With over 375,000 Construction Companies in the Canadian market, there is no question that the Construction industry is an exceptionally competitive sector. Those involved in it are typically characterized as passionate individuals who are no strangers to hard work, hungry for new business, projects, and increased revenues. As an individual who runs or helps manage a Construction company, chances are you’ve sought out advantages in the past which can propel you forward in winning new contracts, developing strategic partnerships, and attracting the talent that can support your goals.
While word of mouth is still a method that proves to pack a punch, many more factors need to be considered when strategizing ways your business can stand out in its respective market. As such, we have identified four simple ways that you can make your construction company stand out in your local market based on insights from our tenured team of Construction Recruitment Consultants.
Figure out your niche – What makes you different?
No matter the industry, understanding what makes you different is an essential part of any business model – but where to begin? Once you’ve determined your area of specialization (for example, commercial vs. residential, geographical location(s), etc.), think about what makes your company tick. This could be anything from your personalized approach to dealing with clients to the exciting pipeline of upcoming projects or the state-of-the-art technology your company has recently invested in.
A simple way to determine what sets you apart is to analyze how you compare to your competitors. While different approaches involve complex analytics, numbers, and statistics, it does not need to be that complicated. In a matter of hours, anyone can conduct a SWOT analysis. You’ll want to critically examine your Strengths, Weaknesses, Opportunities for improvement and Threats to determine where your competitors may have an edge over you.
A SWOT analysis can be conducted from the perspective of investors, contractors, project phases and even your employee brand. All it involves is viewing your organization from the lens of another. If you find yourself biased, you can ask anyone with a third-party perspective of your company, such as one of your employees, a friend or family member, or even a consultant agency.
Invest in Building and Marketing Your Brand
Once you’ve figured out what makes you great and are confident in what you have to offer clients and the overall industry, it’s important that you showcase that to the world. With 67% of marketers reporting that content marketing generates demand/leads and 63% reporting that it builds loyalty with existing clients, it’s apparent that leveraging it can help advance your business objectives. In fact, the Construction industry has historically been slower in leveraging marketing and newer technology such as social media, which provides an even greater opportunity to make an impact and appeal to a larger audience.
Furthermore, did you know that up to 80% of potential business could be lost without a website?
From brand development and Search Engine Optimization (SEO) to social media and advertisements, investing in marketing will help you attract top talent and new clients, as well as increase the perceived value of your services.
You may be surprised at the power that even the most straightforward marketing can do, such as having a user-friendly website or fact sheets on your company. If this seems out of your wheelhouse or beyond what you have the capacity to tackle, you may consider hiring an internal marketing specialist or working with an agency such as LRO Solutions.
Attend Local Conventions, Job Fairs, and Events
If networking isn’t top of mind in your organizational priorities, it should be. Whether it’s creating connections with similar companies, building relationships with those in different industries, or with individuals looking for stellar companies to work at. Local conventions, job fairs and events are fantastic places to build connections that help your business stand out.
In fact, one of the reasons we are proud to be within the Construction & Development industry is the many outstanding professional organizations which hold events and opportunities for making impactful connections, such as the Ottawa Construction Association, Toronto Construction Association, and Canadian Association of Women in Construction. These events are often advertised on LinkedIn, which is why it’s great to connect with other professionals virtually as well.
Depending on your geographic area, there are also many free networking options where it does not cost a cent to meet individuals who may fall outside your personal or existing professional network. This can also be a great opportunity to showcase your new marketing and branding efforts.
Continuous Education and Adaptability
Once your organization has established itself as a recognized brand in your respective market, it doesn’t stop there. The best companies are ones that can pivot, adapt, and continuously evolve – establishing themselves as thought leaders and getting ahead of emerging trends in technology, sustainability, and people management.
While this blog only scratches the surface, encouraging the Construction industry to embrace technology has historically been a much larger and more complex topic. With projects becoming more demanding by the year, it’s apparent that those who have ditched Excel spreadsheets and adopted Building Information Modeling (BIM), mobile software, and drones (to name a few) have seen increases in productivity, resources and health and safety.
Finally, when you factor in training to upskill and reskill existing employees, pushing them on a path of continuous improvement in differing areas of your business, it improves employee retention and promotes organizational flexibility.
For additional industry insights and a view of various trends in the construction and development industry, contact our construction and development division, Parker Huggett, today.