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.

Using Competitive Analysis to Supercharge Your Own Campaigns

competitor analysisIf you’re looking to get some use out of the information you collected in a recent competitive analysis, your ad campaigns are a good place to start. What you know about your competitors can help you refine your strategy and tap into new opportunities in the construction market.

Defining Your Market

Choosing the right target audience is a major part of what makes an advertising campaign successful. By helping you spot segments of the market your competitors have overlooked, a competitive analysis can uncover clients who are ripe for the picking.

Your analysis might reveal a whole niche you can move into unimpeded. If no one in your area is paying attention to the restaurant construction market, that might be something worth looking into. Information about your competitors can also help you narrow your niche down to find an audience you can appeal to with specialist expertise. If your competitors focus on general hotel construction services, you might want to refine your ad campaign to target boutique hotel or spa hotel clients.

Perfecting Your Marketing

When you what know your competitors’ strengths and weaknesses are in terms of advertising, you can more easily see what type of ad campaign will pay off for you. Maybe your main competitors are all running extensive Facebook ad campaigns, but they’re neglecting LinkedIn. That leaves an opening for you. On the other hand, it also tells you it’s probably a good idea to invest in Facebook advertising, too.

Your analysis can give you ideas on which benefits to highlight in your ads. If your competitors’ reviews are peppered with complaints about delays, use your ads to assure your audience you can stick to a deadline. You might also get ideas on what overall style to use for your ads. Are your competitors’ ads all strictly serious? Consider setting your company apart by mixing a little humor into yours.