I recently had lunch with an AEC business development veteran. I met him fifteen years ago when he was a VP at one of the country’s largest construction companies. Today, he is still in the business, but admits that his grandchild has his attention more than anything else. He’s an Atlanta native, and his business network originated early in his childhood, as he attended one of Atlanta’s most prestigious private schools. He went on to college and joined the same fraternity with these lifelong friends, and of course, this network produced his first job opportunity after graduation. So, I suppose there may be some truth to the saying, “your net worth is your network.”
It didn’t take long to start talking about how different the world is today and how networks and relationships are built differently now. We went on to talk about how different it will be for Gen-X leaders like myself to duplicate the business development success he has had over the past forty years. Competing in the “pre-digital” world was way more straightforward.
Then, my friend said something that took me by surprise. He said, “the problem is he knew a lot of people, but we learned after two years that he didn’t have any influence over those people.” He was reflecting on an expensive business development hire who had failed to reach his revenue goals. It struck me at that moment that successful business development comes down to this one thing: influence.
Is it possible for your brand to influence professional service buyers online? Absolutely.
Today, CRE and AEC firms with the strongest customer insights will have a marked advantage when going to market. It’s no longer cost-prohibitive for smaller companies to identify and target their highest-value customers and prospects online and learn about them through their interactions on social media platforms. If you can gain insights about your customer before you pitch them, isn’t that worth the trouble? In addition, the savviest brands are using social media platforms to intentionally engage with potential buying audiences. Doing so allows them better to understand their buyers’ true priorities and needs. For example, suppose you start researching selection committee members on LinkedIn when you are short-listed for a project. It’s likely one or more of your competitors has developed a deeper understanding of your potential buyer because they have been engaging with that target’s digital footprint for many months or even years.
I believe the AEC industry will always be a relationship-led business, but as a hard-core Gen-Xer, business owner, and mom of Gen Z, I am also keenly aware that my friend is right. The buying audiences are getting younger and building relationships much differently than our Baby Boomer parents and mentors.
The oldest Millennials turned 41 this year. Technology heavily affects every facet of their lives. It is common for members of Gen-X and Gen-Z to have dated online, open online banking accounts, use cash apps, be part of multiple groups on WhatsApp, Messenger, and GroupMe, and have numerous social channels where they keep up with their children, favorite celebrities, and friends. They have divorced the cable company and have zero tolerance for slow Wi-Fi. The Millennials on my team watch their children at daycare through an app, get SMS messages from their laundry when it’s time to move it from the washer to the dryer, and have their groceries delivered via Instacart. If they trust technology for life’s most important things involving people they care about the most, it’s logical to assume they will also trust technology and the experiences they have with your brand online.
If their professional life includes buying professional services for their organization, our experience shows that Gen-X and Millennial buyers are passive technology users when early in their buyers’ journey. In other words, before they know a person at your company, they will first try to understand your brand at a corporate level. They will judge what type of work you do, your expertise, size, capabilities, diversity, and your brand’s personality based on what they uncover in their digital journey. The good news is that you can collect data while they are interacting with your brand online. Why is this important? Because the more you know about your buyer and their interest, the more you can cater to their interest and not waste their time.
This brings me to my final thought – the value of time. As I reflect on the year thus far, I can’t help but recognize that all my clients, fellow small-business owners, teammates, and friends have one thing in common these days: we all value our time. The labor shortage has forced us to be mindful of how we spend our time. The world has shifted, and while some things may return to pre-pandemic traditions, there is an appreciation now for working smarter, not harder. Simply put, everyone is busy, and no one has time to spend all day running around town looking for a qualified lead. There are far easier and more affordable ways to do this now using technology and automation. Most business development professionals I work with prefer to spend their time with marketing qualified leads that have been cultivated online by their marketing partners.
I think it’s an exciting time for my generation. A quick google search shows that 68% of Fortune 500 and Inc. 500 CEOs are Gen-Xers. So logically, I would assume their highest valued employees within these companies are primarily Millennials. We are beginning to see the growing momentum for creating relationships in the digital world, just as the industry has done in the physical world since the beginning of time. So, if you are feeling behind already, give yourself a break. It’s not too late; it’s just the right time to start thinking about digital’s role in your growth strategy.
I thank you for your time reading to the end. Expect to hear from me one more time this year!
