If the Makefile is not generated by autotools, but distributed along with the software, simply open it up in an editor and change it. The install target directory is probably defined in a variable somewhere.
It could be dependent upon what is supported by the module you are trying to compile. If your makefile is generated by using autotools, use:
--prefix=<myinstalldir>
when running the ./configure
some packages allow you to also override when running:
make prefix=<myinstalldir>
however, if your not using ./configure, only way to know for sure is to open up the makefile and check. It should be one of the first few variables at the top.
In the end I opened Makefile file and manually changed prefix path to desired installation path like below.
PREFIX ?= "installation path"
When I tried --prefix, "make" complained that there is not such command input. However, perhaps some packages accepts --prefix which is of course a cleaner solution.