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.
No comments:
Post a Comment
Thanks for your comment.