Any business serious about being competitive and making money plans for the mid and long term, producing a business plan on a yearly or bi-yearly basis.
As part of this business plan, you will presumably be putting in place objectives over the next year or even five years. These objectives could be as bold (and hopefully as realistic) as gaining another 15% market share in order to place you as the leading construction firm in your operational patch, or simply to increase your referral income from property developers by 10% over the forthcoming year. So, the question is, are marketing audits helpful for small construction related companies? If they are, why?
Travel with a Map
It’s all very well of course having targets in place, but do you have any idea of how to get there? The first step is to analyse where you are now, before you can ponder on how best to start your journey.
Your marketing audit will help you to do precisely that. It will incorporate various aspects of both external and internal influences which may impact on your business plan, allowing you to make the best forecasts you can, and build in necessary contingency strategies.
Examining the economy, demographics, sociology, politics and the construction market; as well as the service you provide, the effectiveness of your brand and your competitors, the marketing audit leaves no stone unturned. In carrying out this exercise you may find that your target markets have a different perception of your brand than you thought, or perhaps you might discover that there is forecasted to be an influx of new residents into the area over the next ten years, on account of its regeneration.
It is vital that you have a thorough understanding of your firm’s current situation before you begin to plan for your future.
Here are a few suggestions that will help you to be specific about your ‘Marketing Audit’
- Specialist marketing expertise
- Technical knowledge
- Quality team relationships.
- Lack of marketing expertise
- Insufficient technical knowledge
- Poor communication between team members
- Using Social Media to build your brand and exert positive influence
- Moving in to a market segment with improved profits
- A competitor has closed shop and this gives you a new opening
- A new competitor moves in to your area
- Price war with competitors
- Limited supply chain access
I have released my marketing audits. Click HERE to have a look. If you have any questions about this or other related issues please feel free to contact me and I will endeavour to answer them.
See you soon.