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An economic downturn provides a great opportunity for architecture, engineering and construction firms to evaluate their businesses and explore potential new markets.

Get started by interviewing key personnel. Categorize questions according to the following areas: strategic thinking, factors of entry, successes and failures, and looking forward. Document interviews individually, and summarize key findings and observations. Next, develop a go/no-go process that will help identify attributes that are necessary or desirable for a market to become viable for your firm. Factors can range from internal capabilities to external market forces.

Human Resources personnel often use a tool called the Kepner-Tregoe Process to evaluate multiple candidates for a particular position. The process is adaptable, and can be used for marketing purposes. It’s organized into two broad categories: must and want. The market areas that satisfy the majority of the “must” items are prioritized highest. The “want” items are rated. Individual markets receive total scores, which are then measured on a scale for action ranging from “avoid” to “strongly pursue.” Data can be used to track multiple markets.

Test and calibrate your go/no-go market filter by using your current key markets. This will indicate whether you’re using the right factors. If you’re doing well in a market, but it receives a low score when it’s filtered, then you need to refine the factors. Keep in mind that the filter acts as a guide to help you identify new markets to pursue, but it is not a solve-all tool to ensure your firm grows strategically. It should be balanced, and integrated with traditional methods of work generation and strategic market development.

With your filter in place, brainstorm potential future markets based on current individual knowledge and without extensive research. Begin with broad categories, such as building types, client types and service types. Consider a two-part approach, first within your marketing or business-development staff, and then at the principal or project-manager level. It will be important to foster a culture of market exploration and to empower potential champions to step forward.

Lastly, incorporate your findings into strategic plan recommendations by:

1. Developing a process to streamline identification and development of new market sectors and internal champions. Ideally, the business-development staff and firm principals should monitor existing work and brainstorm outside for new potential markets. The filter can be implemented as a tool to evaluate potential markets, identify impediments, and inform potential internal champions of opportunities.

2. Identifying new key markets and evaluating steps necessary to enter those markets, with consideration of internal development, acquisitions, partnerships and targeted hiring. Systematically identifying and allocating resources to new key market sectors can help the entire company focus and participate in achieving growth goals.

3. Mobilizing an exploratory process, within reason, that identifies complementary services, which are intimately linked to core practices and will strengthen the long-term health of your firm.

4. Developing a strategy to facilitate alignment of your current market distribution with the passions of your people and the needs of your business. Audit your current key markets (using the filter tool) to understand your current positions and how resources can be effectively distributed to the best markets.

Karla Richards is a business development manager at Degenkolb Engineers. Contact her at 503-223-9932.