How to get construction projects during the recession
When I talk with our clients more often, I hear that it is becoming tougher to get new clients and projects. The competition for projects is twice as high as before. One of the contractors even mentioned that one year ago, on average, there were 2-3 subcontractors competing for the job. Now he had one project where more than 10 active subcontractors were battling for the lowest possible price. Everyone talks about a recession and a soft landing. No one knows how it will end.
But what we do know for sure is that this is the time when contractors must change their strategy about how to get projects and clients.
Does price matter?
Everyone thinks that price is the reason you win bids. Actually, no, it is not always the case.
Today, when competition is much higher than before, all subcontractors are already giving low offers. In most cases, the highest price bid already fits into the client’s budget. This gives the client reason to choose not the cheapest offer but the most valuable bid. Here are some tips on how you can increase your chances of winning bids.
Build brand awareness
People want to work with well known and recognizable companies. Companies that care about their brand, their work, and their people. This is the time when you will probably not win the bids without a homepage or with a social account whose last post was “We are Live,” created 5 years ago. When reviewing bids, your client will look you up on social platforms; he will review your website and look up reviews.
If you don’t have a website or if its content is outdated, now is the time to change that. There is a reason for the quote ‘change or stagnate’.
Social content strategy
For the owners and managers, this is the time when they should be more active on LinkedIn and tell their stories about what they do. The same is true for company pages. We see that those contractors who are active on social media have no problem getting projects.
SEO strategy
Every SEO expert will admit that probably around 95% of construction companies fail with their SEO strategies. They don’t have it! Now that competition is higher than ever before, companies need to seriously consider every source and channel of possible leads.
In short, with a successful SEO strategy, your client will look up the services you provide in Google, and your company will show up first. He will then click on your post. The same as you did with this post you are reading right now!
Increase sales staff
Whenever sales and projects decrease, owners and managers can increase sales power by engaging project managers and sales managers in direct sales. Your site managers, project managers, and other employees have contacts from previous projects. They can then reach out to their contacts and ask whether they have ongoing projects. Even one successful lead can be enough to overcome a possible recession.
Be smart and ready for changes
Now is the best time to build your company’s core strength. Because those who will overcome the recession will come out stronger than before. Weak companies that are doing business as usual will not be able to survive. This is the time when smart companies, owners, and managers who are not afraid of change will survive.
Now it is time to completely change your marketing strategy, probably redesign and update your website, and become active on social platforms. There are many marketing agencies that only work with construction companies. For example EContractorsLab are performing well in Europe while BuildWitt in USA with Dirt world. They are the ones who can help you.