Ice hockey hall of famer Wayne Gretzky once said…
"A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.”
U.S. homeownership rates continued to fall through fourth quarter of last year. However the multi-housing industry is fairing much better. The Multifamily Production Index (MPI), a leading indicator for the multi-housing market, showed continued improvement for the fifth consecutive quarter, commanding the ONLY slow-but-steady rise in real estate market thus far. Multi-housing building starts and permits are increasing to keep up with the steady rise in demand for rentals.
For building product manufacturers, the puck is moving. Multi-housing is the sole bright spot in the real estate market right now. And building product manufacturers looking to target this segment need to understand the dynamics of how to get specified when it comes to new construction in order to compete successfully and garner a high degree of influence. Consider the following three elements towards getting in front of the puck.
Awareness/Relevancy: The starting point with any building product is to generate awareness of the product and make it known to the target audience why it’s relevant to them. Building owners are huge purchase influencers while designers/specifiers are true problem solvers. Your product is only as relevant as the design problem it solves.
Engagement: The next step is to create engagement with the target audience. Always preceded by awareness and relevance, engagement can come in many forms and mediums. The key is audience interactions with the product in order to stay top of mind. A designer/specifier or builder can’t move to engagement if they are not aware of your product or why it is relevant to them or their project.
Specification: The Stanley Cup for building product manufacturers. While getting your product specified does not guarantee it will be used in final construction, getting specified is half the battle. The most important step with specification is empowering and describing WHY the designer/specifier should hold your specification, versus treating it as an “or equal product.”
Getting your product specified is so much more than selling. Knowledge is power, and educating these audiences about your product is way more effective than trying to “sell” these audiences. Let us show you how to grow your product influence and build towards specification. The puck is moving and we can help get you there.
Contact us for more information on how to target this industry.
Flickr image courtesy of Tom Patterson.
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