It’s no secret that the construction industry has faced some challenges since 2017. Rising material costs, labour shortages, and uncertainty around government regulations have all taken their toll. This, in conjunction with the cost-of-living crisis, would suggest the industry is in turmoil, yet the opposite is true. The construction industry exists as one of the leading industries in our economy; resting as firm as the foundation in which it builds upon.
In today’s competitive business landscape, the race to secure product placements in construction project specifications has intensified. Suppliers now heavily rely on project data to gain valuable insights into upcoming resource requirements. However, while this approach offers some benefits, it’s also burdened by inherent challenges and drawbacks.
A significant challenge of relying solely on project data is that businesses tend to approach contractors only when the immediate need arises later in the project process. As a result, they find themselves competing directly with other suppliers who have adopted the same strategy, leading to a substantially lengthier and more competitive process.
Adopting a more proactive and strategic approach to engage potential clients earlier in their decision-making process can prove beneficial, as it allows suppliers to establish stronger relationships and gain a competitive edge.
Kirsty Winter, General Manager at Insight Data, explains: “It’s important for building suppliers to forge strong connections with key decision maker contacts prior to the tender or project stages of specification. However, our experience in the industry shows many businesses are not reaching their full potential when competing for projects or product specifications, and could be seen wasting their money, time, and resources.
“Insight Data have always made clear to those who sell into the construction and architect industries that an improved way to discover and connect with a range of customers is necessary to help achieve their full potential.”
Insight Data believe a multifaceted approach to prospecting is key for building suppliers whilst the industry continues to thrive. Salestracker, their innovative technology platform, can help bridge the gaps in strategy, as Kirsty explains:
“Thanks to Salestracker, we excel at supporting trade and commercial clients with dynamic data solutions to improve the ways in which they approach new leads and widen their network.
“The fully integrated sales and marketing platform helps its users pinpoint perfect customers as well as provide in-depth market intelligence in real-time on key decision makers and influencers. A call in to a decision maker not prompted by a specific project means that you can gauge and assess how best to sell your offering on an ongoing basis to become the industry’s go-to provider.
“Salestracker is informed by the dedicated team at Insight Data who work to update the system with the most relevant industry data to help grow businesses and boost leads. Working with over 800 active users, the in-house research team makes 20,000 calls a month to ensure the platform reports accurate and reliable data, whilst also providing its users with Google map integration, document storage, credit profiling and an optional CRM (Customer relationship Management) tool to manage leads and customer accounts.
“Because of this, the platform is the perfect addition to building suppliers outreach strategies. Project and prospect data should be used in tandem with each other to help businesses market to architects and construction companies – affording businesses an improved chance of getting their business or project specified.
“Whilst the market is thriving, now is the time to find out more about this incredibly powerful tool to remain ahead of the rest.”
Maximise your chances of winning project specifications and tenders with Insight Data and make 2023 the year of exponential growth for your business.To find out more, contact us here or call 01934 808 293.