Marketing research is the gathering of information about the marketing of a product or service. It deals with both quantitative data and the more subjective qualitative data. And for the building construction market, current economic conditions strongly influence the construction market outlook.
Learning and providing what clients want leads to a more successful business. You have options in obtaining this information. You can pay someone else to gather construction market data or you use your own judgment based on your experience. The first method can costs money. The second is informal market research that lacks adequate information. A third way to gather relevant construction market research is by doing your own construction market analysis.
Construction market research can show you:
1. a more complete picture of your clients
2. whether your construction business offers what clients wants
3. how you stack up to other businesses in the global construction market
Find out what you need to knowGive your market research some direction by determining what type of information you need about your business and the construction market. Perhaps you want to launch a new product or service for your business, or you may want to know why potential clients don't seem to know about you.
Small Business Administration (SBA).
Research what's already been doneDon't reinvent the wheel when some of the information you want is yours for the asking. Review business information provided by your local media. You gain insightful information and new leads for information at the same time. Read or watch national media to learn about the global construction market.
Survey construction market trends and moreAfter you've gathered relevant information from other sources, look for gaps in the information you still need. Chances are this is the subjective information, also known as qualitative data that comes from people's opinions. Decide on the best research methods for gathering this information.
Analyze construction market dataOnce you have collected data, find a way to organize the results to provide the information you need. Focus on consistency and quantification. Twenty people making a similar statement is a stronger result than the opinion of one person. Make conclusions from tabulated results.
- Doing your own construction market research is time consuming, and it may be time you just don't have. Find a way to fund outside market research into your region or the global construction market.
- If you have a university in your area, contact marketing education in the business college and see if they have information about the local building construction market or can help you with yours.