This article provides a comprehensive overview of go-to-market strategies specifically tailored to contech companies. We'll cover key topics such as identifying target markets, developing an effective plan, and leveraging building permits to identify potential customers. With these strategies in hand, you can create a successful go-to-market plan that will help you reach your goals and grow your business.
Check out our article on proptech GTM strategies. And don't forget to check out our API docs at https://api.shovels.ai/redoc for more information!
Overview of contech and go-to-market strategies
Go-to-market strategies are essential for construction technology (contech) companies to succeed in the competitive market. To reach their goals and grow their business, contech companies must have an effective go-to-market strategy that is tailored to the needs of their target customers.
Developing and executing an effective go-to-market strategy can be challenging. It requires careful planning, market research, and dedication. To ensure success, contech companies need to identify target markets, develop a plan of action with specific goals and objectives, leverage building permits to identify potential customers, create a marketing plan for reaching those customers, track performance metrics, and finally measure customer sentiment.
A successful go-to-market plan for contech companies should include several key components. First, it should clearly define the target audience and outline the customer journey from awareness through purchase. Additionally, it should include an analysis of competitive offerings in the same space as well as strategies for achieving a competitive advantage in the market. Finally, it should demonstrate how the company will monitor its progress towards its goals and objectives.
Let's say you are a contech startup with a few million dollars in VC funding. The rest of this blog post is about how you can create your go-to-market strategy.
Identifying your target market
Identifying your target market is an integral part of any successful go-to-market plan. Knowing who you are targeting, and understanding their needs, preferences, and behaviors allows you to craft a marketing message that will resonate with them and drive conversions. Here are some key steps that you should take when identifying your target market:
-
Define and segment the target market: Start by defining the primary demographic characteristics for your ideal customer base – age, gender, income level, education level, etc. Then segment this broader group into distinct subgroups based on psychographic characteristics such as lifestyle and interests as well as geographic criteria like location or climate. This is basic Marketing 101 stuff.
-
Research the needs of the target market: Once you have identified your target market segments, it's time to conduct research to understand what drives them. This could include surveying customers about their preferences or using data from online search behavior to identify what topics they are interested in learning more about. This research will help you define your message.
-
Map out the customer journey: By understanding how customers interact with products or services throughout their journey (awareness stage through purchase), you can identify areas where they may be experiencing pain points that need solutions. Analyzing competitor activity can also provide insights into potential customer behavior so you can better customize your go-to-market strategies accordingly. Knowing if your target customers already use a competing product and what they think about that product can yield powerful insights.
-
Use primary and secondary research methods: Primary research involves gathering information directly from customers through surveys or interviews while secondary research involves collecting existing data from sources such as industry reports or government statistics databases. Both types of research are important when it comes to developing an accurate picture of the target market so you can effectively tailor your go-to-market approach for maximum success.
By taking these steps to identify and understand their target market, you can create a successful go-to-market plan tailored to meet your unique goals and objectives.
Developing an effective go-to-market plan
Here are some key steps to help you create a successful go-to-market plan:
-
Align the strategy with your company's mission and objectives: Your strategy should clearly define what you are trying to achieve and how you will accomplish your goals.
-
Create a timeline for implementation: A timeline helps make sure that tasks are completed on time, resources are allocated efficiently, and goals are met on schedule. Timelines also keep you organized in case something unexpected arises or needs adjustment along the way.
-
Outline necessary resources: Developing an effective go-to-market plan requires having access to the right resources. These may include personnel, marketing materials, customer service support teams, technical assistance, and budget for data acquisition, depending upon your plan.
-
Track progress & adjust as necessary: As you implement your go-to-market strategy, it's important to track progress against set objectives throughout the process so that you can make any needed adjustments.
Leveraging building permits to identify players in your target market
Leveraging building permits to identify players in your target market can be a very powerful tool.
Building permit data is an invaluable resource for understanding the competitive landscape and identifying potential customers that may need contech services or products. By using this data, you can gain valuable insights into your target market and use that information to better inform your go-to-market strategy.
There are different types of building permits that can provide you with useful insight into your target market. Residential building permits give you a better understanding of the homeowners who might need your services, while commercial building permits provide information about businesses in the area that may benefit from your products. Additionally, local and state ordinances can give you insight into zoning regulations and other rules that could affect the success of your business.
To leverage building permits for market research purposes, first look up what types of permits are available in your area, then search for those specific permit types in Shovels to get additional details about any applicable property or project. Shovels will produce lists of addresses and the contractors working on those projects. Both the building owner and the contractor can be prospective customers.
You can also track changes in permit activity over time to see if there has been any recent growth or decline in your target geographical markets. By tracking these changes, you can adjust your strategies accordingly and take advantage of new opportunities as they arise.
By leveraging building permit data to identify players in your target market, you can gain valuable insight into the competitive landscape and develop an effective go-to-market strategy tailored specifically to your own unique circumstances. Building permits are the ultimate buyer signal for contech go-to-market planning.