I recently attended an Economic Summit focused on commercial real estate and construction. Like the other attendees, I was eager to hear what the panel of experts had to say about the economy. As expected, uncertainty was the common theme relayed by each speaker. In reality, no one knows what the future holds for the AEC industry. The stimulus package has not really had the impact on construction many had hoped for when it passed Congress. While we cannot predict how soon the construction industry will rebound, we can start to plant the seeds to position our companies for business when the rebound happens.
For AEC marketers, this should involve developing and implementing strategic marketing plans and tactics. Previously, I’ve written about the importance of marketing in a down economy. Investing in marketing is even more critical as we start a recovery. While I doubt we will come out of this economic downturn as quickly as we have in the past, I believe it will be faster than most expect. Marketing has a critical role in an AEC organization. The role is being a strategic thought leader, and that includes vision. Firms need to invest in activities to build awareness, deliver messages and position the firm. These activities are even more important in a soft economy.
Now is a great time to invest in marketing. Many companies have cut back on marketing investments and activities. Just look at any industry trade publication and see that advertising is down. When advertising is down, there’s an even greater opportunity for you to stand out as you are competing with fewer messages. Trade show attendance is down significantly. However, by cutting out key industry shows, you may be conspicuously absent and send the wrong message to your customers. An interesting fact I’ve observed is that show attendance may down, but those attending the shows seem to be serious buyers.
Social media and digital marketing are also effective ways to maintain your company’s presence in the market place. All digital and social efforts, however, need to be part of the overall marketing communications strategy.
Consider using direct response tools to remind and inform your prospects and customers about your services. Share completed projects, news and resources with them. This can be effective to remain relevant, maintain your brand position and generate leads.
Most importantly, keep your sales team in front of customers. Your sales assets are your best link to the customer. While the customers may not be buying today, they will buy from those who continued to call on them.
Invest now in marketing to raise your image and provide your clients with good information, resources and advise. No one knows when we will rebound, but by continuing to invest in marketing you will be ready.
