The ability to adapt and pivot is vital for success in today’s fast-paced and constantly evolving business world. For construction companies, this means being able to enter new markets and seize new opportunities as they arise. Entering a new market, on the other hand, can be a daunting task that necessitates careful planning, strategic thinking, and a willingness to take calculated risks.
In this article, we’ll look at the key steps that construction companies must take to successfully pivot their business and enter a new market. From determining when your business needs to pivot to attracting new customers, we will provide practical tips and insights to help you navigate this difficult process and achieve long-term growth.
How do I know if I need to pivot my business?
At Time54 we have seen a notable increase in businesses ‘pivoting’, where organisations are fundamentally changing the direction of the business when they realise the current products or services aren’t meeting the needs of the market.
Acknowledge that your existing market is disappearing is not an easy process and accepting the situation and acting upon it isn’t always as simple or straightforward as it seems at face value.
Yes, changing your business strategy isn’t necessary a guaranteed solution, and the decision to change shouldn’t be taken lightly. When considering changes to your business it’s important not to panic. Keeping a levelled head and considering your options is the first port of call. Panicking and rushing into knee jerk decisions will lead to further problems, it’s easy to be impulsive under pressure. Make a brew and review!
Sometimes a slight change in direction is all that is required to achieve the desired outcome. For example, you may be motivated by the need to refresh your marketing in order to be attractive to your current market, or you may recognise that you need to change your brand’s appeal in order to enter a new market.
Chris Pepper, Director, Time 54, comments:
“Business owners are looking at their marketing, reviewing their websites, and importantly conscious of what their marketing says about them. Unprecedented changes to market sectors are forcing organisations to take stock and ask questions about their business.
Many organisations, certainly within the building and interior markets, have successfully traded in a sector for years or decades without reviewing what their business looks and feels like to clients. With long-term relationships established, word of mouth, referrals and historic experience the key drivers for business retention. So, when the market or customer base disappears, and/or a new market is sought, pivoting your business and focusing on the business identity can seem like a daunting task.
What can I do to attract new customers?
Ask questions! It’s important to glean as much information as possible, ask customers, colleagues, friends on their thoughts on your business, your brand, your product, your service, your website, what does it say to them?
Identify your businesses’ unique selling points (USP’S), what is it about your business, your product or service that your customers like? Why do they buy from you? Extract this information and use it to form part of your marketing activity; communicate your USP’s to prospective clients; inform the new market place with testimonials from happy clients; and communicate successful projects/case studies.
Reassure your prospective clients that your product or service is tried and tested…and liked! We seek reassurance in every aspect of life, whether buying a TV or a car we seek recommendation and reassurance from friends and others.
Marketing is a process, not an event.
Don’t put all your eggs in one basket, consider more than one plan of action. It might not always be the obvious or the first plan that hits the mark. Also be realistic, it will take time to establish your business in a new market, but with the right message and the correct marketing tools you will build your new customer base.
Create a twelve-month marketing plan, document your goals, establish how you will review your goals, key performance indicators (KPI’s), and set your budget. Time54 can help you establish which marketing tools will work best for your business and chosen markets.
Have patience, marketing is not an event, it’s a process. Drip feed your message into the market place via as many avenues as your budget will allow, if you can establish at least three marketing communication ‘touch points’ your engagement rate will be enhanced.
Time54 works with and has helped many building and interiors companies raise their awareness in the marketplace and increase their specification inclusion on numerous projects.
We are a specialist building and interiors marketing agency and help brands to:
- Increase specification.
- Influence architects and interior designers.
- Build authority.
If you are interested in how we can help your business grow with specification led marketing, get in touch to organise a Power Hour zoom meeting.
This is a one hour zoom meeting where we listen to your plans and ambitions to understand your products, services, and route to market. It is aimed at directors, marketing managers and business owners within the construction and interiors sectors who are looking to raise awareness of their business, generate leads, and improve sales.
The Power Hour is free to all building and interiors based businesses looking increase awareness, leads and sales through effective, long term marketing strategies with experienced building and interior marketing specialists Time54.