{"id":7191,"date":"2020-08-22T00:00:00","date_gmt":"2020-08-22T04:00:00","guid":{"rendered":"https:\/\/bxglobal.wpengine.com\/us\/top-7-takeaways-how-to-win-more-work-in-a-competitive-marketplace\/"},"modified":"2022-05-24T21:54:08","modified_gmt":"2022-05-25T01:54:08","slug":"6-takeaways-in-competitive-marketplace","status":"publish","type":"post","link":"https:\/\/stage.buildxact.com\/us\/blog\/6-takeaways-in-competitive-marketplace\/","title":{"rendered":"6 takeaways to win more work in a competitive marketplace"},"content":{"rendered":"

In today\u2019s competitive marketplace, it\u2019s crucial to build a winning strategy to get ahead. As business ramps up, post-coronavirus, there are some key strategies and processes that builders and contractors can implement to fast-track their business. We\u2019ve noted the Top 6 Tips to win more work based on a webinar from industry partner,  Kurt Hegetschweiler, Specialist Building Industry Business Coach<\/a>.<\/p>\n

Takeaway 1: Goal Setting <\/span>
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If your business is not progressing the way you want it to, it\u2019s a good time to re-assess your goals and develop an action plan to position you for success.<\/p>\n

As the leader of your business, you set the standards for yourself and your team. Spend a portion of your profits on developing your leadership skills to understand better what is required to take your business to the next level.  Likewise, you need to invest in your staff and empower them to become high performers.  Building industry coaches can help with that development, but ultimately, you must have the right mindset to succeed.<\/p>\n

Takeaway 2:  Communication is key<\/span>
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The key factors to winning more work are to differentiate yourself from your competition, demonstrate your value to qualified potential clients, and educate them to look beyond \u2018the lowest price.\u2019   Communication is the key to this, with you firmly steering the conversation.<\/p>\n

Proactive communication demonstrates you are on top of the job, the process, and instills confidence that you can fulfill their construction requirements. You will build trust and credibility, and you will see an increase in the percentage of jobs you win.<\/p>\n

One of the ways to stay proactive is investing in construction software that includes a client portal. A client portal or \u2018mini-site\u2019 is a designated area for each of your clients. It contains all details of their projects \u2014 uploaded images and relevant documents for viewing \u2014 and can communicate and keep them updated. Buildxact software<\/a> enables you to set up individual and secure portals for clients using your company branding. Clients can access the portal at any time to see how their project is progressing.<\/p>\n

The right construction software from the get-go is a powerful way to show the value of your business.  It sends a strong message to your potential clients that you are in control of the builds you work on, and that it will be an easy and smooth working relationship.  Software is an essential point of differentiation from other builders.<\/p>\n

Takeaway 3:  Invest in marketing <\/span><\/strong><\/p>\n

Word of mouth is excellent, and some builders are happy with referral-based business.  But if you want to grow your business, invest in marketing. It doesn\u2019t have to cost a lot. Here are some easy must-do\u2019s:<\/p>\n

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    1. Create a website that showcases your work and clearly outlines your business value. Several templated website options are easy to set up with necessary business information.<\/li>\n
    2. Set up social media profiles (e.g., Facebook and Instagram) to showcase your work and ensure that you are regularly posting and responding to inquiries as quickly as possible.<\/li>\n
    3. Proactively network with others in the industry, including architects and engineers, to increase referrals.<\/li>\n
    4. Invest in direct response marketing such as emails, digital banners, etc.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

      If marketing is not something that you\u2019re comfortable doing on your own, invest in an experienced professional to help you set everything up, and maintain the marketing momentum.<\/p>\n

      Takeaway 4: Accurate quotes<\/span>
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      An all-encompassing and accurate quote will reduce the number of surprises (e.g., costly variations) for you and your clients later. Accuracy contributes to building a good reputation, which helps confirm your business value and instill trust and increase referrals.<\/p>\n

      It\u2019s worth investing time with your potential client to extract as much information as possible to submit an accurate quote.<\/p>\n

      \u2013 Schedule an initial call
      \n\u2013 Book a site visit
      \n\u2013 Offer information and FAQs
      \n\u2013 Explain what\u2019s involved in the process and what they will receive
      \n\u2013 Send a portfolio of your work and make them fall in love with what you do<\/p>\n

      Use estimating software, such as Buildxact<\/a>, that enables you to up the ante on the accuracy, presentation, and timeliness of your quotes. A professional appearance will ensure that your business comes across as competent, and this will give you a leg-up when pitching for new work against your competition. Moreover, it will also allow you to analyze previous quotes, fine-tune them, and use them as templates. It also means more accurate revenue, profit, cost and cash flow projections, and a better bottom line.<\/p>\n

      Takeaway 5: Charge for quotes <\/span>
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      Most builders don\u2019t charge for quotes, believing that they will lose opportunities to win work if they do.  In an industry where time is money, spending hours and even days putting a quote together and not charging for it is ludicrous, and bad for your business.  It encourages tire kickers who you may never end up working with and who gather quotes in order to ensure that their preferred builder has quoted them fairly.<\/p>\n

      There is no evidence suggesting that builders who charge for quotes lose out on business, quite the opposite.  Charging for quotes places a value on them and enables you to \u2018go deeper\u2019 than most builders by producing quality quotes to people who are genuinely interested in working with you. Once you do this, you\u2019ll find that you will win a higher percentage of the work you quote.<\/p>\n

      Takeaway 6: Let business go<\/span>
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      One of the biggest mistakes that builders make is not qualifying their potential clients and their respective \u2018builds.\u2019  Don\u2019t waste your time working on jobs, or with people who are not a good fit for your business.  Politely and confidently refer them on to someone else. Your red flags should go up when, for example, when  presented with incomplete plans to quote on, and the expectation is to \u2018fill in the gaps\u2019; or when a potential client requests continual budget cuts to your quote while insisting on maintaining the same specifications.  It\u2019s ok to let potential business walk away if it\u2019s going to compromise your work quality or bottom line.<\/p>\n

      Do you provide niche skills? If the client doesn\u2019t fit your niche, pass them on to someone else, focus on the jobs that you specialize in, and the type of clients that value what you do. Clients that don\u2019t see the value in the services you provide are not worth your time or effort, so it\u2019s ok to reduce the number of quotes you produce and concentrate on winning the \u2018right\u2019 type of work<\/p>\n

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      Watch Now: How to Win More Work in a Competitive Marketplace<\/span><\/h2>\n<\/div>\n