Differentiation: Established Vs New Business?
When you have worked hard to build your construction business, it can be a scary feeling to wake up one morning and find you are no longer “the new kid in town,” full of shiny ideas, techniques and the latest equipment. Before you get into panic mode, however, consider how shifting your marketing strategy can make all the difference. Deep experience. A portfolio of projects you are especially proud of. An understanding of customer needs. By refreshing your approach to marketing to emphasize your value as an experienced contractor, you won’t just stay afloat—-you’ll up your game.
Experience Is A Good Thing!
With nearly 100 years of experience under our belt in the surety industry, Colonial Surety Company knows a thing or two about going the distance, even in the face of ever increasing competition. In our experience, the key to keeping your business competitive is carefully focusing on the markets you can serve uniquely and best, and making strategic decisions accordingly. With a clear strategy for winning in hand, it’s easier to market your business, since you won’t be diffusing your efforts in a desperate attempt to mimic your latest competitors. Keep in mind too, as professionals at Buildertrend point out, that as an established business, you have many competitive advantages, and you need to highlight them with thoughtful marketing tactics. For example, you can differentiate your brand from newcomers by shining the spotlight on your reputation and track record, deep portfolio of high quality work, financial stability, and community commitments, as well as your ability to keep pace with technological advancements.
When you’re ready to freshen up your marketing strategy to ensure it drives attention to the unique strengths of your well-established construction company, consider these eight “competition crushers” suggested by Buildertrend:
- Reputation and track record
Highlighting a long history of successful projects and satisfied clients can instill trust and credibility….
- Specialized expertise
Demonstrating…expertise in specific construction niches or techniques can set older businesses apart…Showcasing this expertise can attract clients….
- Robust network and relationships
Experienced builders often have extensive networks of subcontractors, suppliers and other industry pros….Leveraging these relationships can lead to better project outcomes….
- Financial stability
Established contractors can demonstrate their ability to withstand market fluctuations, access capital for larger projects and provide assurances of project completion….
- Technology adoption
Embracing cutting-edge construction software can enhance efficiency, accuracy and project management capabilities.
- Quality and craftsmanship
Clients value reliability and superior craftsmanship, and contractors with a reputation for excellence can command premium pricing and repeat business.
- Community involvement and sustainability
Engaging in community initiatives and promoting sustainable construction practices can enhance the reputation of a builder who’s been around for a while.
Word To The Wise: You Still Need To Answer The Phone
It’s so basic, but as many businesses are getting so caught up in chasing trends that they are forgetting basics, it’s best to remember: you still need to answer the phone. As Construction Pro Nick Howell from T&N Asphalt services points out, just this act alone is highly likely to result in more customers for your business:
Answer calls promptly and respond to them in a timely manner. This is the cornerstone of attracting more work. If you are responsive, you are almost always ahead of your competition. I can’t even begin to count the number of times a caller has expressed frustration that other contractors never even returned their call. And most of those people are now our clients.Maintain the initial level of responsiveness by promptly providing a quote — not weeks later but days later (or even hours later if possible).
Ready for Bigger and Better Projects?
In construction, surety bonds are more than mere paperwork; they’re a testament to your financial stability and commitment to completing projects. Colonial Surety Company helps construction companies of all sizes improve bidding capacity, and demonstrate reliability. Our Hometown Bond Program provides local builders with credit based underwriting bonds for up to $250k—no financial statements required.
Got something bigger in mind? No problem. We’ve got something special for you too.
Receive Free Business Credit Scores instantly, just for submitting an easy, speedy Pre-Qual for a surety line of credit in writing. Once qualified, welcome new projects in, as you leverage all the benefits of The Partnership Account® for Contractors, including:
- Written Bonding Limits: Receive your single and aggregate bonding limits in writing.
- Instant Bid Bond Issuance: Gain the ability to issue your own bid bonds within minutes, using our powers of attorney.
- Real-Time Visibility: Use your private dashboard to view your underwriting profile and insightful financial data in real-time.
Surety Bond programs for construction businesses of every size are right here:
Bonding Programs at Colonial Surety Company
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed.
