“Are you paralyzed with fear? That’s a good sign. Fear is like doubt, fear is an indicator. Fear tells us what we have to do,” says Steven Pressfield in his book The War of Art. How do building product manufacturers measure success? How do they deal with fear and doubt? Let’s review how building product manufacturers can evaluate their success.

Money

Money is important when you run a business. Without it, your business is finished. With money, you can grow your business and continue pursuing your entrepreneurial dream. How much money is going in and out of your business? Building product manufacturers should review their income statement, balance sheet, and cash flow. If you want to see how profitable your company is, review your financial statements.

Client Satisfaction

A crucial measurement of success for building product manufacturers is customer satisfaction. If your clients aren’t happy with your products, customer service, etc. they probably won’t use your products again. How do you measure client satisfaction? Is it based on how many jobs you’re specified on annually? Customer surveys? Manufacturers who ignore client satisfaction risk the financial health of their company.

Architects, spec writers, engineers, contractors, owners, etc. can help manufacturers improve their products. Design professionals know what they need, and it is crucial to listen to their needs. If money and client satisfaction are two indicators of success, then where do building product manufacturers go wrong?

Brand Awareness

In a previous blog, we discussed successful ways to market building products. Marketing to architects, specifiers, and designers can take a long time before they build a favorable opinion about your products. Building product manufacturers sometimes fail or have difficulty when trying to build brand awareness. One of the most successful strategies to increase brand awareness is for a manufacturer to develop an AIA continuing education course.

Due to the broad range of technologies and products involved in any building project, architects and designers must be generalists. Design professionals do not have the time to develop the comprehensive knowledge that manufacturers possess. By becoming their product expert, manufacturers develop valuable relationships with design professionals, a resource to call on when they need assistance with various building products. AIA online courses teach architects about a building product’s benefits and applications and ultimately build brand awareness.

How does your company measure success? What are specific issues that you have seen in the industry that have affected the success of a building product manufacturer?