I'm excited to share a strategic approach that helped commercial general contractors secure between $6 - $12 million in projects in a relatively short time frame.
One problem I have noticed in the construction industry is that we don’t take the time to set the right strategy and hire proper sales & marketing leadership.
Implementing the right strategy and hiring the right person to run your sales and marketing can make all the difference.
Here is an example of a proven strategy we could implement for you.
Understanding the Scope
Before diving in, it's important to understand that these wins were primarily through a handful of large projects.
Success becomes more attainable when your projects range from $100,000 to over $1,000,000. Plus, having relevant experience or completing similar projects is crucial for these lucrative opportunities.
Even if you're starting without large projects, you have a pathway. Begin with smaller local projects to gradually build your portfolio.
Strategy Breakdown
1. Identifying Your Niche:
Firstly, we pinpointed our niche based on past experience and looked at where most of our revenue had come from over the past few years.
Our forte in renovation projects for multi-family apartment buildings became our focused sales area.
2. Finding Ideal Customers:
Next, we determined our ideal clients who were in charge of these large renovation projects.
In this case, it was property and construction managers of large multi-family apartment buildings. They typically worked for either the owner or operator of these buildings, who usually own or operate a large portfolio.
3. Building a Contact Database:
We compiled a comprehensive list of potential contacts, complete with phone numbers and emails.
4. Hire & Train a Sales Rep
It’s important that you hire a sales rep who is personable, presentable, willing to learn, and ready to hustle. Hiring the right person can make a big difference.
We gave them proper training and held them accountable by setting goals and tracking their efforts through our CRM.
5. The Importance of Persistent Outreach:
A few calls and emails won't cut it. Our sales team consistently performed 200 - 300 weekly outreaches to connect with our target audience.
Your target clients will respect that you are persistent. It shows that you are confident in the service you provide. Just don’t be too annoying!
6. Crafting Impactful Marketing Material:
We developed compelling marketing materials showcasing our expertise, project examples, and client testimonials, ensuring a positive first impression.
In our case, we utilized a sales deck created in PowerPoint.
6. Competitive Bidding:
With established relationships and identified projects, we provided competitive bids using a branded bidding template when they came to us with projects.
The clients appreciated that we quickly turned around these bids, showing our expertise and responsiveness.
This first bid is oftentimes the first real representation of your work, so make sure to put your best foot forward!
7. Building and Maintaining Relationships:
Post-bid, following up and nurturing these newly formed connections was crucial.
While we didn't win every project, securing a few significant ones bolstered our sales and marketing endeavors, paving the way to invest more in marketing and sales.
For those clients who haven't yet accepted our bids, we continue to nurture those relationships for future opportunities.
The Power of Relationships in Construction:
Remember, success in construction hinges on the ability to build and maintain strong client relationships. It's what sets apart the average from the successful.
Demonstrating quality work and maintaining good client relations is key to ongoing success and securing repeat business.
Need gelp growing your construction business? Feel free to reach out to our head of sales & marketing, Kyle Ferguson at kyle@idealrev.co
Understanding Your Market
The success of any startup relies heavily on understanding the market it operates in and identifying the ideal customers within that market. Understanding your customer and becoming a subject matter expert is key, especially at the formidable stages.
By having insight into potential customers, you know what problems you should be solving with your product and how to communicate in a way that appeals to them.
The market is the broader industry that you serve. The ideal customer dives deeper into who your product is the best fit to serve. It's a way to segment your customers.
You might not know who your product best serves yet, and that is okay, but it's important to hypothesize and test who is.
Make some assumptions about what would make a customer a good fit for your product and test those assumptions otherwise, use your current customer base and data to guide you.
Here are some of the key steps to understanding your market and identifying your ideal customers:
Understanding Your Market
1. Research industry trends and news: Stay updated on current and emerging trends in your industry. Search Google news, read articles and follow the right people on social media to gain insights into customer preferences and potential opportunities.
