Is your runway of work shrinking?
There is a growing problem in the building trade. Consumer confidence has declined, the cost of living “crisis” is making some people close their wallets and interest rates are more than double what they were 2 years ago. Suddenly lead generation is top of mind for owners of construction related businesses. It can cause a bit of a downward spiral if you don’t take action. A typical story goes like this:
- You miss that job you thought you would get.
- The phone is not ringing as much as it used to
- So you lower your price to secure the next job. You keep your prices low and soon you can’t imagine being able to go back up
- Work comes in, but you realize that you are not making any money
- You go back on the tools to save costs
- Now you are working all day on site and all night on books and quotes.
- Stress at home rises
- You loose a couple of quotes because you don’t get back to the potential clients in time and they go with someone else.
- Maybe you lay another guy or two off
- Now you seem to have no money for marketing
- There is even more stress at home
- You wonder who is hiring because wages look a better option….
It’s called the Tradesmen’s Death Spiral. You may have been there yourself or know mates who have. The causes can be complex and the solutions not easy either. One aspect that can help is to focus on growing top line revenue….of the right kind. Over the next few posts I will outline the 7 steps you need to consider in building a solid lead generation machine for your business.
Step 1. Market Segmentation
When young lion cubs go out on their first hunt they have a pretty good idea of the general target they are looking for; a nice, juicy antelope. Unfortunately their technique usually sucks and they just charge straight at the herd and end up catching nothing but a mouth full of dust.
The mother lion on the other hand studies the herd first, checks out where the wind is coming from, approaches carefully and picks an antelope she thinks that she has the best chance of catching. When she charges she does not get distracted by the other antelope jumping everywhere. She focuses on the one target and typically gets it.
It is what in marketing terms is known as Market Segmentation. Pick who is your ideal target. Study their needs, fears and aspirations in great detail and focus your marketing efforts on the one target. That might be new builds of moderate priced homes for retired people. It might be tricky reno jobs in old villas. It might be reclads of apartments. Up to you to decide what segment fits your skills and desires best. Become the “go to” person in that segment and build specialist knowledge in that area.
Of course you may be offered jobs that aren’t in your target niche, and thats great. You should probably grab them too. I am not suggesting you ONLY accept jobs from your target niche, but I am suggesting you focus your marketing message and effort to appeal to a potential client in that sector only. It will help you refine your messaging and promotional channels to resonate more effectively with your potential customers.
This is the best place to start your lead generation makeover journey. If you want to book a Marketing Audit Review with me to go deeper and develop a customised marketing plan for your business, email me at andy@tradescoach.co.nz or register for a strategy session HERE, or call on 027 6886721.