Knowing who you’re selling to is essential for successfully marketing your offer. Whether you’re starting a new construction business, revamping an existing one or just fine-tuning your marketing plan, construction market data can help you define your best customers so you can reach them more effectively.
Finding out where your potential buyers are located is a critical first step in defining your target market. One of the easiest and most accurate ways to do this is to identify trends in building permit applications. If you sell swimming pools and spas, data on where the most pool installations are happening is invaluable. Finding out which neighborhoods have the most high-value home remodels could also lead you to buyers. Building permit activity mapping lets you see at a glance where and what kinds of projects are going on, which alleviates having to sift through pages of irrelevant data.
Once you know potential buyers’ location, get familiar with the demographics of the area. Learn the community’s age ranges, gender ratio, average family status, occupations and income levels. Will you be selling pools and spas to young families who care primarily about safety and fun for the kids or to older adults who might be more interested in your products’ health benefits and ease of maintenance? Building permit trends can offer insight here, too. If the average value of remodeling projects in an area is low compared to the average home value, you might want to market toward a frugal audience.
Psychographics and Behavior
Understanding your potential customers’ values, interests and favorite activities helps you connect with them on a personal level and sets you apart from the generalists. Let your own company values guide you. If you’re committed to sustainability, consider targeting nature lovers who enjoy hiking. If social responsibility is important to you, focus on buyers involved in volunteering. A property developer who donates to community projects or groups is more likely to choose a contractor or building materials supplier who does the same.
For more on using construction market data to define your target market, contact Construction Monitor.