The many uses of market intelligence
Marketers in the UK construction industry are well served with market intelligence. The trick is knowing how to use it, learning to strategise around it to give yourself an edge.
Thanks to the UK planning system, we know in advance about almost every construction project of any value. The planning process generates a huge mass of information, which is then sorted by market intelligence providers. Barbour ABI and Emap Glenigan are the two leaders, picking out and detailing over 250,000 projects a year. They tend to focus on projects worth over £100k. Planning Pipe is a similar service, and many major projects are researched and listed by the Builder’s Conference too.
The potential value of these sales leads is enormous. Properly used, they allow you to:
- Identify specific projects that are of interest to you
- Get information early enough to chase opportunities
- Find key work providers so you can build long-term relationships
- Spot new companies in your area
- Use intelligently targeted direct mail and email shots
Using marketing intelligence allows you to do targeted marketing, which is far more cost effective than general marketing. You can spot the most likely sources of work and get in touch with them directly, making a personal approach. The information providers can give you the details of all the key people to talk to: the main contacts and decision-makers in the firms. These are the people you’ll want to invest in and develop a good working relationship, building trust and giving a great impression of your company.
Marketing intelligence can help with cash flow by providing immediate opportunities. You can see where projects are in the planning process, and determine if the time is right to volunteer your services. If money is tight, it could be well worth spending a little time hunting down nearby jobs at the right stage. Equally, you could look ahead at upcoming gaps in your schedule, and browse for projects that could fill them.
At the same time as delivering work now, market intelligence can be used in a longer term business strategy, helping you to become the firm you want to be. For that, your sales agents need to be identifying companies that could be good work providers in the future, who do work at the right scale, within your speciality, or in areas you want to move into. Getting there will need patience, as you slowly build towards relationships that will lead to repeat business, stability and growth.
All this information is there to be used. And if you’re not using it, your competitors will be!
If you need a helping hand with your marketing, get in touch today. Download our Really Useful Guide to Construction Marketing - and if you’re a member of the CIOB, you can read it as part of your continuing professional development.
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The Really Useful Guide To Construction Marketing
You can read it as part of your CPD with the CIOB