage.

Through the extra insight you get from big data analysis, you might realize they want systems that are both easy for residents and that reduce the risk of injury to maintenance personnel. By pointing out how your systems offer both benefits, you’ll come out ahead of your competitors who only know one aspect of what your prospects are looking for.

To find out more about how big data can help you win over more prospects, contact us at Construction Monitor.

Understand Your Competition and Propel Your Business Forward

Getting to know your customers isn’t the only way to learn about your market. Studying your competition can lead you toward new opportunities, help you define and capitalize on your strengths, and save you from expensive mistakes.

Spot New Opportunities

Researching what the competition is up to can reveal whole new markets you’ve been overlooking. If you typically sell kitchen and bathroom cabinets, but you discover the highest-valued builders in your area are thriving on retail renovations, it’s worth looking into the kinds of retail display cabinets they’ll be needing. Exploring the ways your competitors run their businesses can highlight opportunities for improvement in your own approach. Maybe you learn your strongest competitors all offer more extensive follow-up services than you do. By improving your after-sale service strategy, you might gain some ground on your competition.

Knowing what the competition isn’t doing is just as useful. No business can be everything to everyone, so your competitors weaknesses leave openings for you. Maybe you’re a framing contractor and you’ve seen an increase in building permits for home additions, yet no other local framing contractor seems to be targeting that market. Positioning yourself as a specialist in the finer points of framing home additions could bring you more business.

Learn from Their Mistakes

Keeping an eye on your area’s top companies can help you see when a company’s management has made a bad decision so you don’t make the same mistakes. If you notice a long-successful contracting company starts to lose its ranking, do some digging to find out why. Were they too dependent on a dying market? If so, you’ll know to avoid entering that market and to stay alert for signs of over-specialization. Did they try to expand too quickly? If they went from building only medical facilities to working on every type of commercial project within a few years, that’s a good indication to take your own company’s expansion a little slower.

To learn more about using data on your competitors to strengthen your business, contact us at Construction Monitor.

How the Right Data Can Help You Reach Your Ideal Customer

Even when you have a crystal clear image of your ideal customer, you still need to know how to connect with them in a time-efficient and cost-effective way. By alerting you to trends and spotlighting opportunities, detailed data on local construction projects can lead you straight to the clients you want most.

Spot the Trends

Reviewing local building permit data can help you find neighborhood trends that show where your ideal clients might be within your area. If you’re a general contractor focusing on home additions, a neighborhood with a high rate of home addition, remodeling, and renovation permits is a rich source of clients. Neighbors take inspiration from each other and once a few start renovating, more are sure to follow. Do a great job for one client and your name will spread through word of mouth. For financing providers, keeping an eye out for new building permits can reveal clients who are in the market for construction or home improvement loans.

Track Their Habits and Interests

When you know your ideal clients well, data from a building permit can help you surmise what the property owner might be buying soon. A building permit for a large house in an affluent neighborhood is a good indication the owner might be interested in high-end countertops, cabinets, and floor coverings. If you sell eco-friendly or smart appliances, looking for house plans that include solar or geothermal heating can help you find homeowners interested in cutting-edge appliances.

Hoping to find more repeat business? Looking at the construction history of a building tells you who might become a long-term client. If a homeowner renovated their kitchen one year and built an addition the next year, that suggests an on-going interest in home improvement. On the other hand, if a home hasn’t been renovated in the last 20 years, the owner might be actively searching for someone to do the job. You’ll have a chance to reach them before your competition does.

To learn more about using construction data to reach your ideal clients, contact us at Construction Monitor.

Using Big Data for Better Productivity and Profitability

Access to large volumes of data can give you the kind of bird’s-eye view you need to steer your business in the right direction. The more you know about how big data affects construction businesses, the better you can harness this resource for your firm.

how big data affects construction businessesBoosting Your Productivity

Fast, high-volume data analysis lets you keep track of your vehicles and equipment more accurately and plan the most efficient travel routes for them. This is done by placing sensors on vehicles and equipment, and using technology that processes the data provided along with data on current traffic conditions to determine the fastest driving routes. Your workers will spend less time stuck in traffic, and you’ll save fuel, too.

When you store your data and documents in collaborative software, everyone on your team can work together on the same documents in real time no matter where each team member is. That means less email and phone tag and less time spent running documents to other locations. It also cuts down on time-wasting errors caused by two groups of employees working from two versions of a document.

Improving Your Profitability

With more and better-managed data on your company’s past performance, you can more accurately pinpoint profitable bidding strategies and identify the ideal approach to hiring for every job you win. You’ll not only bring in more jobs, but also decrease your labor costs on each one.

The ability to process big data related to your market lets you more precisely target specific customer bases. You’ll be better able to tailor your services to each, which helps set you apart from your competition. It can even help you spot opportunities you might have otherwise missed.

By analyzing data from previous jobs, you can predict when exceptional costs might pop up so you can budget for them. Knowing ahead of time when you’ll need to replace your power tools or the parts in your heavy equipment also prevents delays caused by unexpected equipment breakdowns.

To find out more about how big data affects construction businesses, contact us at Construction Monitor.

How Technology and Big Data Has Improved the Construction Industry

Technology and Big Data Has Improved the Construction IndustryIn today’s construction industry, the more you know and the more effectively you can process the data you have, the bigger advantage you’ll have in the marketplace. Technology in the construction industry offers designers, builders, suppliers and manufacturers the ability to make accurate predictions, precisely control business processes, and find opportunities for business that otherwise might have remained hidden. Continue reading How Technology and Big Data Has Improved the Construction Industry