Leading Luxury Builders To Great ness
FREE GUIDE LEARN HOW TO INCREASE YOUR CONSTRUCTION PIPELINE Learn how to increase your construction pipeline and improve your win percentage,
INCREASE YOUR CONSTRUCTION PIPELINE Most builders don?t have t he research required t o underst and t heir market and compet e. Do you have a clear strategy that supports the types of projects you want?Is hope part of your strategy?Your plan, focus, and execution will determine success or failure. Many Luxury Home Builders nationwide struggle to generate a steady pipeline of qualified prospects and turn to marketing for help. Unfortunately, most don't get the results they seek. Cert ified Luxury Builders (CLB) has t he answer.
Increase Your Pipeline & Improve Your W in Percent age SITUATION Many luxury builders don?t have a clear strategy that supports the type of projects they want to pursue. In fact, most commonly, builders employ ?hope?as their standard strategy for bringing in new business. They hope clients will call to ask them to bid on projects. They hope clients will call back after the bid has been submitted. And, then, they hope the work they have completed will keep clients calling back for another job or referring them to a friend. But waiting for potential clients to call is not a strategy that will keep your pipeline full of profitable work.
PROBLEM SOLVER To set yourself up to win the right volume of work at the right margins for your business, you must take control of your company?s destiny by proactively managing your future. This includes creating a list of target clients you want to do business with; defining the project types you want to work on; outlining your target market location; determining the project size on which you can compete and perform well; and identifying the niche areas in which you have the most potential to make high margins against few competitors. Then define a list of partners and influencers who have relationship already and who are motivated and want you to help solve theirclient?s problems. One goal of a strong strategy is to win the work you want at the highest possible win percentage and to develop loyal clients who continue to hire and refer your company regularly throughout the years. Being selective and making strategic decisions about which jobs to pursue will increase both your top and bottom lines. For a winning strategy, you should develop specific criteria, which you can incorporate into existing sales and marketing strategies. Use a step-by-step approach to target clients who will provide your company with a volume of profitable projects and negotiate contracts fairly. To narrow down all available opportunities to the few you truly want to pursue, use your best-fit preferences to develop a client/project selection filter. By clearly defining the projects and clients you want to go after, you can focus your efforts on winning work with higher returns on your investments. For instance, does your company have a client marketing strategy?What type of construction projects do you want to go after?How do you want to win work? Do you have a sales funnel website?Do you provide frequently asked questions to educate buyers and filter out tire kickers and people who only want the lowest bid. Learn how to better screen your answers to these questions and more by reviewing the following three areas of your business.
PROJECTS Determine the types of work in which you can specialize to become a recognized expert and leader in your marketplace. This may include specializing in difficult projects by gaining certain qualifications, certifications, technical expertise, etc.? all of which will reduce the number of viable competitors you?re bidding against. Examples of these project types include high-end projects like luxury condos, custom remodels, luxury residences;highly technical or custom fast-track projects. When there are no qualifications and/or limited requirements for being unique, there tend to be too many bidders.And, a list full of unqualified bidders decreases the odds of winning work and making money. As such, work diligently to get your company name associated with a specific type of work, challenge, and of course a 5-star client experience.
CLIENT To be successful, you should st rive for 80% new client s every year and 20% repeat , loyal client s. A strong strategy focuses on converting first-time clients into repeat clients, and then into loyal clients, who use only your company. One of your biggest goals will be t o compet e and negot iat e on 50%, t hen 25% and finally no more t han 2% of your cont ract s as your pipeline grows wit h best -fit client s. Determine who are the best-fit potential clients within your project niche who will likely award you more work or negotiate with your company instead of seeking numerous bidders and awarding projects based on lowest price. Also consider clients who have high qualification requirements, are very particular about who they do business with and are hard to get meetings with. These are usually the clients who need your value-added services and with whom you can build long-term trusted relationships. Understanding their persona including lifestyle, income, and value of time is critical. Examples of these client types are people who need full-service design, engineering and ongoing construction services; those who demand high qualifications like safety, special employee capabilities, referrals and/or technical qualifications; and those with high barriers to entry. Use the following questions as a simple guideline when determining which clients to take on. -
Have we done business with this client or someone they know before?If so, was it successful?If not, do they have repeat or loyal client potential? Does one of our partners have a relationship with them? Do we have a high win rate with them or the partner? Are they willing to negotiate on future projects? Is there potential for a high profit margin? Are we perceived as the best choice to build and handle this type and size of project? Will the client meet with us to present and review our proposal?
EDGE As you seek to propose and negotiate on more construction contracts, determine what your potential clients want. Today, luxury clients want and expect you to meet a fast schedule, provide quality craftsmanship and maintain a competitive edge. To convert a repeat client into a loyal client, you must provide more thanwhat?s expected. So, if you want to negotiate contracts, the real questions to consider are: ?Why should a luxury prospect consider and negotiate a contract with my company??and ?What else do I offer that clients will value enough to negotiate a contract with my company?
A large portion of the answer to the latter question is treating your clients in a manner they do not experience with most other companies. Here are some ideas for maintaining clients: -
Continue to reach out to potential clients, partners, influencers you have not yet been successful with your new, updated, unique brand. Offer to do small jobs to build trust with potential repeat clients. Every now and then, win by bidding low, and then do a great job.
Stop hoping for bid invitations to make their way to you. Get started now by making business choices with more focus and intent, defining the best-fit client and jobs for you, as part of a better winning strategy and path to greatness.
?41 West hasbeen building custom homessince 1995 and ishonored to be ranked #1 on Houzz.com of over 3,000 general contractorsin Naples. We define successas creatinglong-lasting relationships. Our clientsare happy to share with you their 5-Star service experience before, during, and longafter the completion of their custom home, luxury condo or home re-model project. Our promise isto earn a 5-star review from our clientsand everyone who comesin contact with 41 West.?
Looking t o build meaningful relat ionships wit h st rat egic part ners in your market ? View our case study about how one builder generated an additional $30 million through CLB's strategic partner program
ABOUT CLB NETW ORK CLB measures our partnership success in Revenue, New Projects, and Net Profit. We want you to achieve your goal of putting a minimum of $1M in profits in the bank and achieving 10% net profit for the business and building a valued asset. CLB takes a bright and innovative approach to offering easy-to-understand, customizable, and fractional solution options at a significant value compared to hiring employees or firms that do not understand your business, your best-fit clients or the luxury home building and remodeling industry. CLB Network is backed by a team of seasoned professionals who explicitly understand what it takes to be a high performance luxury custom homes and remodeling business and how to deliver a 5-star experience to best-fit strategic partners. prospects, and clients. Our combined experience and solutions allows CLB to offer you and your business genuine peace of mind knowing that we are on your team and will help you achieve your goals years sooner than if you had to do it on your own.