Monitoring Construction Markets to Inform your Specification Strategy

Monitoring construction markets

Keeping a close eye on construction markets and staying updated with industry forecasts can help refine your strategy and leverage emerging opportunities. In the current climate, information about the marketplace can be gathered not only from traditional sources such as industry forecasts, government reports, magazine articles and conference papers, but also through dynamic and real-time channels like social media platforms. This approach to information gathering ensures you have access to both the broad analyses found in purchasable or publicly available reports and the up-to-the-minute updates accessible via social media.

Identifying value in construction markets for your business

Forecasts from the construction industry such as market intelligence reports produced by Barbour ABI, provide insights into future market trends and can be analysed in detail to gauge their impact on your business. Utilising these reports can demonstrate the potential value of different construction sectors to your company and highlight shifts in your market share.

As a company, we recommend two main considerations that you should focus on when reading these reports: a) identifying market sectors that are growing; and b) pinpointing which companies are increasing their market share within stagnant sectors.

Understanding the unique opportunities available to your business in each sector is crucial—how many projects need your services? What is the business value of each project to your company? By compiling this information, you can create a more detailed forecast for your business, one that goes beyond general market trends and aids in resource planning.

Monitoring marketplace data can help inform further analysis and research needs.

Research and analysis to inform specification strategy

Measuring your performance against industry standards and keeping tabs on your competitors is important. Collecting market data also supports data-driven sales and marketing strategies.

Regularly conducting construction market research helps you stay informed about the sector you operate in. Understanding how key decision-makers in construction view your company, especially in comparison to your competitors, enables you to develop a strategy to distinguish your organisation and capitalise on available opportunities. Regular benchmarking research allows you to monitor your progress and reassess your strategy to ensure you’re meeting key performance indicators (KPIs) and increasing your market share relative to your competitors.

This research can be conducted quickly and affordably. You might gather insights from your frontline sales team or use an online customer survey to gather immediate feedback that can be tracked in real time. A Net Promoter Survey is one effective tool for determining how the market perceives you in comparison to your competitors. It is possible to carry out construction research on a modest budget and within strict time constraints, provided that you plan thoughtfully.

Market research should not be overlooked. It serves as the cornerstone of a solid strategy. Conducting market research is essentially about risk management; the better you understand the market you intend to enter, the lower your risk of failure and the greater your likelihood of success. Investing in research can save you a lot of stress and potential costs over time.

It is for this reason that we have chosen market research to be the first tool in our construction marketing toolbox. Download our reference sheet that provides information on the benefits of research and the key points that should not be missed when researching construction markets .

Further information

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