Blogs I published 11 September 2024 I Dirk Hoogenboom
Why Knowing Your Market Size Matters in Construction
Dedicated market reports are a needle in a haystack: scarce and elusive, with reliable ones hard to come by. The data is limited as is, and without experts looking at it from the right angle, making sense of it – not to mention sound business decisions – can be tricky. This goes double for the construction industry. Available info on things like branding, orientation, and especially market size, is scattered, difficult to obtain and even more demanding to consolidate.
That’s exactly why you need them; if information is king, proper tools and interpretation can make getting a clear read on market size more manageable. This translates to resource allocation, competitive analysis and business planning, staples of a thriving strategy. So here’s a straightforward guide on why market size is important, what are the challenges and how we cut through the noise.
What Are Market Size Reports
You’re planning out a 5-year strategy. Or setting new sales goals. Or preparing a new marketing campaign. Before making a big move, you’d want to know: how big is your playing field. Or rather, you’d need to know. Are you setting your sights too high? Or not high enough? What is your position and what does the prognosis say? Gut feeling and outdated information could steer you in the wrong direction, and unreliable sources don’t show up until it’s too late. That’s where a market size report comes in.
Think of it as a bird’s-eye-view of your industry, giving you a clear scan of how much opportunity exists, where the market is growing and what trends are driving that growth.
Market Size Reports in Construction
When you think about the automotive industry – or, really, any fast-moving goods market – the numbers are right there, and everyone’s in the loop. Sales figures, consumer preferences, market shares and trends help them make informed decisions, so demand forecasting, competitive analysis and investment planning become far easier. Construction? Not so much. It’s far more complex to find dependable market size information, and it’s due to a couple of reasons.
Information Scarcity and Sources
You’ll most likely stumble upon two outlets: either industry organizations or third-party vendors. The former often have a deep understanding of their specific areas, but lack broader insights within the industry, while the latter claim to have reliable data that, upon analysis, turns out to be shoddy, inaccurate or outdated. This essentially means – no data.
Diverse Products
Keeping detailed tabs on a vast amount of different products in the industry is virtually impossible. Even if we zoom in on a category, say insulation, challenges pop up. What type of insulation are we talking about – fiberglass, rockwool or foam? Is its intended use residential, commercial or industrial? What about target groups and technologies? How do you keep track of these accurately? Now step back for a wider picture – the complexity multiplies immediately.
International trade
With import/export, there isn’t always a central point of purchase. Some transactions happen directly between manufacturers and buyers, but with a global outreach, keeping track of emerging trends on such a scale, and leveraging it, becomes even more difficult.
How To Do It Right
For 30 years now, USP has been a trusted partner in this respect, providing relevant data on key trends in the construction, installation and home improvement industry. Our longevity and success in the market come from a key advantage – deep, data-driven understanding of the industry. Depending on the research, key trends are monitored in quarterly, biannual and annual reports, reflecting the most important marketing topics: orientation behavior, buying behavior, prefab, sustainability, BIM and many more. Here’s how it works.
A Hands-On Approach
Sound decisions come from solid data. And solid data means going bottom-up. All our reports are based on quantitative market research, ensuring you’re always working with thorough and accurate readings. We speak directly to people who apply certain products, those who install them, asking how much of a product they use and where, how they future-proof, what their expectations and strategies are. By looking closely at factors like building stock, the pace of new builds and renovation trends, we’re able to provide a clear and grounded view of the market size.
A Robust Methodology
We don’t just skim the surface. Our B2B-focused reports are built on telephone interviews conducted in the respective native language, ensuring we get a deep understanding of the market from professionals who know it best. For B2C reports, our research is conducted online, reaching end consumers directly. This approach allows us to uncover the key drivers behind consumer behavior and product usage, making sure you get a full read on the market.
Strong Comparability Across Markets
We cover multiple European markets simultaneously, using the same methodology and questionnaire for each country. So, an apples-to-apples comparison makes it easy to spot trends, differences and opportunities across borders. Whether you’re looking to expand internationally or just want to see how your market stacks up, we provide consistency and actionable strategy.
Co-Makership Partnering
For compelling results, collaboration is key. That’s why our co-makership approach helps shape the reports, from influencing the questionnaire to selecting the topics we cover. We value your input, and together, we create reports directly relevant to specific business needs. This means every report we deliver is tailored to the interests and challenges you face in your industry.
A Long Track Record
For over 30 years, we’ve been providing data-driven insights. Many of our research topics are revisited every year, allowing us to provide multi-year comparisons that give you a clear view of trends over time. With such a strong track record and a loyal customer base, our reports are trusted by industry leaders who need accurate, actionable data.
Conclusion
Don’t let unreliable information hold you back. Reach out to us for a clear view of market size, buyer behavior and key trends in the construction, installation and home improvement industry. Reach out to us – for confidence.
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