What are construction project leads?
Construction project leads refer to information on building projects, their budgets, timelines, and different production stages. The data which the leads are based on is often derived from a large network of tender documentation, consisting both of invites and replies. Contractors, sub contractors and product manufacturers can use the data to evaluate whether a project matches their current capabilities. Efficient use of construction project leads data will yield considerable results for any company working within the building industry.
Who uses construction project leads and why?
Construction market data can help contractors in flourishing their business’ and enhancing their project pipelines. Project leads providers offer tools that help your sales teams to locate and prioritize projects you should be bidding on. Construction project leads help reduce the need to prospect, and enable your sales teams to focus on outreach. Correct data is ideally customized to the contractor’s specific requirements to ensure all opportunities derived from the dataset are relevant for their current business.
Similarly to contractors, subcontractors can use construction market data when approaching contractors for projects. Identifying and selecting suitable projects becomes easier with access to real time API that provide them with information about the current state of the market and its needs.
Construction project data can help manufacturers to nurture their leads and bring them closer to decision makers who matter. Product manufacturers can gain from construction leads by identifying opportunities within build projects. Having access to real time data on upcoming projects helps them to outreach the bid winning contractors even before they get selected. In addition to this, manufacturers can plan their inventories to be more demand driven. For example, an increase of build projects within a given area can indicate the time to stock up on certain inventories.
What are typical data attributes within construction leads?
Construction project leads are based on descriptive information that is collected from project documentation in different production phases. The most common data attributes include:
- Commercial Project and Tender Information - Tender documentation describes a construction project and helps the contractors to evaluate whether they can make an offer.
- Build value
- Project Timeline
- Concept Description
- Project Stage
- Private Project Listings - Listings of private projects which are currently in the planning or production.
- Info About Subcontractors, Construction Product Suppliers and Their Products - Refer to basic insights that are needed to establish a business relation
- Contact information
- Product catalogues
- Construction materials, Services - Project information which shows gaps in materials or services the main contractor might need help with (extracted from tender documentation)
- Building materials
- Special needs for logistics, cleaning or other services
- Project headcount - Indicates the amount of workforce that will be needed for a given project
Common challenges when buying construction leads?
Many contractors struggle with finding accurate data for their use cases. The hinders include often issues in identification of datasets that carry higher levels of relevancy. Ideally contractors and subcontractors would only want to have leads from locations, industries and projects that are within their financial reach. While data providers in the construction industry often operate on a national level, the companies using their data are not ready to deliver their services around the whole nations geographical spread. For this reason you should confirm with your data provider that they have data points available around your area of operation.
Projects often undergo changes during their course towards completion. Timelines get pushed into the future, budgets tend to experience fluctuations. What if a project which you have been prospecting has been reduced in budget? Would it make it no longer relevant for your company size? The timeliness of your data may have a huge impact on the results it yields. To avoid issues in relevance and timeliness, try to understand how your data aggregator is collecting their data and how often do they update their database.
How do construction leads providers collect project data?
The most common forms of construction data collection happen via collecting and scraping information from various tender invitations that are provided by the requestors themselves. The tender invite is essentially a detailed package of insights which indicates the project deadlines, requirements and any other qualifying criteria. Additional data such as project plans, delivery times, and budgets can be sourced from the tender documents which contractors are sending back to enter the project bidding rounds.
Data providers around the globe have understood the power of the information they possess. This has lead to them opening collaborative platforms which connect various parties within a construction project’s lifecycle. Connecting actors such as product manufacturers and architects in to the matrix of constriction leads have since provided data vendors with new streams of data which they are now able to leverage upon. In addition to tender information these sites and platforms can now record data on biddings and connect it with suitable product catalogues or subcontractor services.
How are construction data services typically priced?
Most common pricing models in the construction space are SaaS based subscriptions. The subscription typically gives you access to a collaborative platform between all the relevant stakeholders (contractors, subcontractors, architects, and product manufacturers). The platforms usually give you access to analytics and tools which help you make sense of the raw data. However, we see different pay per lead and data dump models in place every occasionally. Many data aggregators are even happy to give out customised quotes regarding their offerings.
What to ask your construction data providers?
Most construction data aggregators are nowadays focused on providing online project bidding services. Consider asking what other kinds of services and data are they able to deliver.
- Other questions you might want to ask your providers are:
- How often is your project database updated?
- What are the data scales they offer for you specific area?
- Are they able to integrate with your current business software and technologies?