Marketing is a fundamental part of any business strategy defining how you are viewed by potential clients and how you compare to other choices your potential clients may have. Your marketing strategy defines what is special about you, that is, why should the type of client you want to choose you over the others. Marketing allows this to happen without EVER using price to win projects (except perhaps in some commercial types of business). Most of all, marketing controls your profitability and how hard you may have to work for that profit.
Who you are and what is special about you compared to others is called your Value Proposition. Once you have identified your Value Prop then you need to learn how to communicate it to the right potential clients. This will create “targeted” leads (as opposed to reactive leads). When the potential client’s priority matches up to your Value Prop everything changes for you. Price priority is reduced, multiple bids are often eliminated, fewer bad deals happen and the working relationship is enhanced.
Having a good marketing plan is neither costly nor time-consuming, but it does take some expertise that few contractors have. If that is you – it’s time to improve yourself in that area. Without a strong marketing strategy, you will never see exceptional profits. Further, a good marketing strategy offers you the most effective tool to insulate your business and your family from the next economic bust cycle.
Being able to charge only 5% more thanks to a strong marketing program against the same cost basis can double a contractor’s bottom line.
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