As a Business Developer in the AEC industry, you are constantly faced with the challenge of keeping up with a rapidly changing market and staying competitive. To be successful, you’re not only challenged with finding more work, but you also need to find the RIGHT work.
Let’s dive into some essential tips to help you support your organization’s growth in the AEC industry and ensure you’re taking on projects that will have the greatest impact on your firm’s bottom line.
1. Understand Your Firm’s Ideal Market
As we’ve covered in a previous blog, identifying your firm’s Ideal Customer Profile (ICP), which we call Ideal Project Profile (IPP), is incredibly important for your success as a Business Developer. Defining your IPP increases your chances of winning the right projects.
These projects allow you to narrow down the target market of potential work, focusing your energy on the projects that will impact your business the most. Additionally, the right technology can make identifying your IPP incredibly efficient. These solutions typically have a scoring system and base a project’s score on many data points based on your firm’s specific historical project data.
Having a defined IPP is the most important tip we’ll give you in this article. It lays the foundation for any systems or processes you want to implement to create efficiencies in your workflow.
2. Research Your Competitors
Now that you clearly understand your firm’s ideal market, it’s time to start researching the competition. Who are the players in your market? Who are their clients, and what projects have they completed that align with your firm’s IPP?
Knowing the competition is an invaluable advantage for Business Developers in the AEC industry. Gathering information about competitors, such as product offerings and targeting strategies, can help provide insight into the potential direction and appropriate action that needs to be taken to maximize potential.
Furthermore, these insights provide a clearer understanding of existing market saturation and what strategies may be used to stand out from the competition. With this knowledge, business developers in the AEC industry can assess current strategies and identify ways of furthering sales efforts that remain profitable in the long term.
3. Leverage technology that works for you
The AEC industry is an incredibly complex and dynamic field where innovation is necessary for success. It’s one thing to use technology, but it’s another thing to use technology that truly works for you and your industry. AEC-specific technology, such as TrebleHook, is essential for Business Developers as it works with your defined ICP/IPP and gives you a score on perspective projects.
TrebleHook gives you a single location to access contacts and accounts associated with specific projects. As you can imagine, having associated project data at your fingertips will save you tons of time. When you’re leveraging technology that works for you, you’re saving time and money and pursuing more profitable projects.
4. Diversify Your Target Market
As you gain a better understanding of your ideal market, it’s important not to get too comfortable. Just because a certain type of project or client works for you now, there is no guarantee that it will always be the most profitable option. Diversifying your target market and looking outside the box for projects with different requirements, such as geographies or technologies, is important. Doing so allows you to capture a wider scope of potential clients and industry trends, leading to more successful projects in the long run.
5. Get a First-Hand Account of the Industry
Getting a first-hand account of the AEC industry is one of the most important tips for Business Developers that we can provide. You will better understand current trends and upcoming opportunities by attending industry events, reading trade publications, and engaging with active community members.
Moreover, getting involved in the industry will allow you to form a network of contacts and potential partners who can help you identify successful projects and provide valuable insight. An extensive network is essential for gaining access to the right opportunities and staying on top of industry trends, ensuring your firm remains competitive.
6. Utilize Existing Relationships
It’s important to leverage existing relationships to identify potential projects that may be a fit for your firm. Leveraging your network of contacts can help you access the right opportunities and increase your chances of success.
For example, if you have an existing relationship with a client, they may provide you with exclusive information on upcoming projects or industry trends. Furthermore, leveraging existing relationships allows you to create content that resonates with your target audience and develop compelling sales pitches to help you stand out from the competition.
7. Focus on Quality, Not Quantity
Business Developers in the AEC industry must focus on quality, not quantity. This means taking your time to research and understand the project requirements and deliverables before submitting a proposal. It is important to create a comprehensive sales process that outlines what you offer and how it will benefit the client.
Focus on crafting proposals that provide value and address the client’s needs rather than submitting as many proposals as possible. Quality over quantity will help you win more projects in the long run and establish a successful track record for your firm.
Business development in the AEC industry is essential for firms who want to stay ahead of their competitors. But with so many moving parts, it can be difficult to know where to start. These six tips are a great foundation for any business developer in the AEC industry.
And if you’re looking for a little help along the way, TrebleHook is here to give you a leg up on your competition. With our project pursuit solution, you can score projects based on your firm’s Ideal Project Profile, automatically log calls and emails, and get insights into your sales process that will help you close more deals. Ready to see how TrebleHook can help your business develop? Get a demo today.