One thing that is true for every business is that there is no point in worrying about bottom line revenue if there is no topline revenue. In other words – strong, growing topline revenue makes your balance sheet look a whole lot better. The current economic crisis triggered by the pandemic is making maintaining a healthy pipeline – or backlog – more challenging than ever for a wide range of industries, including construction.
How can your construction firm grow topline revenue and maintain a healthy balance sheet? Here are three simple marketing tips to help you win more business and achieve topline growth.
1. Tell Your Story
Just as a solid foundation supports a building, firms need to develop the foundation for telling a compelling company story that can help drive growth. Answering questions like why should prospect know you, why should they want to know you, and why should they trust you are foundational components of every firm’s story.
Answering these questions is just the first part of the process for telling the story. Next, you should choose a medium or mediums to communicate this story.
An easy-to-navigate company website is one channel that can help generate leads. Social media is another channel that can fuel conversations with prospective clients. As you evaluate different mediums for telling your story, it will be important to think through the costs, how you are going to manage these costs and how effectively each medium reaches target audiences.
No matter which medium or mediums are selected, a business development tech stack can help convert exposure into conversations. This tech stack is important for organizing information in a way that can grow your business. Now is not the time to defer marketing to a later date in favor of solely focusing on current backlog. If your firm has concerns about getting new business eight months from now, 12 months from now, a year and a half from now, it is a perfect time to start planning and organizing with all the right tools to put the company in the best position to go after and win new business.
2. Make Your Firm's Case
In this digital age there is likely a lot of information out there already about any company. The key here is to control the narrative in making your company’s case. Strategies that can be implemented to help do this include studies and PR initiatives.
3. Demonstrate How Your Firm Works
Presenting workflows and explaining how your firm manages key aspects of a project can be a deciding factor in winning new business. Firms can market themselves by presenting the project team and explaining how they use technology to ensure all subs on the jobsite are compliant, to manage safety and to track and capture information.
The bottom line for maintaining a healthy balance sheet and achieving topline growth is to implement marketing strategies that work to tell a compelling story, build a strong case for your firm and demonstrate how your technology and people make it the right choice for a project.
You can learn more about how to market yourself to win more business in our Builderchat here.