Determining what sets your business apart from the competition can help you find success in the construction or remodeling world. For companies that have niche specialties, this isn't much of a problem. Instead, the challenge might be finding customers who want what you're selling.
Finding success in a niche market requires a good strategy and some ingenuity.
The idea behind a niche market is there's something unique that customers are looking for, and your business is the most equipped to handle the request. Once you've determined which area of specialization you want to pursue, identify who your customer is, Construction Business Owner recommended. Ask yourself or your team:
If your business has an already-established customer base, review who you've worked with in the past that would match your ideal client now. Reach out to these people; they can give you deeper insight into common problems that customers in your niche face. This will help you customize your services to meet prospects' needs.
When shifting business strategies from a more general approach to a specialized one, you'll likely still receive requests for services that are outside your new niche. Likewise, if you're just starting out, some new prospects may have ideas that don't align with your unique services.
It can be tempting to say yes to these projects because you don't want to turn away business. However, turning down certain jobs because they don't line up with your business strategy can be worthwhile in the long run. By focusing only on your target area, you'll build expertise and a reputation for that unique offering, ForConstructionPros.com pointed out.
Turning down business doesn't always mean you'll miss out on a relationship. Make connections with other niche businesses that cater to areas that you don't. This way, when a prospect approaches you about a project that doesn't fall into your area of expertise, you can give them a good recommendation. When those customers have needs that you can solve, they may remember that you're the expert for that type of project. Additionally, the companies to which you recommend certain prospects might return the favor.
While you don't want to stray too far from your core business model, it's also smart to listen to the unique needs of prospects who come to you with projects in mind. By neglecting to do so, you may miss out on a specific problem you're well-equipped to solve.
Steve Humble, president of Creative Home Engineering, told Professional Remodeler about his experience in entering a niche home improvement market. CHE specialized in secret entrances within homes, sliding bookcases and hard-to-see doorways that lead to hidden rooms. He envisioned his company to be focused on home security; if a burglar doesn't know there are precious items behind a set of built-in shelves, they can't steal them.
But as CHE began accepting projects, Humble noticed a surprising theme; many people wanted fun entrances to kids' play rooms, and doorways that sparked the imagination. He decided to cater his talents to what the market wanted, but he never sacrificed the security element to his unique doorways. In time, his company gained the reputation they were striving for: high-quality, secure secret doors. By listening to his customer's needs, Humble was able to build a successful business in a niche industry.
Tailoring your services to your customer isn't limited to the types of projects you do. It's also about making the experience as smooth and enjoyable as possible. One of the ways construction and home improvement companies can do this is by offering financing programs to help make the cost of a project more affordable. To learn how to begin offering financing programs to your customers, reach out to Aqua Finance.