Competitor analysis for construction companies
A thorough and ongoing investigation of what your competition is up to and how they are performing is time-consuming, but it’s critical to your growth and should never be side-lined as a ‘nice to have’. With competitor analysis, both threats and opportunities can be highlighted, and action taken, whilst there’s still time to do so.
What is competitor analysis?
Competitor analysis involves identifying and researching competitors in your industry to figure out their marketing strategies and using this to improve your own so you can win leads over them.
Through competitor analysis, you can identify your competitor’s strengths and weaknesses so you can come up with a solid marketing strategy.
Why is competitor analysis important?
Competitor analysis gives you the intel you need to beat your competitors and be the first choice above them. It’s crucial for spotting market trends, benchmarking your performance, finding hidden opportunities, and dodging any potential threats.
It also helps you understand what your customers want so you can fine-tune your marketing strategy towards them.
The benefits of a competitor analysis
Competitor analysis in construction is an ongoing process where your company continues to monitor its competitors so you can keep evolving and growing. Although it may seem like a pain, it actually has numerous benefits attached to it.
- Identify emerging trends to stay ahead of the curve
- Measure your performance against industry leaders to set realistic goals
- Identify potential threats early
- Gain a better understanding of your customer needs
- Refine your business strategies by learning from competitors’ successes
Our construction industry competitor analysis process
To carry out effective construction competitor analysis, we have a process we follow to ensure we get all the intel we need for further marketing. This includes:
Identifying your competitors
First of all, we need to know who we’re up against. We’ll do a thorough search to find out who your competitors are – both direct and indirect. Direct competitors are the ones who provide the same services as you whereas indirect may sell comparable goods but focus on a different market segment or offers different services but has a similar target audience.
Examining their digital presence
We’ll use various tools to interrogate competitors’ website performance and features, general online presence, and their marketing efforts including their use of advertising and PR. More manual efforts can be as simple as monitoring your competitors’ social media activities, but ideally should go to the levels of ‘mystery shopper’ activity and win/loss analysis to have a rounded view of not just their offering, but their customer service experience, processes and how they are perceived by their customers.
Review sites online
We check out customer reviews and testimonials on Google, Facebook, and review sites to see what people are saying about your competitors. Are they getting great reviews or facing a barrage of complaints? Online reviews shed light on the customer service a business offers so that you can pinpoint areas where they went wrong to avoid the same mistakes.
SERPs positioning
Lastly, we’ll dive into the world of search engines to see where your competitors stand. We’ll analyse their search engine results pages (SERPs) positioning to see who you should keep a close eye on. Understanding their SEO game can give us clues on how you can climb the ranks too.
Obtaining and recording this information and continually monitoring the competition in your marketplace will ensure your business stays ahead of the game.
Why work with The Digital Lookout
Unlike generic digital marketing agencies, we have the knowledge and experience to help construction companies build a better online presence. We get results because we know what we’re talking about.
FAQs
How do you identify competitors?
We conduct a search to identify all relevant competitors in your market. We use industry reports, market research tools, and our own expertise to find all relevant competitors.
What does examining a digital presence involve?
Examining a digital presence can mean evaluating your competitors’ websites, social media profiles, online ads, and any other digital footprints. It gives us a look at their overall digital strategy to understand what they’re doing and if it’s working.
How long does the construction competitor analysis take?
The competitor analysis can vary depending on the scope and depth of analysis required. It can take anywhere from a couple of weeks to a couple of months to gather all relevant insights.
How often should competitor analysis be carried out?
Competitor analysis isn’t a done-and-forgotten-about task, it’s recommended to carry out regular competitor analysis to stay relevant and competitive in the market. We recommend carrying it out once a quarter to once a year.
Can competitor analysis help me improve my marketing strategies?
Absolutely. By understanding your competitors marketing tactics, you can identify any potential gaps in your own. The insights you get allow you to refine your marketing efforts to gain more leads.
Will competitor analysis help me with pricing strategies?
Yes, competitor analysis can provide valuable intel about your competitors’ pricing structures. By understanding how your competitors’ price their construction services, you can adjust your pricing strategy to be more competitive, whether that means positioning yourself as a premium option or offering more cost-effective solutions.
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