Industry pressures make market presence critical
Not many sectors have been impacted by the pandemic more than the construction industry. Construction underpins both our economy and our society, contributing just under £29.5bn to the UK in Q1 of 2020. This is equal to 6% of the total UK economic output.
Times have been volatile, from booming development for the domestic travel industry and online shopping warehousing, to heavy losses from supply chain interruption, and resource issues (along with the Brexit double whammy). So we take a look today at why marketing in the construction industry is more important than ever, and how our expertise in your sector could deliver you high-value ROI.
Laying low whilst the storm passes impacts your brand
It may seem to make strategic sense to baton down the hatches and halt your marketing spend whilst the economy is in a financial downturn. But McGraw-Hill Research found looking at 600 companies from 1980 to 1985, that companies that maintained or increased their marketing spend during the 1981 recession enjoyed sales 256% higher than those that didn’t by 1985. (McGraw-Hill Research. Laboratory of Advertising Performance Report 5262, New York: McGraw-Hill, 1986.)
Kantar also estimates that brands who decide to ‘go dark’ until the storm passes in a bid to save costs will likely see a 39% reduction in brand awareness.
But it’s not all bad news!
During a downturn, many advertisers will reduce their marketing spend, enabling you to easily shout louder and be front of mind against the competition by continuing or upping your activity. Les Binet and Peter Field’s research found evidence that when ‘Share-of-Voice’ is larger than share of market, brands will grow. (Peter Field, Les Binet – IPA Databank, 1998-2018, B2B cases.)
Showing your current and potential customers that you’re still advertising in difficult times will project stability and strong performance.
Also, historically in economic slowdowns, research and development also slows, meaning fewer new products are launched and the market is quieter. This means fresh lines and products which are released during a recession can often be more successful. So if you have a highly innovative product or technology to take to market – it may not feel like it, but now’s the time!
We’ve built up a specialism of marketing within the construction industry and we’re here to help
We’ve been working within the construction industry for 40 years. We’ve worked with Hanson, Sika, HeidelbergCement, Geoslam, Metropolitan Homes and Westleigh, on everything from establishing new brands and propositions including; packaging, hoardings, websites, literature, internal communications, through to exhibitions and roadshows. And we’ve achieved some outstanding results and ROI for our clients. Don’t just take our word for it, these case studies will talk you through the breadth of our experience, our proven success, and our client testimonials:
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