Have you ever watched a great fisherman? Great fishermen are always very alert to everything going on around them and they are always prepared for all possible fishing scenarios. The very best fishermen pay very close attention to the weather, time of day, water activity, and signs of fish or other wildlife around them. They also know how to adapt to all changes to the fishing environment in order to target the type of fish they’re after. You will always find the greatest fishermen in the best possible fishing location with the best possible equipment, and the best possible bait or lure.
In the same way, any industry can better target market share by examining the changes to the climate of the industry and preparing accordingly. One of the most important changes to watch along with the economy is how technological advancements are affecting a particular industry. Keeping up with the fast pulse of innovation helps businesses capitalize on opportunities that arise from technological innovations. Similarly, knowing about the effects of technological advancements on the electrical industry can help us target an ever-changing market with the products in highest demand.
For example, did you know that in 2018 there will be huge annual global cost savings in construction due to technological advancements in construction that can easily translate into increased sales of PVC electrical products? Developments like BIM, mobile devices and APPS, laser scanning, drones, prefabrication, and GPS tracking continue to make construction faster and less expensive for developers and contractors. For nonresidential construction alone, savings from new technology will be $1 trillion to $1.7 trillion in 2018.1
What do trillions of dollars in cost savings mean for electrical products? It’s simple. More money and time to build will translate into more construction, and developers and contractors will need more electrical products. However, just as knowing there are lots of fish in a lake isn’t enough for a good fisherman to catch more fish; knowing there is more construction happening may not be quite enough information to target new electrical equipment markets.
Like any great fisherman, we must find out where the fish are biting and what they are biting; taking a closer look at other technological advancements surrounding all of this new development will help narrow the focus. A closer look at technological advances surrounding actual builds can help you figure out what types of products to market. For example, according to Allied Market Research and Electrical Wholesaling, because of the ongoing rapid technological advancements in this decade, cable management for new construction now requires more efficient wiring systems with easily alterable systems.2 PVC electrical conduit and fittings are ideal for developing easily alterable systems that allow for much simpler and safer wiring alterations and upgrades with less disruption to surrounding infrastructure, so educating contractors about the ease and flexibility of altering PVC conduit systems becomes a key marketing strategy for 2018.
Similarly, today’s developers must anticipate the constantly evolving world of communications. CANTEX Low Voltage EZ Box products provide easy wiring options for cabling updates and for handling multiple communication devices. These products are designed to help keep up with communications in the 21st century.
Another great fishing tactic practiced by the very best fisherman is switching bait, location, and equipment to target a different type of fish that is biting when another type isn’t. If the fluke aren’t biting one day, they may try flounder for example. Similarly, with all these new construction developments, there will be a need for more cell towers, high speed data transmission and utilities. Targeting these markets in areas surrounding the new construction with direct bury conduit and/or horizontal directional drilling (HDD) conduit systems like CAN>GRIP and CAN>LOC might just land the biggest fish story of the day. Keep in mind that the HDD market is expected to reach $14.95 Billion by 2020!3
Additionally with all this new technology and new construction happening, the U.S. electrical grid (as well as grids in other nations) will need upgrading and improvements to keep up, according to Electrical Wholesaling.4 With smarter technology comes the increased need for power to flow TWO WAYS across the grid, so the changing of electrical hardware will become more and more important; hence PVC electrical conduit and fittings will be in greater demand for utility providers surrounding new construction developments.
With well-stocked waters ahead, what’s in your sales tackle box for 2018 and the next decade? Will you be empowered by new technology or lose your connection to success by not keeping up with technological developments?
1. Construction Executive, constructionexecutive.com
2. Electrical Wholesaling, ewweb.com
3. Horizontal Directional Drilling (HDD) Market Analysis By End-use and Segment Forecasts to 2022, www.grandviewresearch.com
4. Electrical Wholesaling, ewweb.com