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How to Do Market Research Right for Your Construction Company

When it comes to marketing in the construction industry, it seems like the big firms have it all. They’ve got the budget to hire marketing and advertising firms dedicated to bringing more customers. But this doesn’t mean that small construction firms can’t make their own luck. After all, the foundation of any good marketing is the same, whether the company has a team of 2 people or 200 people; it all depends on thorough market research.

Market research is just about gathering as much information as you can on your target market’s needs. This is something that small firms can do on their own, even without the help of a large budget or a market research firm. Once you know everything you can about your target customers, you’ll know how to tailor your products, services, and marketing materials to their needs.

But before you conduct any market research, make sure you’ve narrowed down your target market. Review the following guide to make sure that you’ve selected the right target audience for your business:

Get your marketing plan on the right track by being clear about your target audience — the people your business intends to serve.

Market Research Basics: What You Need to Know

As a small construction firm, you can’t afford to spend time and resources learning every single detail about your target market when doing market research. That’s perfectly fine. You only need to know the few things that are relevant to winning customers.

Here are the only questions you need to answer:

1. What’s the Full Spectrum of Your Target Market’s Needs?

Since you already know who your target audience is, dig a bit deeper to find out what it is they need. They rarely ever need just one thing. Instead, they’ve got a full spectrum of needs. These needs could be positive, such as goals, desires, and preferences. They could also be negative, such as problems, frustrations, and other pain points.

Of course, you don’t need a full list of all their needs — just the ones that are relevant to your business. Here are some of the more detailed questions you can ask your audience:

· What do you wish to accomplish in the near future? Specific examples: What do you want your sitting room design to look like in the next two weeks? How much are you willing to spend to renovate your office or home before the end of the year?

· What positive changes do you want to see? Specific examples: What do you want to accomplish with a new house? What do you want prospective customers to think about this particular house or building design?

· What is your most painful problem? Specific examples: What’s the most frustrating part of maintaining your building or house? What feature of your building or house do you dislike the most? Why are you unhappy with your current office space? Why do you think you haven’t constructed your dream home?

Once you’ve listed two to three questions to ask, you’ll need to know where and how you’ll get answers. You can use one or a combination of the following techniques to get started:

· Surveys. If you already have a list of people who belong to your target market, such as existing customers or people who’ve opted into your mailing list, you can conduct surveys to find out their needs via email. Here are some resources that can help you get started:

Write an Online Market Research Survey

Market research is the key to a successful business. If your construction firm isn’t meeting a need, you’ll struggle to get customers through your doors.

Make a Survey With Google Docs Forms

The Forms feature in Google Drive is a powerful tool for creating surveys, questionnaires and polls. We’ll show you everything you need to know about using it.

· Online and offline groups. It’s possible that your chosen target market can have their own groups. These could be local groups that meet up regularly, or online groups in social media. You can join these groups, let them know what you’re working on, and ask permission if you can run a few questions by them.

If you’re looking at online groups, you can also search through existing discussions that might give you answers. You can go through these discussions and take notes on any challenges, frustrations, or goals mentioned.

· Client questionnaires. There are some service-based construction businesses — such as interior design, project management, or general construction — that need to analyze their clients’ needs before the project starts. If this sounds like your business, odds are that you’ve got a client needs analysis questionnaire already or at least have some notes from preliminary client meetings. Look out for any words or phrases that are repeated by different clients.

2. How Much Are Customers Likely to Spend to Fulfill These Needs?

Apart from getting a deeper understanding of your target market’s needs, you also need to know how much they’re willing to spend to fulfill these needs. This knowledge can help you get an idea about how to price your products and services, what kinds of promotional offers to make, and which needs they’re willing to spend more on. Here’s where you can look up this information:

· Competitors. A quick way to find out how much your customers spend on the needs that are relevant to your business is to look at how much your competitors charge. You’ll discover that they don’t charge the same amount for similar products and services. Some construction firms will be charging on the lower end, while others will have higher markups. Make sure that you look at as many competitors as possible, so that you’ll have an idea about the full pricing range.

· Consumer surveys. If you’re selling to individual consumers rather than other businesses, consumer survey results can also give you an idea about how people spend their money. These surveys are also helpful if you’re trying to spot or understand spending trends.

As you do your research, you’ll see that there’s a range of prices people are willing to pay depending on the type of solution, product or service they get. Be aware of these differences so that you can focus on finding the pricing of products or services that are closest to what you offer.

3. How Well Are Other Businesses Fulfilling Their Needs?

It’s also important to know the gaps in the market, the part where your target customers feel their needs aren’t being met. To find this gap, you need to look at your competitors and see where they’re falling short or where they could do better. Here’s how you can find out:

· Competitors’ social media profiles. If you already know some of your competitors, visit their Facebook, Instagram, Twitter, and other social media accounts. What do customers say about them in the review section? Are there any negative comments on their posts? Look out for the most common negative or constructive feedback posted by customers.

· Independent reviews. Blogs, newspapers, and magazines also run reviews of products and construction firms. Through a simple Google search, you can probably find bloggers and professional reviewers who’ve tried products or services similar to yours.

Pay attention to reviews or comments that rate the business as average or lower. These imperfect reviews are a goldmine for understanding where other businesses go wrong, and for finding opportunities on what you can do right.

4. What’s the Size of Your Target Market?

When doing market research don’t forget to find out if you’ve got a large enough target market to sustain your business. At this stage, you’ve surveyed groups and looked at reviews. The amount of activity you’ve encountered can give you an idea whether your target market is a bustling community or a small band. While you don’t need to have millions or hundreds of thousands of people in your target market as a small business, you do need enough to make a profit. Here’s how you can estimate the size of your market:

· Your competitor’s audience. Again, your direct competitors can give you a first-hand look of what type of audience size to anticipate. Do they publicly cite customer numbers and sales figures? How many people follow their social media profiles? How many people sign up for their newsletters? The more you know about the size of their audience, the better you can estimate yours.

Note that you won’t be able to reach, much less sell to, your entire market. When you look at the total numbers for your market, make a very conservative estimate of the segment you can reach. Assume that you’ll only be able to reach 3 to 10 percent of your estimated target market size.

5. Where Are Customers Likely To Be Reached?

Finally, you need to know where you’re supposed to send or post your marketing materials. For offline marketing, this could be specific spaces or venues where your target market is likely to be. These might include a mall, neighborhoods, parks, or even other unrelated businesses that attract a similar market. It could also be the radio stations they listen to or the magazines and newspapers they read. For online marketing, these are the channels, websites, and social media sites that your target market tends to use. These could be Instagram, an online marketplace, a niche blog, or their email inbox.

With all these options, how do you know which ones to choose? Look into the following:

· Demographics of social media sites. If you want to know which social network to prioritize for your marketing, learning about the demographics of all your options can help. If you want to reach a younger audience, go for Instagram and Snapchat.

· Competitive research. It also helps to look into where your competitors advertise. Look through the local publications and see which types of businesses buy ad space repeatedly. If you see your competitors or businesses targeting the same demographic as you, then it’s likely they’re getting customers through those ads — and you will too.

Market Research Is a Must for Small Businesses

Market research, despite sounding like something only big firms do, is for construction firms of all sizes. All businesses need to understand their customer as well as possible. When you customer feels understood, they’re more likely to buy from you.

Now that you’ve finished this tutorial, you should have a good grasp of some marketing research basics. It’s time to develop your own effective market research methods.

Once you’ve completed your own market research, you’ll have a better idea of what materials and tactics you’ll need to make more sales and find new customers.

Mean Finance potential airdrop

How to Do Market Research Right for Your Construction Company

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