Hinge High Growth Report Shows Shifts in AEC Marketing and Business Development
A new report released by Hinge Marketing showcases how the architecture, engineering and construction (AEC) industry is changing and why some AEC firms consistently experience year-over-year growth. The report showcases the evolving structure of the AEC industry and how firms are adapting their strategies.
What changes are AEC firms adopting to work smarter in today’s ever-evolving market? They are adjusting their business strategies and setting up their firms for growth by changing the way their teams work, keeping tabs on the industry with more market research, investing more money into marketing, and revamping their business development efforts to adjust to the new working environment.
Is Your AEC Firm Ready for Growth?
Hinge High Growth Study – AEC Edition
Key Takeaways - Hinge High Growth AEC Study
1. Office Structure Evolution
According to the report, one third of AEC ﬁrms have already introduced, or plan to introduce, part-time remote work, while 14.9% are downsizing their oﬃce space to reduce overhead and adapt to a more pervasive work-from-home culture.
This is on par with the prediction by Frank Stasiowki, Founder and CEO, PSMJ Resources, that the recently adopted work from home methodology may evolve into a work from anywhere approach that will continue into the next decade. Discover more AEC design practice predictions by Stasiowki in this blog.
2. More Firms are Conducting Research
AEC firms are adapting to the changes in today’s market by conducting more research on their target audiences. In 2020, research on target audiences surged by 35.6%, with 59.6% of AEC firms surveyed conducting market research in 2020 vs. only 24% in 2019.
By conducting more research, AEC firms have more insight into their target audiences and a better understanding of their prospective and existing clients' challenges. By applying business intelligence to their business they often gain a competitive advantage over the competition. Learn more in the AEC Hinge High Growth Report.
3. Greater Investment in Marketing
AEC firms are investing more money in marketing, up 10% year-over-year. In 2020, 15% of revenue was dedicated to marketing, whereas only 5% of revenue was put into marketing in 2019.
In the past, the marketing strategy of many ﬁrms focused on face-to-face networking and conferences. With the pandemic, that model has been disrupted, resulting in many AEC marketing teams revamping their strategy.
The new focus? Digital. In 2020, 41% of AEC leads came from digital sources versus only 25% in 2019. Learn more about AEC digital acceleration and which channels AEC firms are utilizing in the AEC Hinge High Growth Report.
4. Business Development Revamp
When surveyed about which business processes were made more difficult by COVID-19, Business Development/Sales was the front runner with 61% indicating that this aspect of the business was substantially or somewhat more difficult, according to the report.
How are firms tackling the challenges of this new reality? They are rethinking their processes, empowering their teams, and adapting their strategies. Learn more in this blog, 3 Ways to Revamp Business Development.
Ready to Grow Your AEC Firm?
The Hinge High Growth Study 2021, AEC edition, showcases what high-growth firms are doing differently. The report includes major trend analysis, year-over-year trends, industry comparisons, the impact of Covid-19, high growth analysis, high growth strategy, and more. Get your copy.
Hinge is the leading research-based branding and marketing firm for professional services. Their ongoing research into over 30,000 professional services firms and buyers of their services is changing the way firms go to market.
This year’s Hinge High Growth Study - AEC edition includes data from 281 AEC firms with $75 billion in combined revenue and more than 90,000 employees.
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