Prospect Database…If You Build It, Will They Come? Part 2

Last week (07/21/08 post), Don laid out the initial steps for building a results generating prospect database. Here’s the rest of the story.

Structure communications to accommodate specific informational needs discovered in your research phase. Select communications vehicles and media aligned to prospect preference. Enter queries obtained from communications and relay them to the sales department. Since they’ve been generated by answers to their specific felt needs, these queries are sure to be of high value to your sales reps. The likely result—sales quotas reached, and full order books. Everyone’s dreams have now become reality!

Is there anything new here? Not really. It’s basic marketing: “… creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders," as defined by the American Marketing Association. But you’re employing digital tools for which your company has likely spent thousands, yet that sit unused or underutilized. With a little cooperation from IT and your sales department, your marketing department can help energize your organization.

While it’s fashionable to promote innovation as the answer to all challenges, there’s the other great neglected engine of growth…marketing. According to Peter Drucker: "Because the purpose of business is to create a customer, the business enterprise has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business." A great marketing tool is a well nourished prospect database. Why not give a try to developing yours?

Don

Prospect Database…If You Build It, Will They Come? Part 1

The prospect database—is it A Field of Dreams, or the real potential of filled order book? Yours alone is the choice. First, consider the benefits of developing a prospect database and its two active loops—front end and back end. At the front end of the loop, a database enables you to open a dialog, exploring the needs of the marketplace. At the back end, it helps you communicate responses to market needs.

How to begin? Build it starting with customer accounts. Mine additional names through sources like Thomasnet and Globalspec. Input every email and phone query. Enlist the cooperation of inside sales…even the switchboard operator.

Early on, segment your market by product line interests, industrial segment, geography, sales activity or more. Then study what makes you strong or weak, by mail, phone or in person. In absolute terms, or strategically—relative to the competition. Find out what “keeps them up at night.” Learn where they get hands-on information to do their job better. See what information is critical to their decision-making process about products and services and where they look for this information. Expand your study for statistical validity, or to reduce your risk.

Now, communicate your findings throughout your marketing group. Take the best ideas to managers in all functional areas as suggestions—in pricing, distribution, product development, engineering.

Assuming change for the better results from this exercise, now you’re positioned to communicate responses and strengths back to the marketplace…the return loop.

Don

Check back next week for the rest of the story on structuring a great marketing tool: a well-nourished, prospect database.

The Hydrox Cookie Test

I admit it. I’m a Hydrox person, and proud of it. As a child, I scorned the heavier, sweet taste of Oreos, the big, bad cookie giant. Instead, I relished the original chocolate sandwich cookie, Hydrox, with it’s light, rich, semi-sweet taste. If I wanted to eat the filling first, each cookie separated easily, without breaking, and the flower and scallop design stamped into each cookie made me smile!

About 10 years ago, I began to notice that my favorite cookie was becoming harder and harder to find. Alas, in 2003, Kelloggs eliminated Hydrox from their product line altogether, without any warning or announcement.

Now, five years later, Hydrox fans still haven’t gotten over it. A January article in the Wall Street Journal reported that Hydrox lovers had established a website and an online petition to bring the cookie back. After the WSJ article, Kelloggs was also inundated with phone calls from over a thousand desperate Hydrox fans pleading for its return.

Have you seen brand loyalty like that recently? Do your products have a faithful following that would petition, pester and hound your company for a product you let slip by the wayside?

Okay, I’ll admit that consumer cookie lovers are not exactly the same audience as production managers, engineers, maintenance supervisors and other industrial clients. But I submit that if you market your products and services faithfully in a brand environment that defines the unique benefits and advantages you offer…and...if your products and services deliver on those promises, you should have a core client base that is loyal to your brand.

If you don’t have some customers that could pass the Hydrox cookie test, take a closer look at your branding initiatives and product deliverables. Loyal customers are worth fighting for.

BTW - As a Hydrox lover, I was delighted to see that Kelloggs is taking advantage of all us fanatics with a “Biggest Fan” contest. They’re also bringing our favorite cookie back for a limited time to celebrate its 100th birthday. So I hope to be enjoying my favorite cookie again (for a short while, anyway) by the end of the summer!

Melinda

Shorey & Associates Selects Summer Intern

Shorey & Associates has selected Bob Jones University senior Michael Smith to participate in the agency’s summer 2008 internship session.

“At Shorey & Associates, we see internships as a win-win situation,” said Day Shorey, agency president. “Our interns gain the opportunity to explore real-world applications in creative arts, technology, project management and marketing disciplines, while our staff is invigorated by the fresh infusion of energy they bring.”

As part of his internship experience, Smith will assist Creative Directors Steven Cox and Melinda Witty in creating and producing layouts and artwork for both web and print delivery.

Smith will graduate from the university in December 2008 with a BS in graphic design and a minor in photography. His previous professional experience includes portrait photography, especially for weddings, engagements and family gatherings. A native of Lansdale, PA, Smith and his wife, Lindsay, enjoy traveling, having recently visited Thailand.

Holly