Do you want to improve and grow your plumbing business? The first step is to look at your successful competitors and see what they are doing. Powered by our research, knowledge, insights and experience, we know the most successful plumbing businesses do the following very well.

Market your plumbing business effectively

What does that mean?

• You have a steady stream of referrals from existing and past customers
• You consistently receive leads through a local business directory
• You have the phone ringing from an ad in the local paper
• You have inquiries from a mail out campaign
• You have an online presence and a combination of paid advertising and social media activity that results in new leads
• You sponsor a local club (e.g., a sports club) and receive a return on that investment 
• You develop and maintain a good relationship with equipment suppliers and project developers

The key thing to remember is that you need to market your business "effectively." You should be tracking where your leads are coming from (e.g., referrals, ads in the paper, etc.) and the relative marketing spends. That way, you are able to measure what gives you your best bang for your buck and invest more accordingly. It is worth noting marketing is not a one size fits all approach, as the demographic profile of customers varies from business to business and the method to market to those customers should be varied accordingly.

Compete with other plumbing businesses

How do you give yourself a leg up on your competition?

• Developing a strong relationship with plumbing suppliers
• Offering your services in packaged deals, as customers like fixed prices
• Specializing in a segment of the industry (list segments)
• Broadening your skills to become a specialist in a variety of segments

Change with the market in the industry

Successful plumbing business are able to adapt to the needs of the consumers. Consider the following examples: 

• Market demand for hot water systems spike in winter. Successful plumbing businesses know this and market promotions around seasonal fluctuations. 
• Successful businesses adapt the business to suit the needs of their consumers. For example, a successful business might add gas fitters to service the increased demand for gas installations.

This blog originally appeared on www.thefinancialforeman.com. Follow this link to continue reading.