Market Research is ever more important in Construction.
Construction Market Research uncovers insights into Consumer and Business behaviors, new materials, competitive landscapes, and changing regulations. Construction projects can be large, so research-based planning and strategies are important to minimize cost and maximize returns.
SIS Research and Strategy provides access to stakeholders, contractors, and Decision Makers, as a result, we often interview Engineers, Architects, Home Builders, Facility Managers, City Planners, Companies, and Contractors. There can be different levels of decision-makers and stakeholder influence in Construction, therefore research uncovers the stakeholders to speak to meet your strategic priorities.
Research solutions in the Construction Industry include Price Testing, Location Research, Customer Journey Research, Usability Testing, including Strategic Analysis of Markets, also Distribution Channels.
Qualitative Research examines attitudes, opinions, and behavior and consequently explores the “why” and “how” behind behavior and attitudes. It uncovers preferences, likes, customer needs, product substitutes, and competitors for your product, so it is vital for understanding the fundamental reasons behind consumer decisions. Market analysts conduct qualitative market research using observation and open-ended questions, so the common methodologies we use include:
- In-Depth Interviews
- Focus Groups
- Online Focus Groups
- Digital Communities
- Usability Research
Qualitative Researchers can conduct detailed Executive Interviews Face-to-Face, moreover, they can make use of online qualitative methods and Face-to-Face Focus Groups and Online Communities.
Construction firms can benefit from surveys and the data and analytics that surveys provide. Quantitative data can be used to understand stakeholder needs, attitudes, purchasing preferences, as well as willingness to pay, and pricing sensitivity. One benefit is that it’s easier to measure the extent to which a behavior applies to a larger sample, as a result, the data can give analysts a more precise picture of the market.
Quantitative methods include:
- Telephone Surveys
- Online Surveys
- Pricing Research
A common data collection method is Computer Assisted Telephone Interviewing (CATI), moreover, Researchers can also conduct web-based data collection, often via email link to a URL.
Strategy Research in Construction Markets
The construction industry can have complex decision-making processes, for this reason, developing strategies in construction markets can be a challenge. Strategy Research also examines a company’s position relative to Competitors, Industries, Supply Chains, and Distribution Channels.
Strategy Research explores:
- Market Opportunity
- Market Entry, Feasibility and Sizing
- Competitor Insights and Reactions
- Best Practices
- Market Landscape Insights
- Go To Market Strategies
Strategy Researchers use Qualitative and Quantitative insights in addition to detailed Desk Research and other proprietary sources to prepare comprehensive strategic reports. Likewise, Secondary Research or Desk Research sources include government statistics, company websites, trade publications, and published reports.
Opportunities, Trends, and New Technologies
The global construction industry continues to look for ways to leverage technology. Analysts hope to use technology to tackle the industry’s longstanding productivity challenges because construction has a high degree of risk and volume of work, as well as low productivity and profit margins.
Many industry analysts believe that the construction industry is ripe for positive disruption, as a result, they expect certain technology trends to make a profound impact on the industry. These trends include cloud and mobile applications, 3D printing, 4D and 5D building information modeling, additionally, Construction may also see benefits from the Internet of Things (IoT).
Construction Decision Maker Market Research
We survey a variety of Construction Decision Makers such as:
- Construction Managers
- General Contractor
- Registered Professional Engineers
- Construction Workers and Laborers
- Equipment Operators
- Union Leaders
- Construction Consultants
- Masons and Masonry Workers
Benefits of Construction Market Research
Market Research provides focus and direction, in addition, it helps companies to identify customer needs, new opportunities, and potential challenges they can address. The market analysis allows firms to deliver against their business objectives, therefore, enabling them to measure and direct their progress toward their end goals.
Construction Market Research and Strategy consulting provide the following benefits:
- Enhanced customer profitability
- Direction on new product launches
- Customer Journey Insights
- Pricing insights that maximize profits
- Competitive Insights that deter competitor threats
Learn more about how we can help you achieve your strategic objectives.