Business research is great for understanding the wants and needs of your consumers. This allows you to create a product or service that fits the mold of what customers are looking for.
With any business, there’s a risk of failure. However, market research allows you to make informed business decisions using accurate and up-to-date construction industry information.
While market research gives you insight into past and current construction trends, it also allows you to forecast future trends. This allows your construction business to make necessary adjustments to your product or service before it’s too late.
DEC International is a database publisher and market research company that helps businesses in the construction industry generate more leads and revenue. Get connected with a DEC associate today to optimize your market research efforts!
Primary research is self-collected data. This could include surveys, interviews, focus groups, and more. This is a more time-consuming and costly process, but it achieves results specific to you and your market.
Secondary market research is the most common type of research method. A trusted source publishes construction-based research in an article, journal, book, or other form of media. It encompasses information from a variety of sources and other research studies.
Every construction business has its own purpose for conducting market research. More often than not, construction companies use market research to:
Many construction businesses use market research to monitor local competition. The construction industry, best practices, and products and services change all the time, and it’s crucial to keep up with what your competitors are doing to boost competition and revenue.
Market research is great for testing new additions to your construction company’s product or service line. This allows you to see how consumers react to the new product or service or what could be changed to improve it.
Consumer perception of your business plays a significant role in its success and business growth. Market research allows you to improve your brand awareness, competitive comparisons, personification, and marketing collateral.
Understanding your target audience lets you know the best way to reach them and what they may be looking for in different products and services. Defining their demographics, such as their age, gender, location, and more, allows you to create a marketing strategy that aligns best with your target customer’s goals.
It’s one thing to develop a marketing strategy, but it’s another to measure its effectiveness. Without measuring the impact your business plan has on profits, you can’t understand what’s successful and what can be changed to increase profits. Not measuring your construction business’s marketing strategy could result in wasted time and decreased profits.
Market research helps you identify new market opportunities. This includes identifying regions for expansion and testing the market’s readiness for new products or services.
DEC International compiles several reports to help companies streamline their marketing research efforts. These reports include:
- Planning and Zoning Report: This is a comprehensive report of pending and approved zoning, variance issues, land disturbances, subdivision approvals, Special Land Use Permits (SLUPs), Development of Regional Interest (DRI), Certificates of Need (CON) filings, and substantial rumors of significant construction.
- Permit Facts: This product shows accurate information on construction activity from Georgia small businesses to residential construction.
- Atlanta Housing Report: This report compiles Atlanta-based permit data from hundreds of sources, including cities and counties throughout Georgia.
- Business Facts: This is a report of business status changes and new companies throughout the Atlanta metro.
Contact us today to learn how you can become a DEC member and access these reports for your B2B lead generation strategy!
DEC International is a database publisher that collects information for businesses and organizations that are targeting B2B selling or the Georgia construction market.