Building products manufacturers focused on growth typically look to expand geographically, diversify their offerings, develop new products, invest in technology or acquire other companies to stay relevant or increase revenue. While these strategies can all improve the bottom line, they often lack a key component: putting customer needs first.
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As more market share trends toward collaborative delivery methods, sophisticated preconstruction services are becoming the foremost differentiator for general contractors and construction managers. Firms with strong preconstruction functions are positioned to win a greater share of the work and execute it more profitably than peers.
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While many companies look to talent development and company branding to attract and retain talent, they often overlook a powerful and underrated lever to help mitigate the problem: establishing a clear and inspiring company mission.
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In part two of our series on megatrends, we discuss continued urbanization, rising income inequality, increased political polarization and further globalization.
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Employers should make efforts to establish optimal environments through assessing and improving operational and labor practices to ensure that well-regarded talent stays with the firm during a slowdown.
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Having a long-term strategy can help your firm chart a course for the future. To assist in this strategic focus, FMI has put together a two-part series on megatrends that will impact our industry’s future.
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Getting smart about your go-to-market strategy, picking the right customers and positioning yourself to win will help your company gain profitable market share without overspending in the process.
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As prefabrication continues to evolve, building products manufacturers (BPMs) must understand how to position their firms for success. This will require adjusting their approach to effectively align with changing market dynamics. BPMs have an opportunity to separate themselves from their competition by partnering with customers to support their transitions to prefab operations.
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The residential building products sector has long been a core area for private equity investment. Despite recent uncertainty, the sector has remained resilient in the short term and is expected to present a variety of investment opportunities in the medium and long term.
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Building products manufacturers and suppliers looking to capitalize on the money pouring into the sector will need to understand these new environmental, social and economic trends to adjust products and services to address shifting client demands.
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