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.