Here are three areas that construction companies looking to thrive in the new economy should be looking at:

Complimentary Services
A prevalent trend that is going to emerge from this economic downturn is a restructuring of the industry, its expectations, and how and what it delivers. In the new economy you will see fewer pure construction companies where they only offer a construction service; instead, you will see more mixed companies that will offer construction and a service related to construction such as a form of training. This will allow them to build creditability in the market, amongst peers, and create more predictable cash flow for future blips in the economy.

Marketing and Outreach
People will still love to buy, but they do not like to be sold to. Self-proclaimed marketing techniques are quickly becoming a thing of the past and in some cases making companies look desperate and untrustworthy. It is no longer about what you want them to know. Marketing in the new economy is more about equal conversation, understanding and respect. The challenge construction companies will face is having that equal conversation with a market that may only purchase once in their life.

Sales Process
When companies changes their services and their marketing, they will be forced to change how they sell. In the new economy, clients will be smarter and have easier access to finding out everything about a company—the things a company needs them to know, the stuff a company doesn’t want them to know and the irrelevant information that the client feels is important. Companies will have to develop a sales process that accounts for all of this new information and captures a client’s experience and feedback from day one.

What other changes do you see coming?

In interviewing various companies about social media, I have come across a couple virtual companies or “Alternative Workplace Strategies” if you want a technical name for it. No this is not a new concept and as time goes by it is becoming more widely accepted, even encouraged according to a survey co-conducted by Microsoft.

“The first reason is about people — the ability to attract and retain talent and provide a better work-life balance by enabling employees the flexibility to work remotely. Second, improving productivity and collaboration,” said Katherine Randolph, director, unified communications for Redmond-based Microsoft (NASDAQ: MSFT), in a statement.

Although, as remote working becomes more of the norm, that does open the potential of a new industry. This new industry would have the environment of a coffee shop, but encourage people to stay and work for hours. What a great way to spend the day out, get work done and potentially meet your next big client in a casual and inviting environment. It would be a hit, but how will they make money?

What do you think?

http://seattle.bizjournals.com/seattle/stories/2009/04/27/daily5.html?ed=2009-04-27&ana=e_du_pub