Wise Up Wednesday – Supply and Demand What’s It Mean For You?
As a Specialist Contractor, Trade Contractor, or Subcontractor I would encourage you to think carefully about the current situation in the construction industry.
According to a recent article in Construction News, vacancies in the construction industry hit a new all-time high in September and topped 40,000 for the first time since 2001, when the data was first recorded.
That news comes alongside shortages of materials etc. etc. and as far as I can see there is a definite shortage of good Specialist contracting companies. Which in my book says that the law of supply and demand should come in to play and you should;
- put your prices up
- be more choosey as to who you work for
- refuse to accept onerous terms and conditions
Don’t Believe The Contractor’s BS!
The Contractor will always say he’s got a cheaper price or a better deal just to try and drive your price down.
Of course you need to keep the work coming in, but slashing prices and chasing turnover at any price is not going to give you a long term profitable future.
Instead you should consider improving your marketing. And irrespective of your size or specialisation cost effective marketing should be a priority.
Our Guide To Cost Effective Marketing
If you look at marketing as a process you’ll find that, without breaking the bank, you can use some of the following examples to help build a more profitable business through:
- selling more to existing customers
- identifying and finding new customers
- selling to all of your audiences
Google is penalising websites that are not mobile first, i.e., designed for viewing primarily on a mobile phone and then presenting perfectly on a tablet, laptop or desktop. If your website is not in a format that works well on mobiles, then it needs to be addressed as a priority.
A successful website is now more about content than design, therefore, if your web developer is not asking you for this information then they are not doing their job properly and you should consider a change!
And if you haven’t yet taken control of your “Google My Business panel” (it appears top right of a laptop view) then you need to do so. It is free, it helps improve your visibility in searches and it enables customers to contact you easily.
Following the development of bulk email platforms like MailChimp, Campaign Monitor and EmailOut, creating and managing your own email campaigns is far easier and cheaper than it used to be.
As well as giving you a reliable and very cost-effective way to promote your products and services to new or existing customers, subscribing to a recognised email system means that you can maximise the presentation tools within the system and give your email marketing a thoroughly professional look.
You can design your emails to reflect your company’s corporate look and feel, feature text and images, schedule your email to go out at a specific date and time, and then importantly, measure results.
For example, standard reporting will show you how many of those receiving your email opened it, the links they clicked on and any web pages they visited. It will also highlight the most frequent openers, as well as anyone who unsubscribes from future mailings.
People like to receive email as long as it is relevant to them, so do not shy away from using email marketing as it is an important brand building and direct response tool.
Social Media Marketing
Social media is an excellent form of marketing and brand building that is free to use. However, the downside is that you do need to dedicate time to it and, once you embark on a social media campaign, you must keep it going.
Managed well, it allows you to connect and engage with individuals and businesses you want to sell to, promote latest developments or offers, distribute sales literature, build marketing lists, drive traffic to your website, capture data and keep in touch.
A recent study reinforces the fact that social media is as strong as ever, with Facebook and LinkedIn leading the way. The study found that, of business marketers:
- 91% use Facebook
- 81% use LinkedIn
- 71% use Instagram
- 59% use Twitter
Interestingly, Instagram, which is primarily photo-based, is the fastest growing social media platform amongst a business audience. If you have good quality photographs of work carried out, then Instagram is certainly the place to share them.
Your Marketing Funnel
All your contacts or leads go into what’s commonly known as your ‘marketing funnel’.Think about this as a constantly moving ‘conveyor belt’, with new prospects arriving at one end, and through ongoing marketing communications, you are able to turn them into customers at the other end.
This is done over time through building your relationship by telephoning, email marketing, connecting and posting on social media, face-to-face contact, and then keeping in touch regularly.
It’s Not A Quick Turn On / Turn Off Fix
Marketing is not a quick fix. It certainly involves some effort and is not something that can switched on and off like a light. This is why repetition of messages is particularly important.
A philosophy known as ‘The Rule Of Seven’ is based on the fact that each prospective new customer will need to see your marketing or sales messages at least seven times before they even take notice.
As ever, if you would like more information about marketing your business, or to find out how StreetwiseSubbie can help you to implement cost effective marketing, please email us at email@example.com or call our friendly team on 01773 712116. You can also reach us via the Contact Page.
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