Commercial construction projects take a long time, so it’s pretty reasonable to worry about how you measure a sales funnel that takes years to complete.
From the first pencil line from the architect, through to practical completion – which could be 3 or 4 years later – chances are, people in your business have moved on and the way you approach your work has changed.
To make sure you are changing for the better and taking full advantage of all your opportunities, it’s key that you keep an eye on (and look to improve) your spec rate and your spec-to-sales rate.
Measuring your spec-rate:
Your spec-rate is the amount of times you have been specified in the types of projects you are targeting. Measuring your spec-rate is a pretty straight forward formula.
To get these numbers, you’ll need to do a bit of research.
1) Define and measure your segment
First you’ll need to workout your target segment and find the total amount of projects in that segment. Perhaps there are some project types that really benefit from your product range, or a competitive edge you are looking to gain in a certain geography. There’s no hard and fast rules about a segment – but some good constraints to consider would be…
Time period: e.g. Last 12 months
Location: e.g. all Australia, NSW etc.
Project category: Education, Commercial, etc.
Once you’ve defined your target segment, you can use a tool like EstimateOne to find how many projects are in that segment. (you can learn how to use the filters here to create your segments).
2) Find how many projects you’ve been spec’d on
There are a couple ways you can do this – you could go through your leads records and count the amount of projects you’ve been spec’d in. Alternatively, you could use EstimateOne’s Spec Search to find the project’s you’ve been spec’d in. You can learn how that all works here.
If you’re keen to get all the projects you’ve been spec’d in emailed to your inbox – have a go at our Speci-Finder feature. Just pop in the key words that are of interest to you (a product, a brand, etc) and we’ll email you all the projects they feature in.
3) Use the formula:
Now you have your two numbers, just divide one by the other and you have your spec-rate. Your spec-rate might be different from your market share – remembering that market share is best measured through actual sales, and there are many steps between specification and sale.
You can use this number to determine how successful your pre-tender business development is. As with all key metrics, the higher this is, the better we’re going. You might also compare your specification rate to your market share to get an indication of how well your post tender teams are performing.
Measuring your Spec-to-Sales rate:
Your Spec-to-Sales rate helps you work out if you’re taking full advantage of all your opportunities. At its simplest, it’s a measurement of how many projects you’re specified on during the tender time you end up converting to sales.
When put together you start to see the makings of a very basic marketing funnel, where you’ve got two key check in points to routinely check on the health of your sales funnel. .
We hope you’ve found this useful. If you’re on EstimateOne and you need a hand setting yourself up to take advantage of the data available, or set yourself up with Speci-Finder we’d love to hear from you. If you’re yet to start using EstimateOne, but think this could help your business, sign up for a free account with us and check out our features.
As Australia’s leading tender platform, we thought we’d start 2021 by looking back at how the Australian construction industry tendered in 2020.
It’s fair to say that 2020 didn’t pan out as expected. At the start of the year, no one could predict the changes we would eventually make to the way we work, the way we socialise and essentially, the way we live.
Although a global pandemic threw the mother of all spanners in the works – as a whole, Australia and the Australian construction industry managed to steer a steady ship throughout the year.
While it’s always great to see a lift in tender numbers, a survey we commissioned mid last year told us that the year wasn’t always smooth sailing.
As we can see in the graph above, tendering dipped and continued to stay low around March – June. However, in the back half of the year where tendering made a strong recovery.
In 2020 we saw an increase in projects added to the noticeboard across all categories. Along with this increase in tendering, we also saw an increase in competitiveness. Compared to 2019, tender panels tended to have more builders.
Anecdotally, we were hearing that market uncertainty was leading to increased competition. Builders were seen to have tendered on jobs that they wouldn’t have usually tendered on in order to sure up a pipeline of work.
If you’re not on already, we’d recommend creating a free EstimateOne account. It’s the best place to access and quote on upcoming construction projects in Australia.
EstimateOne has become aware of a ‘phishing’ email scam that uses a fake EstimateOne link to solicit personal details. Although EstimateOne remains secure, people who click the link and provide their login credentials risk unauthorised access to their own email accounts.
This scam is not the result of any security breach of EstimateOne. The scammers are mimicking EstimateOne emails and the emails of other third party services. This is a common tactic of phishing scammers and can be protected against by confirming the “sent from” address of the email (our emails are always from: @estimateone.com).
How to recognise this scam
- It will not be sent from our legitimate address: “email@example.com”
- Email looks like: Email poses as a request for quotation and has the subject line “A new proposal call from ____”.
- Clicking the link takes you to an Office 360 page that requires you to fill in a form including requests for your email address and password
If you receive one of these emails please delete it without clicking on its links.
We take security seriously at EstimateOne. EstimateOne accounts are secured by passwords, and our invitation links do not require recipients to enter personal details.
To ensure the security of your own email and EstimateOne accounts we recommend strong password practices:
- Using a different password for each account
- Not using predictable or easily guessed passwords
- Regularly updating your passwords (you can do that for EstimateOne in the settings page)
EstimateOne remains and will continue to be safe to use. For those who send and receive invitations, we ask that for your own cyber safety, don’t click on anything that feels unfamiliar – if you’re unsure, you can always contact our support team who will be happy to help.
If this has raised any questions or concerns, please contact firstname.lastname@example.org
We’re proud of what we do here at EstimateOne.
It feels great going to work knowing we’re helping commercial construction businesses connect and share valuable information. We’ve been doing this for ten years now — and we have every intention of continuing to improve the tender experience for thousands of head contractors, subbies and suppliers.
As the years tick over, we’re continuing to find new ways to share more info and delivering new features to keep you in control.
But growing pains happen — and we’re no exception. We found ourselves jamming more and more info into the same amount of space.
Each new feature we add means a new take on design. It’s created a consistency issue. The new and the old, fighting for attention on the one page. It was time to get it under control. What we needed was a brand and design system that would serve us for the next ten years.
So we got to work. We looked at where we were at, and tuned in to what our users were telling us. We then teamed up with the guns at PUSH Collective and MASS Studio to start imagining a new way of doing things.
Next, we put it all into practice and started the refurb. Our focus is to show you what you need to see at a glance — no fluff. We’ll get you what you’re after then get the hell out of the way so you can get the job done.
Let’s face it, EstimateOne exists to help the commercial construction industry. We want our brand to reflect that, not in a clichéd ‘fake tradie’ way — but in a way that champions all the work that actually gets done.
Quoting and tendering can be a bit of a hidden art – and quite honestly, often it can be a thankless task.
We’re championing the hidden work, the unsung hero of construction. From the plumbing to the framing, the ductwork to the reo. We want to shine a light on the process of building and estimating, not just the finished product. After all, we exist for estimators, for tradies, for suppliers.
We’ve always been about getting stuff done — and the more we looked at our symbol, the more the infinity mark just didn’t cut it. Rather than going around in circles, we wanted to stand for getting somewhere. We’ve moved to the three cascading lines. A bit like a staircase — practical, essential but with plenty of space at the top.
We’re not done just yet. Over the coming weeks we’ll be rolling out our new brand in more and more places.
Let us know what you think! We’re pretty stoked with how it’s going so far, but if you’ve got some good ideas we’d love to hear them.