Embed Size (px)
Citation preview
Not Your Father's Construction Company: Marketing & Business
Development Approaches Required for the Competitive Edge
Danielle Feroleto, Small GiantsJames Murphy, Willmeng Construction
To Earn CEUs for this Session
Participants must:1. Check in with attendance proctor at the door.2. Attend at least 95% of the session.3. Complete the post-program evaluation.4. Complete a brief assessment with a score of 75% or greater.
The Associated General Contractors of America (AGC) has been accredited as an Accredited Provider by The International Association for Continuing Education and Training (IACET). In obtaining this accreditation, AGC has demonstrated that it complies with the ANSI/IACET Standard which is recognized internationally as a standard of good practice. As a result of their Accredited Provider status, AGC is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standard.
Learning Objectives
By attending this session participants will be able to:1. Analyze the changing demands of business for contracting firms that specifically impact
the way in which marketing and business development are approached, communicated and executed.
2. Determine the most effective uses of a variety of marketing activities and how to measure these activities to assess cost-benefit of each.
3. Examine the trends of interactive marketing activities GCs are employing to build awareness, including social media, interactive collateral, and responsive websites.
4. Build a marketing and business development strategy to successfully execute and win work.
Biographies
James P. Murphy, MSPresident/CEO, Willmeng Construction
Danielle Feroleto, MA, CPSMPresident, Small Giants
The “Old” World of Contractor Marketing
Does ”Day in the Life” Look Like This?
Reality of Marketing • Vernacular – What is Marketing?• SOQs – Marketing?• No synergy of Company strategy, marketing, BD• “We don’t sell work through our website” (5 yrs old)• Scattered—brand & messaging• Inconsistent marketing effort • Dated marketing approach• Response: hire young (technology and cheap)• Measurement: Intangible
Does ”Day in the Life” Look Like This?
Reality of Business Development• All things are shiny…• BD: a lot of relationships, but no direction• BD professional is a “people person”, no technical knowledge• BD doesn't get the support• Lunch meetings, no leverage• Pass off to Precon/Estimating to “close”• Forced when work is needed, absence of work• Measurement: “what have you done for me lately?”, waste, lack of ROI• Intangible ROI Equation = ($50,000 Backlog/Marketing Expense)^4
What Research Tells Us About What Marketing
Demands
Research Shows:
Digital
Technology in Office & Field
Construction Management
SoftwareQualifications
Early Awareness of
Projects
Real-Time News Capture
Marketing Has Forever Changed
Self-Generated
News
Multiple Channels
Measurable Everything
Brand “Prove it”
Accountability
Precision Advertising
Defining Roles
WHY?
Marketing Vs. Business Development
• Marketing• Brand Awareness• Collateral• Drip Campaign• Public Relations
• BD• Networking• Lead Discovery• Project Targeting • Client Retention
Marketing vs. Business Development: Natural Behavior
Marketing Business Development
Marketing vs. Business Development: Natural Behavior (DISC)
Marketing Business Development
Where We’re Going
Layers to this Issue
The "Who"
Feedback
Strategy
Retention & Recruiting
Marketing & BD Activities
The Who
Understand the Who in “YOU”
Your WHO
Focus Group
Client Feedback Differentiation
Positioning
Know Your Story
Process: What Do You Do with the Feedback?
Build firm's brand
awareness
Anticipate & respond to
growth
Identify potential
opportunities
Properly retain existing
clients
The Strategy
Definitions
Strategic Plan• 3-5 Year Outlook• Defines Firm’s Relationship to Its Markets/Clients• Creates a Distinguishing Culture and Image• Provides Communication to Entire Firm
Marketing/BD Plan• The One-Year Increment• Features Specific Action Items
Why Is a Marketing Plan Important?
The Key: Effort Unit
Strategic Planning Delivers Results
• Strategic Plan = Efficient = Cost Effective with a layered ROI
Strategic Planning Delivers Results
• Strategic Plan = Efficient = Cost Effective with a layered ROI
Business Development
Business Development
• Executing strategy consistently• Marketing compliments BD • ID key decision makers, build network early• Establishing trust = time• Qualifying opportunity• Clear direction• Diligence, persistence
4 Levels of Marketing
Copyright 2016
Marketing Influencers
Marketing
Collateral
Client Satisfaction
Social Media
Networking
Community
RFPs/RFQs
Associations
Public Relations
Awards
Website
Copyright 2016
4 Levels of Marketing Activities
Awareness
Interest
Desire
Need
Copyright 2016
An Example of Feedback + Strategy + Marketing + BD + Execution
“Execute Healthcare projects exceptionally” (Feedback)
1. Healthcare services needs ad campaign
(ad) In February (Awareness)
2. Present Healthcare trends at
Healthcare Executives
Conference in May (Interest)
3. BD professional
tour of completed Healthcare
projects to top prospects in Aug (Desire)
4. Presell and proposal
response to Banner by Nov
(Need)
Measure success and
adjust
Copyright 2016
Marketing Calendar
Marketing Budget
• Timing• Cost
• 3 Approaches:• Percentage Method
• % of Overhead• Historic Method
• Based on year previous• Goal Based Method
• Most comprehensive and realistic• Each item in the plan has a cost• Audience-centered activities
What’s Trending
What’s Next? Trends in Marketing
Social Media Channels
Retargeting
Interactive Collateral/Microsites
Responsive WebsitesBlog
Video
VR/Drone/BIM
Measurement & Return
Direct Measurement
• Identified Opportunities• Number of Wins• New Clients• Volume Increase• Increased Perception/Awareness
Indirect Measurement
Client Retention
New Client BD Efforts
Staff Recruiting
Staff Retention
Spectrum of ROI
Measure and Adjust: Analytics
• Web Analytics• Social Media
• Facebook• Twitter• Instagram• LinkedIn
• Eblasts• Video
Website Analytics
Website Analytics
CFO Equations?
• Justified Marketing Budget = (Recruiting value [Millennials] + Recruiting Value [Employee Prospects that Find You] + Staff Retention [Letterman Jacket, Brand Pride] + Client Retention [Marketing Brand, Desired Image] + Pre-Sell Targeted BD Activities [BDEUs x .25] + Market Perception WIP [Client Comes to You] + Value of Perception [Perception is Reality for a High Performing Firm] +
• Justified BD = Value of an account [Existing Relationship Value, Pipeline] + Value of a New Account [Relationship Value, Pipeline] + Projects Landed [Presell Network {BD Past and Current} + Market Perception {Past and Current Marketing}] + Value of the Ability to Add Market Sectors [Targeted Marketing + BDEUs] + Value of Proper Resource Utilization [Carry Cost of Estimating, Accounting Staff, and Project Teams]
“There are people who make things happen, there are people who watch things happen, and there are people who wonder what happened. To be successful, you need to be a person who makes things happen.” ― Jim Lovell
Take Aways
• No Longer “The Norm” Approach—limiting your growth & success
• Right people in the right seats• Get Feedback• Know and Execute Strategy• Measure, measure, measure• Adjust
Questions
