A Few Tips of Marketing in General

It is not enough to have a great idea or new building technique as the basis of your construction business; you must also have a market that is sufficiently large, accessible and responsive. If you can’t reach your market, or it isn’t ready for you, your business will fail.

Consider the automatic teller machine (ATM) now seen on virtually every street corner. It was invented more than 10 years before it became popular, but the company that initially marketed the ATM was unsuccessful – people weren’t yet willing to trust their banking to machines. Market readiness is one of the most difficult and most unpredictable aspects to measure when examining your market. That is why companies spend substantial amounts of money on market research before launching a product.

Even if you are not creating an entirely new product, service or technology, you should attempt to determine if your market is ready for you. For instance, if you are opening a flower shop in a neighborhood where none currently exists, what indications are there that the neighborhood residents are interested in buying flowers? Do they currently purchase flowers at a nearby supermarket? Does the national demographic data on flower purchasers coincide with neighborhood demographics? Perhaps, you should conduct a survey of the neighborhood’s residents, asking about their flower - buying habits and preferences.

You may not have the funds to undertake extensive market research, but even a small amount of analysis can help you gauge the receptivity of a particular market to your idea.

In addition to market readiness, key market factors will influence your choice of marketing strategy and help you make realistic financial projections. When gathering information for your business plan, spend considerable time learning about your market.

The more thoroughly you understand the various factors that affect your market, the more likely you are to succeed.

Once you have clarified what you want to tell customers about your construction company, you must describe how you disseminate that information.

How do you reach potential customers? Do you advertise? If so, where? Do you send direct mail? If so, to what mailing list? Do you participate in trade shows? If so, which ones and how frequently?