Marketing Your Business
The drastic slowdown in new home, condo and apartment construction has
impacted homebuilders and remodelers nationwide. Other contractor
specialties have felt the chill also. What can you do to make sure that your
business comes through this trying period in decent shape? A good first step
would be to consider aggressively marketing your contracting firm.
Marketing is simply about generating business. And generating a steady
stream of work is something most businesses can do irrespective of the size
of their annual payroll or annual revenues. Here are some easy-to-implement
basic marketing ideas.
Focus on Your Strengths
Determine what it is that makes your contracting firm different from others.
Is it workmanship? Do you guarantee work quality? How good is your track
record for completing projects on time and on budget? Identify the one or
two traits that make your business unique and emphasize those traits in all
of your marketing materials.
Market to the Right Prospects
Focus your efforts on marketing only to prospects that offer the greatest
likelihood of generating work. That typically requires a more focused
approach involving direct mail. Review prior jobs and put together a list of
likely contacts. It’s not just owners you should be marketing to--architects, engineering firms, surveyors and realtors are all likely
sources of work or referrals. Contact them and use a letter, a simple
brochure or a postcard to let them know of any equipment updates,
additional capabilities or major projects you’ve been involved in recently.
Ask for Referrals
Ask the owners of current and past projects you’ve worked on for referrals.
Referrals are the least expensive and most effective way of marketing your
business, but too few contractors make the effort to ask for them.
Expand Your Community Profile
Another form of effective marketing involves participating in charitable
activities that add a positive association to your business’s name. Sponsor
a kids’ sports team or volunteer materials and time to help build a
playground, a baseball diamond or a soccer field at a local school or park.
Be sure to send a press release to media outlets in your community that
outlines your involvement. Mention your charitable work in any
business profiles or brochures you create.
You may be reluctant to spend money on marketing your business, especially
if you’ve never undertaken any marketing efforts before. However, carefully
directed marketing dollars can go a long way toward helping your contracting
firm stand out from your competitors.
Work-In-Process is provided by
Somerset for our clients and other interested persons upon request.
Since technical information is presented in generalized fashion, no
final conclusion on these topics should be made without further review.
For additional information on the issues discussed, please contact
Ken Hedlund
or another member of our
Construction & A/E Team.
This document is not intended or written to be used, and cannot be used,
for the purpose of avoiding tax penalties that may be imposed on the
taxpayer.
Somerset CPAs,
P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
