How a Construction Company’s SWOT Analysis Paves the Way for a Brilliant Marketing Strategy

Is SWOT analysis important for your construction marketing strategy!

SWOT Analysis and How It Empowers a Construction Marketing Strategy

Individuals are aware of most of their strengths and weaknesses. And works as per opportunities, and takes care of himself as per threats he can sense. Likewise, every construction business shall also analyze and act to minimize problems, increase productivity, cut competition and gain profit. Here we are talking about SWOT analysis. Let’s delve further into how a construction company’s SWOT analysis paves the way for a brilliant digital marketing strategy.  

In this blog, we will answer the following:

What is a construction company’s SWOT analysis? 

How SWOT analysis empowers a construction marketing strategy

The construction industry keeps seeing ups and downs. The Housing Bubble effect of 2008 put a major dent in the progress of the US construction industry. But ever since then, the industry has managed to knock down all the factors hampering growth. Even with fluctuating revenues, most construction companies maintain profitable businessesThe reason behind this robust business flourishing is because no matter what, they will be always be called to deal with construction-related issues, be it commercial or residential. States like California and Texas are seeing major projects coming as construction means the overall development of the area.  

So, construction company’s SWOT analysis is very crucial. It’s helpful not only for offline marketing strategy but also online. Let’s start with: 

What is SWOT analysis?

To understand the construction company’s SWOT analysis, first, we need to understand what SWOT analysis is? It all started in the 1960s when Albert Humphrey of Stanford University developed the SWOT analysis as a technique for strategic planning tool. The concept is basic, easy to apply and use for any business.  

SWOT stands for the following four things:

  • Strengths 
  • Weaknesses 
  • Opportunities 
  • Threats

All these factors are not just relevant to business, but can be used to analyze situations, organizations, or a person’s career. However, one can use SWOT analysis as per their requirement, to gauge any situation or crisisBut there is no denying that SWOT is most useful when it comes to business firms.

Here is what to do if you are struggling with your construction marketing strategy.

What is a construction company’s SWOT analysis?  

No business can succeed without planning at various stages. Most businesses try to develop unique, hyper-targeted marketing strategies. Planning here is nothing but setting goals, allotting resources and workforce, and more importantly, prioritizing. So, is a SWOT analysis really required? If yes, then how can you do SWOT analysis for a construction company? 

Yes, SWOT analysis is the ultimate need for a construction company as it can reveal some of the critical factors that can help in creating a marketing strategy.

How to determine your construction company’s STRENGTHS

Not every construction company is in the business of building structures. Some are into construction services, rentals, and providing human resources too. Thus, each company has to determine its strengths respectively. And, no matter what your construction firm deals with, management, efficiency, quality, and on-time delivery are the most-valued virtues as well as strengths.  

The biggest strength of a construction company nevertheless is in its flexibility to choose clients, and the dependency of other sectors and industries on them. A construction company can work with an IT firm or a media house.  

Consider these points to determine your construction company’s strengths:

  • What is successful for your company? 
  • Do you have a talented team, good work culture, expertise, network, and brand reputation?  
  • Do you have a competitive edge over your competitors?
  • Are your finances strong?  
  • How trustworthy are you for your customers/clients? 

What are the WEAKNESSES of your construction company?

Like a company’s strengths, the weaknesses will also vary between different businesses. For any business, poor management is a weak point that can cost them big. So, concentrating on poor decisions at the management level should be done. The construction industry also gives a lot of weight to established professional ties. At times, matters can be taken for granted by either party.  

The most crucial factor a construction firm should pay attention to is how well crisis management works in the organization. Any project is prone to disaster, and a team incapable of handling mistakes will incur trouble.

To identify your own business weaknesses, ask yourself the following questions:

  • Where is the scope for improvement? 
  • Does your business need to be competitive? 
  • Are your clients/customers happy with services and products?  
  • How efficient are you? 
  • Do you have a team that works diligently and in tandem? 
  • Your business address is the ideal location to lead projects! 

Follow the OPPORTUNITIES as they come or create them!

In the construction industry, seeking out and creating your own opportunities is very important. Gauge current market trends to bring out more opportunities for you to grow. Clients are not going to fall from above; your company has to coax and cajole them into working with you.  Attracting clients and customers is all about more significant opportunities. The digital marketing strategy for construction companies can flourish only at the cost of opportunities.  

Besides focusing on clients, a company can also improve its networking skills. The better the network, the better the chances of gaining projects and leads.  

Here are some questions to ask yourself to help you sense opportunities:  

  • Is branding for your construction company compromised? 
  • Do you see  your target market or audience growing?  
  • Are you up-to-trend, catering to the right masses? 
  • Can you take challenges with a leap of faith?
  • Are you willing to try something new? 

Interesting read: Construction companies shouldn’t make these costly digital marketing mistakes

Know your construction company’s THREATS

Like opportunities, threats are an external factor. A construction company is wary of situations like an economic crisis, a natural disaster, and political unrest. However, some threatening issues can come from within your company itself. Here is one SWOT analysis example: If you are providing labor-supply services, and unable to manage your own people (who are making your business successful), or have unreliable contractors and subcontractors, then it’s a possible threat 

Here are some questions to help you identify business threats:

  • Are competitors lining up to have your share of the pie in the market? 
  • Have you considered price fluctuations? Do you have suppliers who are supplying you with the best at the best prices? 
  • Are you up-to-date with modern technologies? 
  • Monitor market trends that may become a threat later.  
  • Consumers should become cynical of you. Your brand identity and reputation matters.  

How SWOT analysis empowers a construction marketing strategy

Performing a SWOT analysis of a construction company can have multiple layers right from the ground level all the way up to the management level. To conduct a successful SWOT analysis of the company, get experts to do brainstorming. Because a profitable business doesn’t happen overnight.

You may have started your construction business out of sheer passion, but only a properly planned and robust digital marketing strategy will give you money. Brainstorming will give you a list of strengths, weaknesses, opportunities, and threats to ponder. With the help of construction marketing strategists, your research then can be simplified to a cohesive, focused, and data-driven plan.  

Concluding this blog, here are three vital points that a construction company shouldn’t ignore while doing SWOT Analysis: 

  1. Capital – A construction company is doomed if there is a lack of money.  There can be no progress if there is no investment.  
  2. Issues – A construction company shouldn’t be affected by political, environmental, and labor issues.  
  3. Technology – The digital age is here and manifesting. Mold your business model to adopt emerging new technologies and reap the benefits. 

That’s how a construction company’s SWOT analysis can pave the way for a brilliant marketing strategy. 

Crafting a digital marketing strategy for a construction company is our forte. CMGurus is a marketing agency with certified SEO and PPC experts for construction companies. Do let us know your requirements.