How To Generate Targeted Leads In Construction Marketing

Business development can become a set of nice theories written by desk bound business gurus that have very little to do with the real world of making money and growing your business! The bottom line is that you have to find business opportunities from your current client base and develop new business outside of your "comfort zone." This need not be an unpleasant task or a huge struggle if you remember that lead generation is about finding people for whom you can solve problems. When you've identified a potential solution for a potential client who has actually expressed a viable interest, you've got a "hot lead."

Here are some places to look for problems to solve.

Who is currently doing work for the client prospect as a contractor, and when does their contract end? Try to identify all of the contractors working in your territory. Find out what their scope of work is, and how many staff they have. You can usually find out when their contract ends by asking the contracting officer. You may also be able to find out about any future procurement plans and what the criteria is for selecting contractors. Keep in mind, other contractors are not just competitors, they are also potential partners. They might not like you snooping around, even though they'll be doing it too, but may not mind high-level queries aimed at identifying partnering potential. A good source of information of course, would be company websites.

Once you are clear about the kind of work you are targeting, you need to identify what companies could potentially give you that work or be prepared to partner with you in a joint venture. Investigate company budgets, forecasts, and strategic plans. Many clients publish them and you can normally find this information on their web site. If you can't find the information, ask. That way you'll know what they want to do and how much they are preparing to spend on it.

Build an organisation chart of your target company which should include projects as well as staffing, and then begin an investigation to fill in the details. Talk to people. What are they working on? What do they want to see happen? Play dumb. Ask them how things are supposed to work. Try not to be a burden. Be helpful. Show interest, and let them do the talking.

Companies that are seeking to partner with each other are often prepared to share their contact base, as long as there are no conflicts of interest. It helps to know people at other companies and to talk about teaming potential, so when opportunities come up, you can pass leads back-and-forth. This is a great way to build trust and loyalty which are the foundations for good partnering.

In the USA construction markets the FedBizOpps.gov website is where the Federal Government posts all solicitations that it is required to announce. It is an excellent place to search for opportunities, however, when you see it there so can everyone else. To have a competitive advantage, you have to be doing your research before the announcement hits FedBizOpps.gov.

Bid Locator Services is another useful location for lead generation. These have similarities with FedBizOpps.gov, but may have better coverage of state/local procurements and may cover certain private sector industries. Just like FedBizOpps.gov, you shouldn't rely too heavily on a locator service. You need to do your homework before opportunities are officially announced.

In the UK construction markets there are a number of useful outlets for generating leads. Tenders Direct, BIP Solutions, Emap Glenigan, Barbour ABI Building Data and Builders conference are all good sources for construction leads. However, to have a real competitive advantage, keep your ear to the ground. A good source of information would be through your in-house database system which would include all your previous clients. Keep in touch with them!

Questions to have in your mind when researching prospects:
Why should the prospect select you?
How does your company align to the prospects' evaluation criteria?
How will the prospect benefit from what you propose?
What kind of return on investment can the prospect anticipate?
How will the project help the prospect achieve their strategic goals?
How do your plans align with theirs?
How do the features of your proposal align with challenges the prospect faces?
How do project elements align with the prospect's priorities?
How will your approach position them better for the future?
How is your approach more beneficial than your competitors'?
How does your corporate culture and values map to the needs of the project?
Are you reputable, above board and honest?
Can you provide any references or testimonials?
Has your company won any awards that are relevant?
Has your company had any articles published that are relevant?
Is this project large enough to be considered important to your firm?
Is this project so large that it will over extend your firm?
What kind of return on investment do you project for the prospect?
How will your firm invest in the outcome?

Developing a database with key contacts is absolutely indispensable to your business growth. One caution. You need to remain focussed and targeted and avoid the dreaded scatter gun approach. Once you have populated your database with good contacts, they need to be qualified through careful and consistent contact and then sorted into hot, warm and cold leads. Schedule recalls in your diary and keep on the case.