The Indian construction industry is expected to grow at a fast pace during 2020 and coming years owing to a number of factors. These include increased investments in residential, infrastructure and energy projects under flagship programs such as the 100 Smart Cities Mission, Housing for All 2022, the Atal Mission for Urban Rejuvenation and Transformation (AMRUT), Pradhan Mantri Gram Sadak Yojana (PMGSY), Make in India, and Power for All (PFA). These developments are surely expected to give rise to cut-throat competition in the construction business. Hence, it is highly needed of the construction companies to adopt various measures to not just survive but stay ahead of the competition in 2020. However, the question here is how they can do so?
Well, we list the five major ways through which construction businesses and construction equipment owners can stay ahead of the competition in 2020…
1. Be well aware of the market and its trends:
The first and foremost tip to stay ahead of the competition and competitors in 2020 is to gain knowledge of the market. You should gather information about the market trends, present demand and statistics and future growth scenario. After having all the information in place, you should adapt to the latest trends and changes well before your competitors. Being amongst the first few at anything will definitely give an edge to your business in times when the construction industry is growing at a lightening pace.
2. Know your customers well:
Customer is the king and there are no second thoughts about it! While focussing on the upcoming trends is important, it is equally necessary to pay heed to the customer demands especially during present times when their requirements are changing constantly. You must have the right strategies and methods in place to anticipate the customer demands because in today’s highly competitive world, if you are not updated about the customer requirements and give them solutions that are outdated, then you may lose on some good customers and will be left behind in the competition.
It goes without saying that consumers are not short on choice these days and they can leave one product or service for another. Therefore, it is imperative for you to know the customer’s need in advance and offer them best of products, service, solutions and experience before anyone else does it. Also, it is equally important to focus on doing what is the best for the customer rather than doing what is best for you as this can help you in longer run by earning lot of repeat business. Overall, by systematically developing quality products and services as well as by providing insights regarding emerging technologies, construction companies and construction equipment manufacturers can build a positive influence on their customers’ value creation chain and can stay ahead of the competition in 2020.
3. Live up to your commitments:
In the construction business, time is money and adhering to project deadlines is the basic need. In addition, maintaining the quality all throughout the project is also very important. So, if you have committed a certain quality, cost and deadline to your client, then it is imperative that you live up to your commitments. If your fail to live up to your promises, then chances are that you may lose to your competitors and earn a bad reputation in the market. So, be very careful while making any commitments. Commitments should be made only after thorough thinking, planning and assessment of all the variable that come into play for execution of the job.
4. Make use of world-class equipment:
The coming year is touted to present many challenges as well as growth opportunities for the construction business. In order to counter the challenges related to productivity, downtime, deadlines and labour costs and gear up for the opportunities like spurt in construction activities, the construction business owners will be required to employ world-class equipment to use so as to beat the heavy competition.
Highly advanced and technologically-sound construction equipment have the ability to offer more than one benefit to the business. First, such equipment can increase productivity and this can surely translate into higher profitability for business. Second, they can help in performing multiple tasks. Third, such equipment can ensure successful project completion within the given deadline. Fourth, they can reduce maintenance costs. Fifth, they can enhance your brand value and help the business in attracting new and good clientele. Lastly, they ensure workers’ good health and are environment-friendly. Such equipment help in reducing CO2 considerably and allow you to put your greener foot forward. Thus, with all these benefits, employing best of the equipment can help construction businesses to stay one step ahead of the competition.
If you are looking for world-class equipment like backhoe loaders and motor graders, then Mahindra Construction Equipment’s (MCE) Mahindra EarthMaster backhoe loader model and Mahindra RoadMaster G75 motor grader should be definitely on your list as they are highly advanced equipment and one of the best in their category available in India.
5. Know your competition thoroughly:
Last but not the least, in order to stay ahead of the competition, it is very important to know about your competitors. For doing so, you need to gather all the information about your competitors’ offering, what is the cost of their products and services, any additional service that they are providing and similar things. Based on that, you can decide about what changes you can bring in your offerings. In fact, this can help you in providing additional benefits and will lure more clients for you. It goes with saying providing something that is required by the customers and is better than the offerings of your competitors will help you win the battle in no time. Further, once you are aware of your competition and your competitors, you are in a better position to formulate unique marketing strategies for your products and services.
Apart from the above, few other tips for the construction business and construction equipment owners for staying ahead of the competition in 2020 include increasing visibility, branding and marketing activities, providing value for money and giving guarantees and warrantees among others.
In a nutshell
Healthy competition is always good as it keeps pushing you to do better and the same goes with construction business and construction equipment owners. Thus, you should never shy away from competing but at the same time equip yourselves with the best of products, service and offers that can help you to stay ahead of the competition easily. Well, the above-mentioned tips can surely help you to beat the clutter and competition in 2020.
