Construction professionals aren’t usually as concerned with their firm’s brand as they are with other aspects of their projects like meeting deadlines, training workers, collecting payments, and upholding regulatory compliance. However, in today’s competitive economy, professionals in the construction industry may find themselves looking for ways to make their firm stand out from their rivals.
The purpose of branding is to cultivate an identity for your business that sells an experience. This can be a difficult goal to achieve for construction professionals, because the construction site is closed off and the experience doesn’t truly begin until after a project’s completion. At Cotney Construction Law, our Chattanooga contractor attorneys handle the legal legwork for your business so you can focus on what matters most, namely completing projects and growing your business and brand. In part one of this two-part series, our team will explore ways to strengthen your brand and expand your firm’s business.
Setting a Reasonable Budget
If you want to grow your brand, you’re going to need to dedicate a significant amount of funds to spreading brand awareness and creating an effective set of resources to establish a brand identity. Marketing is the most important aspect of growing your brand. Experts suggest spending roughly ten percent of your total revenue on marketing.
Creating a budget allows you to set spending goals and establish a commitment to marketing. We recommend drafting a budget with some leniency. If you put together a strict annual budget, you may be surprised to find that your marketing needs extend past your budget. Plus, if you set a finite end date for your budget, you are less likely to resume using it the following year. Analyzing your company’s finances to help determine how much you can spend on a branding campaign will help you generate a sense of what you are truly willing to invest in growing your brand.
How Should Clients Remember Your Brand?
Remember, the point of establishing a strong brand is to help sell the experience of your business. Construction companies want to be recognized for their experience and high quality work. Generally, construction brands ignore the topic of pricing. Affordable service is important, but can easily be misconstrued to mean “cheap” which carries a vastly more negative connotation.
Deciding what you want your brand to be known for can be difficult. Here are some of the common qualities brands in the construction industry prefer to focus on:
- Well managed
- High quality
- Nationally recognized
In part two of this two-part series, our Chattanooga contractor attorneys will explore additional ways to grow your brand and increase your construction company’s viability in today’s competitive economy.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.