Construction Industry in the Digital Age
Consumers in the year 2020 have shifted to digital and are becoming more and more tech-savvy than ever before. Right at our fingertips, we have Google and the internet to our advantage—research becomes easier and consumers access hundreds of data they need in order to book and make a purchase. When they’re hungry, they book Uber Eats; when they need a ride, they can easily book one; when searching for a new home, they can access Zillow or other residential sites that can lead them to their dream home.
This Data Report from BuilderTrend explains how homeowners in 2020 have become more digitally savvy, and why construction businesses should evolve to meet their digital consumer’s needs.
There were 3 key highlights pertaining to what homeowners expect from construction builders:
98% said they were after clear communication. Ease of collaboration was an “extremely important” factor, says 23+ of their interviewed sample.
96% said real-time updates were significantly important, especially for residential construction projects on their homes.
Lastly, 86% said that online dashboards were important for tracking residential construction projects for their home.
These respondents also reported that both communication and collaboration were just as important as the price they pay for projects.
Whom can you sell your services to this 2020?
It’s a mix of Millennials, Baby Boomers, Generation X, and the Silent Generation when it comes to buying homes and renovating.
Currently, 37% of Millennials are now the biggest portion of home buyers, while Generation X follows at 24%. Baby Boomers (born between 1946-1964) make up the largest demographic of home sellers at 43%.
On the other hand, Generation X and Baby Boomers (those believed to have acquired more financial stability) make up the biggest chunk of purchasing newly built homes. Millennials and the Silent Generation are focusing on improving their home aesthetic, versus Gen X and Baby Boomers who are after modernizing their homes and keeping up with the times.
With all the data received, there’s a variation in their needs and what they choose to purchase; however, they all have one quality in common: all these individuals have gone online to begin their purchase journey. This market study also discovered that all ages preferred online listings that contained complete photos and detailed information about the property. It means one thing: buyers, no matter what age, have become more digitally savvy and look to those that have online presence. Legitimacy and “sellability” are now equated to one’s digital footprint.
What does it mean for the construction industry now?
Millennials pave the way to set expectations when it comes to what construction businesses should be doing if they haven’t started yet. Because people are more inclined to think that there’s an app available at their disposal, construction businesses should focus on:
Creating a system where collaboration and communication would be a seamless experience for your clients
Look at project management apps and other tools where both you and your client can check-in with real-time updates and track progress
Stay online - digitally savvy homeowners and buyers are now looking to receive immediate updates. Their “need-now” mindset will be put at ease if you learn to pivot your services online.
Evolve for your success
You may be used to phone calls and snail mail, but now is the time to adjust and evolve the way you do business, so you can acquire your ideal, digitally savvy clients. Homebuilders, rebuilders, and specialty contractors can earn as much as 3.5x their current income if they choose to be digitally present and engaged.
Focusing on more online efforts will not only benefit your business to grow clients, but it will also benefit your own business in terms of retaining employees and staying organized. A well-oiled construction business requires organization and productivity, and shifting your mindset into digital will help your business grow in all aspects. Once you set-up a seamless digital experience for your clients, you can easily price it in such a way where there’s increased value which your digitally savvy client will truly appreciate.