Welcome to Part 1 of our blog series, The Power of Strategic Targeting and Data-Driven Decisions. This article will discuss where you can identify useful, actionable tactics for client retention and growth in the construction services industry. Whether you are working with building owners, property managers, engineers, or property groups, these insights and strategies are designed to help you excel. In this series, we’ll dive deep into practical approaches that can enhance your business development, improve client relationships, and drive growth.
Recently, WCP Building Renewal’s CEO, Dave Notte, had an in-depth discussion on these very topics with Breakthrough Academy in their latest podcast episode. You can listen to the full episode here.
Stay tuned to our blog over the coming weeks for Part 2 and Part 3 of our series where we explore:
+ Relationship building and networking
Reviewing the importance of nurturing connections and participating in industry events to build long-term business relationships.
+ Effective engagement techniques
Exploring the value of cold outreach, educational webinars, and other engagement methods to position your company as a trusted advisor.
Let’s dive into our first topic: strategic targeting and data-driven decisions. By focusing on the right clients and leveraging data, you can optimize your resources for predictable and repeatable business and sustainable growth.
1. Strategic Targeting & Data-Driven Decisions
Let’s dive into our first topic: strategic targeting and data-driven decisions. By focusing on the right clients and leveraging data, you can optimize your resources for predictable and repeatable business and sustainable growth.
+ Strategic Targeting
Focus on identifying clients with the potential for repeat business. You are looking for clients who own and manage their real estate portfolios, in that way you are dealing directly with decision-makers. We call these accounts high-enterprise value accounts because they can offer recurring and predictable revenue. These accounts own multiple buildings over a broad geography. Once identified, you target these accounts with your business development efforts, working to “land” the account by ensuring they recognize you as an industry expert.
+ Data-Driven Decisions
Utilize your company’s historical revenue data to determine the lifetime value of your clients. Once you identify your highest value accounts (those which repeat most frequently and predictably), you will have a better idea of which accounts to target. The ability to understand and leverage your data empowers you to make informed decisions on your client acquisition spend. When you know a certain client type repeats frequently, you will be willing to spend more on marketing and business development activities for similar clients. In short, your return on investment starts to become clear.
2. Value-Added Engagement
Now, let’s look at how we can infuse value to our outreach when approaching prospective business or continuing connections with current clients.
+ Newsletters and Emails
Engaging potential clients through well-crafted and thoughtful newsletters and emails can help to elevate your brand as an industry expert. The goal of these communications is to offer valuable information, tools, and news that deal directly with clients’ pain points and offer solutions to their problems. With time and consistency, the marketplace sees your company as experts, making your business development efforts more effective.
+ Webshops
Webshops (or Webinars) are an exceptional method of showcasing your company’s expertise. A webshop centered on a specific problem your clients face, a problem that you can solve, instantly elevates you as the expert. Once your expertise is established, trust goes up, and your high-value potential clients are more willing to continue the purchasing journey.
+ Warm Outreach
With the value-added engagement tactics we have discussed, your cold outreach efforts become warm. Whether you use email, LinkedIn, or the phone to connect, your conversion will be improved because the market sees you as an expert, a valuable resource, and wants to do business.
Strategic targeting and data-driven tactical decisions empower building contractors, building owners and property managers to maximize efficiency and profitability for the company. This approach is prevalent and extends across multiple industries. By analyzing historical revenue data, they can identify high-value clients and focus efforts on those with the highest customer lifetime value. This targeted approach ensures marketing and business development resources are spent wisely, increasing the ROI ( Return on Investment). Engaging directly with top level – decision-makers of high-enterprise value accounts enables predictable and recurring revenue streams.
Remember, building strong relationships with clients is about first targeting the right clients and then understanding their needs and demonstrating your expertise. These potential high-value accounts need to see that you can solve their construction-related problems.
Stay tuned for Part 2, where we’ll discuss the importance of relationship building and networking.
If you have any questions, we can be reached at [email protected] or 604.420.5552.
