There is nothing easy about getting new leads in the construction industry, especially in a world that’s dealing with a pandemic or recession. During economic good times, the B2B construction marketplace may see two steps forward and one and 1/2 steps back. That’s why having the edge when you already know that survival of the fittest rules the industry is vital in the construction industry, and it can mean surviving some sober statistics.
75% of construction businesses survive their first year, but that statistic drops down to 35% by year five. That means you have to be smart, streamlined, and use tactical B2B marketing strategies if you want to be successful in finding and succeeding with company construction bids. Part of your company’s success, at least in part, is based on your ability to find construction bids.
Read on and learn more in the insider’s guide below about how to find construction bids. What’s more, find out how finding the right construction bids can play a critical component in making or breaking a construction company’s future.
To understand how essential construction bids are, you need to be aware of how the construction bid serves as one of the core processes by which a customer is provided with a proposal to build or manage the building. The process may or may not include subcontractors that are used by the general construction contracting company. Most construction companies learn early in their development that the more accurate their cost estimate, the better it is for them.
While being as low as they can feasibly provide is the golden ticket, they still need to be able to make a profit no matter how slim the margin. A low estimate that’s based on a reasonable construction bid amount for a project that will help your company be noticed and still make you some money has immeasurable value in setting you up for success. Once you reach the success pinnacle, it’s just a matter of staying there with consistent construction bids with verifiable and reputable leads you can trust.
Lead Generation for B2B Construction Bids
Lead generation for B2B construction bids uses a modified lead gen funnel, but it still uses one. Construction companies of today are usually in specialized industries that inevitably need specialized marketing and customer leads. That’s why you have to define your tools better, determine where your lead generation process is and how your construction business should move.
Every lead generation bid should at least come with the possibility of becoming a paying customer. Despite knowing all of this, 68% of construction companies still haven’t mapped out what they want to use or even if they want to use a B2B lead solution process.
Construction Bidding for Projects
If your business can start more robust than 68% of other construction companies in knowing how to find construction bid leads, why wouldn’t you want to know the inside track on how to get there? Some companies offer construction businesses a chance to find more qualified leads so they can dedicate their time to doing what counts most, which are closing deals. You lose nothing and gain much by learning more about these companies and how they verify their construction bid leads with in-house research teams.
Top-tier construction B2B leads are given to you so you can bid on them, and these bids have already been researched sometimes months before the bids are out on the internet where your competitors can find them. This includes construction project leads that have hard-to-find private projects as well as public ones. Sometimes these bids also include very detailed lists that have infinite value in the time and effort it saves you from having to find it because the project so closely aligns with your company’s business goals.
Construction Business Contractors – The Less Than One Percent
Most construction business contractors are unaware that usually, only one in six to one in thirty-five of their bids are successful depending on the competitive environment they are in, how well they read the competition, how much they can do, or have to subcontract out and more. But it’s that very low success rate that tells the story of why the profit margin of most in the construction industry is less than one percent. That’s why it pays to be smart, tactical, have data research, market strategy, and construction bid lead plan of action each and every month.
Structural Decisions for Construction Project Bids
There are various types of construction bids, and it’s beneficial if you know what they are. Basically, you need to understand that the construction bid process has three structural decisions that occur in every construction project, no matter how big or small the project may be. The structural elements include;
- Construction project delivery process
- Construction procurement process
- Construction contract model
Sometimes, the only thing that a construction company does in terms of reaching for leads is bid on what it finds on the internet. If it wins the bid, they try to make a profit out of the project after the fact which seems to be managing your business backward, and your information data is at a complete disadvantage.
Types of Construction Bids
There are also three standard commercial proposal methods when bidding on construction jobs. They are design-build proposals that combine the architect and contractors as a team unit. The construction manager-at-risk proposal is when the contractor and architect operate separately, but the contractor is the client’s liaison and go-to project manager.
There is also a multi-prime, which is basically the design-build with some minor modifications. In this case, the owner will contract with each of the parties building or constructing their project, and the owner acts as the general contractor. All three of the construction processes play into the construction leads, and the bids you’ll be looking for that are the best fit for your construction company.
Often each of the above will have their own cost and profit formulas as well as responsibilities and risks that you’ll need to be aware of so you can stay competitive in your construction bids. Unfortunately, sometimes, construction companies bite off more than they can chew, and they either can’t make a profit on their bid or can’t find decent construction bid leads that fit their construction niche best.
How to Bid on A Construction Bid?
Construction company owners sometimes bid on as many construction projects as possible in order to hit at least a couple of them to stay in business. The problem with that theory is obvious. If you haven’t researched the construction project adequately, you’re going to have a bid that’s too high or too low.
That ends up doing you little to no good. Because more likely than not, you aren’t going to gain anything from it even if you do win it because you came in too low to cover your costs. So what’s the best way to bid on construction leads, and how do you do it effectively?
Using Online Databases for Bidding on Construction Bids
Most construction companies now use the online databases that allow them to view, download, and print any construction drawings or any proposals they are seeking to bid on. The construction company usually needs to register and meet the online application requirements. Another way construction bidding has now evolved is through construction bid software.
The problem with construction bid software for leads is by the time you download an update; you need another one by the end of the day because that’s how fast the industry moves with new opportunities. The software is useful for any job costing or price fluctuations to use in your construction bids. In addition, you have to be very selective in how you want to proceed with finding construction jobs for your business.
Construction Project Bidding
Almost all construction project bidding will include a system that provides some procurement strategies with a limited amount of new opportunities. Most will also give you the documents or contracts that help you lock in a contract or even effectively manage a construction project with applicable checklists and more. Some will give you performance records of some of your construction company competitions as well.
The problems come into play when you’re trying to manage your construction company, handle the ongoing jobs you have while finding new bids that match what you need. In addition, you have to find a way for you to find the viable project bids within the limited amount of time you have left on any given day.
Managing Construction Project Bidding Processes
You’ve found over time that construction project bidding process usually has gaps that include but isn’t limited to;
- You’ve been able to find viable bid projects but could never follow up and find out who won the bid
- You sometimes bid on the wrong project at the wrong price and then have to work projects that don’t make you much money
- Sometimes you cannot find a viable list of bid projects to work at all
- You’re never sure if you’re bid on a construction project is really good enough
Finally, you’re unsure how to combine your data research needs on project bids with generating leads that you can bid on that will generate some positive results.
Growing Your Commercial and B2B Construction Business
Some construction companies make use of the best project planning information possible for their commercial construction business. What’s more, they use a reputable platform to help grow their projects no matter where they are in the country. When you’re a company seeking that B2B construction lead solution, there is a company you can reach out to that provides that and more.
Construct A Lead gives you detailed reports that are available to you night or day 24/7. Their database has information that is updated in real-time on a continual basis. Every project lead you’re given has project information that is extensively detailed with a name and phone number so you can make the connection when you’re ready.
Construct A Lead has a very user-friendly format because not every construction contracting expert needs to have superior technical skills to find and use information that is searchable, comprehensive, and easy to understand. The final top-tier benefit is that every lead is personally researched by Contract A Lead staff, so that it’s verified and can be used by you to obtain your business objectives.
Your Next Construction Bid Step
When you’re trying to determine if you need to really find more commercial construction bids or maybe find more time to grow your business, you now know through this insider’s guide where you need to go to find the solution that will help you today. There is no downside to finding accurate construction leads so you can grow your business through your time, skills, and winning bids. Every construction project has to be able to win enough construction bids that help them earn enough profit to stay in business.
Is that enough for you? Isn’t it better to have a way to find the construction bids and leads that help you grow your business? Take a free test drive today with Construct A Lead. This is a one-stop-shop construction bid solution that offers you leads, marketing tools, design plans, accounting strategies, and more.
There’s a way to focus your project needs on your construction market specific niche. By having a solution that provides you with the solutions and the flexibility you need for your construction bidding process, you can focus on that which never gets the attention it deserves. The future of your construction company awaits your attention and your time, so go on your test drive today!