As the economy makes a slow come back and companies are beginning to think they see light at the end of the tunnel, drastic changes are still occurring. Some are with the economy, some specific to the construction industry and some still need to happen within individual companies.
The economy turning around is not going to save all of the companies that still remain. The economy that emerges will have vastly different rules, expectations, and reasons why people will buy. The companies that do survive are preparing themselves for these changes now, while they can. The rest, well the industry was a little crowded. Maybe some valuable lessons will be learned that can be applied elsewhere.
Here are three areas that construction companies looking to thrive in the new economy should be looking at:
A prevalent trend that is going to emerge from this economic downturn is a restructuring of the industry, its expectations, and how and what it delivers. In the new economy you will see fewer pure construction companies where they only offer a construction service; instead, you will see more mixed companies that will offer construction and a service related to construction such as a form of training. This will allow them to build creditability in the market, amongst peers, and create more predictable cash flow for future blips in the economy.
Marketing and Outreach
People will still love to buy, but they do not like to be sold to. Self-proclaimed marketing techniques are quickly becoming a thing of the past and in some cases making companies look desperate and untrustworthy. It is no longer about what you want them to know. Marketing in the new economy is more about equal conversation, understanding and respect. The challenge construction companies will face is having that equal conversation with a market that may only purchase once in their life.
When companies change their services and their marketing, they will be forced to change how they sell. In the new economy, clients will be smarter and have easier access to finding out everything about a company—the things a company needs them to know, the stuff a company doesn’t want them to know and the irrelevant information that the client feels is important. Companies will have to develop a sales process that accounts for all of this new information and captures a client’s experience and feedback from day one.
What trends do you see moving forward?