It’s a Jungle Out There!
In a jungle of leads, finding the right lead to an eventual sale, takes your lead out of the jungle and into to your database, or what “we call Camp Profit.”
It’s a well-known fact that companies that bind the power of client information using data management, improve their performance and increase their chance for long-term profitability.
Companies that also segment their list into clients, customers, and prospects proportionately increase the likelihood of a sale as a contact moves from a prospect toward a client. They know the buyers journey and what is needed to coax them to reach the end of the journey.
High quality, usable data fuels the success of targeted customer relationship engagements and direct marketing campaigns.
Effective targeting enables one to increase sales by first identifying, then targeting smaller, more profitable customer groups within the total market.
Using the internet and the many advances in technology, a good Lead Processing System can show you how to uncover almost infinite details about your clients, customers, and prospects.
Your “lead jungle” is composed of contacts segmented into three unique categories.
1. A House List. The contacts in this list know of your company. They may know you for your service, or a product you provide, and they use these products or services.
2. These contacts are your clients and customers. A client is defined as one who buys exclusively with you during the course of any given year.
3. A customer purchases sporadically; maybe one yearly purchase of a product or a service that they know you for, and probably use your competition for some of the same services you provide.
4. The contacts in the house list need a steady stream of communication that informs and educates them on the use of your products and services.
5. Updating the CRM on a schedule to make sure the data is always updated.
6. Prospect List. The contacts in this list represent people from companies that are potentially a good fit because they share similar characteristics of your target market or at one time they were a client or a customer that can be caught again.
7. Prospects are also found in the markets of your present clients or customers they serve. Communicate with them using ideas that can make them do a better job and make them wonder if they are getting the right bang for their bucks from existing suppliers.
8. Big Game Suspects. This is a list built from SIC codes, business association members, and compiled contacts from an industry you serve. It can be based on geographical patterns (if any exist), a product or service you are known for or one that is highly profitable, or coincides with the usage of your top 20% of clients that bring you the most sales and/or revenue.
9. You can purchase suspects in a compiled list, add names from compiled list providers, and even add contacts you receive at a business function, such as a trade show.
10. This process is similar to a hunter trying a new trap. The hunter knows the trap works, but he or she is just not sure who may wander into the trap. Communication is best with an exclusive offer to the prospect to try your service or product.
When there is a determination made to get a hold on your marketing data and sales, I always recommend to start simple. When you are finally comfortable with your data management, then add new contacts to your database, based on your client and customer buying patterns. It’s also a good time to determine other channels of communication to help engage with new contacts.
Always keep a keen lookout for that next big selling segment. Some may even use camouflage.
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