Construction Industry – Latest Trends to Watch For (1)

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Latest Promotional Trends in the Construction
Industry
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If you are into construction industry, you have
to check out the current promotional trends for
you to achieve success and you must be aware of
them at all times
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Trend 1 Contracting Might Get Tougher
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One clear shift is migration to turnkey, lump-sum
contracts in which construction firms bear the
project as well as cost risk and guarantee
turnkey. Clients in sectors, both public and
private, are becoming much savvier about what the
projects must cost and theyre benefiting from
greater competition for the bids.
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Trend 2 Market Consolidation Continues
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Recently, the volume of the acquisitions and
mergers in construction industry has dropped,
which owes to uncertainty among both sellers and
buyers. Buyers watch oil prices as well as
infrastructure spending, which hope to purchase
at the bottom. The sellers try to hold on until
market rebounds.
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How can your Construction Business Stay Updated
with the Trend?
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1. Be Updated with the News about Construction
Industry
Reading daily news about the world of
construction will keep you aware of the latest
things and will offer you knowledge.
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2. Concentrate on the Capabilities Required to
Succeed in New Market Dynamic
Companies have to build stronger capabilities in
the areas including cost controls, estimation,
and procurement. Instead of tracking costs as
well as passing them along to the clients, they
have to be proactive about determining bloated
costs minimizing them.
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3. Take a Closer Look at Your Cost Structure
Executives who have worked in the industry for a
long time might be too accustomed to old days.
They have to recognize that technology changes
the design, construction, and procurement of the
projects to make the processes less expensive and
more efficient
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4. Keep an Eye on Your Competitors
If your competitor has marketing strategies that
are very effective, analyze them and apply them
to your business. Or you may consider another
strategy that combines your competitors
marketing strategy for you to ensure that you
will get the best results you want.
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