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Whether you are a small or large business problems are similar on project after project. What is your biggest challenge when dealing with construction? Some of the major problems faced by the construction industry include:
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Regardless of your company size, are you utilizing the top strategies to attract large construction corporations?
With the global construction market forecasted at ~$10 trillion by 2020, it is evident that targeting large corporations is very attractive. Opportunities are abundant for sales professionals, as these large corporations search for ways to increase productivity and decrease costs. Learning how to navigate this industry will help sales professionals pitch solutions they offer. COMPLEX INDUSTRY Large construction companies are very complex with many partners, various geographical job sites, multiple supply chains, safety and government issues making it imperative for the sales professional to understand the needs of the customer they are seeking. There may be a wide range of individual concerns and acquiring specific detailed knowledge is important when targeting construction professionals in large corporations. UNDERSTANDING THE VARIATIONS AMONG INDIVIDUAL CUSTOMERS As each customer has specific needs and problems that require varied solutions, there is no one size fits all when targeting construction professionals. With the proper research and knowledge of your individual customer, it is imperative to tailor your marketing and sales strategy accordingly to demonstrate your understanding of their unique situation and how you will solve their issues with what you offer. EDUCATE YOUR CONSUMERS Having complete knowledge of your business and being able to educate prospective customers on what you offer and how it will be the solution to their problems is very attractive to large construction entities. This allows you to build a relationship with the construction professional and for this person to develop trust in you and your services. Be very clear in your communication of the value your product or service offers. When a prospective client realizes that what you offer provides a value to them, and they have trust in you, it is easier to close the deal. An important point when educating the consumer is to be a great listener. It is fine to share all of your knowledge but in so doing you must listen to their concerns regarding legal or regulatory issues and safety concerns. BUILD TRUST Closing a deal on a huge contract for extended work with a major construction company does not just happen. Establishing a relationship with the right person in the company and nurturing that relationship takes time before closing a prospective deal. The purpose of nurturing the relationship is to build trust. Once trust is established you are a step closer to finalizing a contract. To assist in establishing trust, have extensive knowledge of your products and services with evidence of results that they can see either via videos, case studies or referrals and testimonials from other satisfied customers. To continue the relationship, always remain in touch with the customer via newsletters and follow up contact to ensure future business in addition to referrals. THE OBSTACLE OF PRICE OBJECTIONS Many construction firms operate with very slim net margins. A study showed this margin to be as little as 6.7%. This causes many price objections as they are concerned about the expenditure and how it affects their bottom line. Always remember to keep reminding them of the value to them of what you are offering and how not committing now might be more expensive long term. PROVE YOUR DEDICATION BY PARTNERING As relationship building is integral in an ongoing partnership, you need to prove your devotion in helping them succeed. This shows the construction professional how invested you are, and this will continue to pay dividends for years ahead. Continue to educate yourself about their company and industry even after a sale and make sure you are a reliable resource for them to turn to long term. As with most industries, the construction industry is always changing and evolving. Having the knowledge of these changes will assist you in keeping ahead of the curve in understanding how to proceed going forward with your sales and marketing strategies. These changes vary from technological advancements to sustainability and regardless of what the change may be, staying ahead of the curve will prepare you well for future opportunities. As many of these trends create ease and efficiency in the construction industry, if you are not aware of them it will be hard to keep up with your competitors. Here are a few trends that will be impacting the construction industry in the near future:
Although the overall outlook for the construction industry is positive, it is important to embrace new technologies that create efficiency, buy in bulk to reduce costs, and create safer construction sites. |
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