Written by: Karl Feldman, Hinge Marketing
What leads buyers who need projects completed to choose your construction firm over your competitors? For many business owners, there is a disconnect between what buyers really want and what sellers think is important. However, recent insights from The Hinge Research Institute discovered what strategies high-growth firms are utilizing to beat the competition.
These four insights from the research can help your construction firm reach more prospective buyers and get off the shortlist to win more business.
Insight #1: Educating Prospects Helps Gain Their Trust
Prospects want to know that your firm has the ability to solve their problem and do it better than any other firm out there. However, simply stating this fact isn’t likely to convince them of your superiority. Instead, take the time to gain the trust of prospective buyers by showcasing your deep knowledge and expertise through educational content. As your audience engages with this content, they’ll begin to see you as a trusted resource and someone worthy of their business.
Insight #2: Reputation Matters to Buyers
When asked what tipped the scale for winning firms, the top two responses from buyers were “Good Reputation” at 22 percent and “Existing Relationship” at 18 percent. These responses showed a distinct disconnect between what firms believed set them apart and what buyers really wanted. For instance, more than 30 percent of firms listed “Better Expertise/Specialization” as the top quality that would tip the scale, whereas barely 10 percent of buyers felt the same. This suggests that, while expertise still matters, buyers place a higher importance on finding a provider who can also be an ongoing partner.
Insight #3: Clear Communication is Paramount
Your firm may be exactly what a particular buyer is looking for — you may have the right expertise, specialization and approach to suit their needs — but it won’t matter if you aren’t communicating this value. By building up your online presence and ensuring your website is informative and user-friendly, you can ensure that your firm’s core purpose and values are properly communicated. Plus, taking the time to clearly inform your buyer at each stage of their journey to a decision will help strengthen your relationship, leading them closer to a conversion.
Insight #4: It’s OK to Be Different — In Fact, It’s Good to Be Different
According to a report from RAIN Group, sales winners often aren’t just selling better; they’re also selling differently. The report identified 10 factors clients say helped influence the sale:
- Educated me with new ideas or perspectives
- Collaborated with me
- Persuaded me we would achieve results
- Listened to me
- Understood my needs
- Helped me avoid potential pitfalls
- Crafted a compelling solution
- Depicted purchasing process accurately
- Connected with me personally
- Overall value from the company s superior to other options
As you can see, an overwhelming trend emerges: buyers want sellers who place their needs above their own. They want to feel involved in the process, engaged with the solution development and connected to the seller on a personal level. Clients don’t want to be convinced or sold to; they want to be educated and collaborated with. By prioritizing buyers’ needs over the needs of your construction firm, you can tip the scale in your favor — meaning that, ultimately, everyone wins. While this approach may at first feel too different to work, selling “differently” is exactly what your firm needs to stand out from the competition.
It can be a challenge to know exactly what buyers want. However, understanding your buyers doesn’t have to be rocket science. By utilizing research to learn more about buyer motivations, desires and deciding factors, construction firms can better position their services and expertise to win more business. With the right information and insights, your construction management/project management firm can gain the footing you need to beat out your competitors and win more new business.
This article was written by Karl Feldman, of Hinge Marketing. Karl can be reached at kfeldman@hingemarketing.com. Hinge Marketing helps clients master the professional services branding and marketing strategies and techniques used by today’s fastest growth firms.