How much is your brand worth? Why a good brand is vital for construction companies.
We make decisions every day about where and what to buy. Where will we buy our groceries, which stores do we visit for new furniture, what computer and phone should we get, what internet search engines we use, what styles of clothing we wear and where we purchase them from, what beer we drink, what brands of construction equipment we use. Many of these decisions are influenced by price, but even so, our starting point is to go with the brands we trust. So it is with customers and clients in the construction industry. Sure, they all want the cheapest price, but their starting point is to approach contractors who they have worked with before, or contractors recommended by friends or colleagues. Invariably clients or customers will avoid using contractors that have been in the media for the wrong reasons – their projects were finished late, there were quality problems or their projects ended in protracted legal disputes.
A company’s brand is very important. In fact, Forbes values the worth of Apple’s brand as $170 billion, Google at $102 billion, Microsoft at $87 billion, Coca-Cola at $54 billion, Toyota at $41 billion and McDonald’s at $40 billion. What this means is that even if you had Coca Cola’s secret recipe and could sell the exact same drink for half the price you would battle to compete against Coca-Cola because the majority of people would choose to drink Coca-Cola rather than the replica you are selling for half the price. Why? Well simply because most people go with the company they believe they can trust, and with the drink, they are used to consuming.
In construction it is often much the same – who will we call to price the project? It will usually be the well-known contractors and the ones we have successfully worked with before.
What influences a contractor’s brand?
A contractor’s brand is influenced by:
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The opinions expressed in the attached articles are those of the writer. It should be noted that projects are varied and different laws and restrictions apply which depend on the location of the contractor and the project. It's important that the reader uses the supplied information taking cognisance of their particular circumstances. The writer assumes no responsibility or liability for any loss of any kind arising from the reader using the information or advice contained herein.
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