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Demand Generation for the EPC and EPCM Sector in 2024

For professionals in Australia's EPC or EPCM industry, this article offers a four-step approach to identifying target audiences. By leveraging real-time data and insights, you can streamline prospecting efforts and enhance strategic decision-making in this dynamic industry landscape.

How to find your target audience in 4 simple steps.

If you're involved in the EPC or EPCM industry in Australia and seeking practical strategies to streamline your prospecting efforts, you've come to the right place.

In this article, you'll discover a comprehensive four-step approach tailored specifically for professionals in the EPC or EPCM industry in Australia. We kick off by guiding you through the essential process of sizing the market, integrating real-time data and insights into the dynamic Australian Engineering Consulting market landscape.

Moving forward, we delve deeper into the concept of the "Serviceable Obtainable Market (SOM)," assisting you in narrowing down your focus to the tangible and reachable target market.

Step three brings attention to the critical aspect of market share concentration. By examining the current state of the Engineering Consulting industry in Australia, we provide you with a detailed understanding of market dynamics and competitive landscapes, enabling you to strategise effectively.

Lastly, we equip you with our favourite practical methodology for calculating and estimating forecasts using the top-down approach, a tried-and-tested technique we employ at Fileroom. Through our step-by-step guidance, you'll gain confidence in your decision-making process and maximise your potential for success in the industry employing an ROI Marketing approach.

Step 1. Finding the Market Size

Market size is a frequently discussed metric in business; however, accurately determining the market size is a challenge. But once identified, it gives an important advantage. Not only does it support better investment decision-making, but it also provides a clearer view of competitors, opportunities, and threats.

One of the most common mistakes is not clearly defining who is part of the target market and who isn't. Perhaps in an attempt to not exclude anyone, companies include profiles, industries, and types of companies that don't really have a direct interest in establishing a business relationship with you. It's true that you don't want to "cut off and ignore" future opportunities that could potentially be your customers someday, but why allocate resources towards developing and nurturing leads with a minimal chance of evolving into Marketing Qualified Leads (MQLs) or Sales Qualified Leads (SQLs)? While challenging, it’s crucial to identify groups that have minimal potential interest in your company because they won't represent the short-term revenue you need. Instead, define your sources of growth, prioritise the groups that will signify short-term growth, and maintain a clear vision of those that will become your future revenue streams.

The Size of the EPCM Sector in Australia for 2024

According to the latest IBISWorld report from August 2023, the Engineering Consulting market in Australia generated $50.5 billion, showing a growth of 0.8%, and it has a growth projection of 1.0% towards 2028. Currently, it is estimated that 141,000 people are employed in this sector, consisting of 45,013 businesses.

Step 2. Define the Serviceable Obtainable Market (SOM)

The previous data is key to understanding the market universe. However, this information by itself isn't very useful. You need to identify from this total universe the true number of potential customers with the potential revenue you can realistically reach with your marketing tools, budget, and sales and service team.

Begin by intricately dissecting the industry, subsegment identifying the specific niches where your solutions can swiftly or gradually meet the needs of companies. Articulate your value proposition and delineate your competitive advantage with clarity, ensuring your unique offerings stand out in the market landscape.

IBISWorld breaks down the Engineering Consulting sector into two products and services and by the market they serve.

a. Product and Services Segmentation

Key Product Segmentation 

Industry Revenue in 2023 

Share of Market % 

Engineering design consulting 



Testing and analysis 



Project management consulting 



Asset management 



Process and systems engineering consulting 



Environmental consulting 



Procurement assistance 



Source: IBISWorld | Engineering Consulting in Australia Aug 2023 

b. Major Market Segmentation

Major Markets 

Industry Revenue in 2023 

Share of Market % 

Developers and building construction firms 



Utilities and transport operators 



Public sector 



Mining and resources firms 






Other firms 



Source: IBISWorld | Engineering Consulting in Australia Aug 2023 

Additionally, pinpoint the key decision-makers within each company and ascertain the number of individuals with this influential capacity in every company or target account. Employ market research, delve into industry reports, and conduct your own interviews to finely tune the profiles of these pivotal decision-makers. Craft detailed buyer persona profiles, highlighting their pain points and challenges they encounter when approaching a company as yours and buying products and services you offer. Market research is crucial for gathering data from two primary sources: first-party data, which consists of information collected directly from your customers or audience, and third-party data, obtained from external sources such as industry reports.

Step 3. Consider Market Share Concentration

The number of competitors, barriers to entry, mergers and acquisitions affect how you will address the target market. A market with low competition density tends to foster stronger and long-term alliances between contractors and stakeholders. While entry barriers may be higher, once inside, stability may be more attainable. Conversely, a highly concentrated market indicates a large number of competing companies, implying that customers, with numerous alternatives, are more likely to switch between providers and demand greater flexibility in offerings.

Another factor you should examine in market saturation is the number of major players involved in the competition. Are you competing against industry giants who have significant market share or numerous small companies vying for your customer's attention?

In the case of EPC and EPCM in Australia, IBISWorld states that the Engineering Consulting industry demonstrates low market share concentration, with many sole proprietors and small-scale firms operating within it. Over 95% of EPC or EPCM contractor firms employ fewer than 20 people, with approximately half of these firms operating as non-employing businesses. The major players are multi-establishment operations offering complementary services alongside engineering consulting, such as environmental, architectural, and construction services. They often have branches in major capital cities and key regional markets, expanding their capabilities and project range through the acquisition of smaller or adjacent firms.

Step 4. Calculate Your Attraction Power, Consequently, Required Investment, and Potential Revenue

The final step involves calculating the size of your target market, which will no longer be a universe but a specific group of individuals working in very particular types of companies with distinct and differentiated roles.

One technique we employ at Fileroom is the Top-down approach. This method relies on predictions, forecasts, and conversion rate definitions based on your historical data. It considers the conversion power you've experienced in previous marketing actions or, alternatively, industry-reported average conversion rates. The aim is to attain a robust figure that empowers you to make informed decisions, including determining the necessary investment in advertising mediums to seamlessly connect with your target audience.

Market size is a crucial figure when formulating your next strategic moves and growth projections. If you require assistance in determining your figures or defining the conversion rates necessary to narrow down the target market and confidently estimate your potential results, feel free to contact us.

We are a growth marketing agency specialising in the heavy industry, ready to assist with business intelligence and structuring your growth marketing execution plan. If you want to learn more about our approach to B2B mining and industrial marketing, find some case studies here.

Ready to Scale your Business for Serious Growth? Download our Growth Marketing Workbook to Build your Plan Today! 

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