How does construction market research feed into a marketing and strategy plan?
A marketing plan is an absolutely essential planning tool for any business in the construction sector, no matter what size or type.
The five key stages to developing an effective marketing plan are as follows
- Defining your marketing objectives
- Reviewing your market and your business
- Developing your marketing strategy
- Writing your marketing plan
- Reviewing your plan
Where market research can really assist is in stage 2. Using both qualitative and quantitative research techniques, typically structured or semi-structured interviews information can be gathered on the following areas:
- Competitors – who are they, what are they good at, how do they perform
- Customers – description and profile of your current customers and potential customers, sales and profit analysis by customer, what do they think of you
- Product / service range – benefits of your range, comparison to the competition, sales and profit analysis by product group
- Market trends – is the market growing, static or in decline. Are there new regulations coming into force
- What your business does well and where it needs to improve. This should include sales team, head office staff, company image, customer service, communications, after sales and distribution
The facts and figures gathered will form the building blocks for your marketing strategy.
To find out more about developing a Construction Marketing and Strategy Plan click here.
If you would like to speak to someone for any help or advice, then please call us on 01252 279990. Alternatively, you can email us with any questions or a request for a call back.