If your target market includes other businesses, congratulations! Unlike many other kinds of target markets, accurate information is widely available regarding specific industries, and this information can make all the difference in generating effective marketing ideas for business-to-business success.
Who are the best prospects within your target geographical area? What trends are making waves in their industries? What are their fears and concerns? What ways might you be able to position yourself as a key partner for them?
The good news is, no matter what industry you seek to partner with or serve, chances are good you'll be able to extrapolate the answers to these questions and more through information resources widely available on the Web. The bad news is, you'll have to pay for some of those resources. But, in almost every case, the cost is minimal compared to the return on investment.
Let's start with the basics. Almost everyone associates Dun & Bradstreet (D & B) with the notorious D-U-N-S number, without which it is increasingly difficult to do business. Many more are familiar with the fact that potential partners and suppliers can use your
D-U-N-S number to check your business credit, and that you can do the same to take a look at those with whom you're considering a potential partnership. But, few realize just how many ways the near-encyclopedic business listings at D & B can be.
Say you own an antique-importing business based in Colorado, and are thinking of expanding your business into Arizona. If your best customers tend to be antique dealers with five or less employees, located in urban centers, you might purchase a marketing list from D & B of Arizona-based antique dealers constrained by that criterion. (You might also be interested in purchasing an industry report to find out how many other antique-importers are already operating in those areas.)
Before acting on that information, you'll want to see if there is a relevant trade association for antique dealers in the areas encompassed by your list. Trade associations often publish industry reports on important trends affecting their members, whether market-based or legislative. This information can be invaluable to understanding the current needs and desires of your target market.
Now you're ready to contact your prospects. Using the contact information contained in your list, you'll want to take the time to introduce yourself, whether over the phone or through direct mail. And let's say, in the process of doing so, you find a few key dealers who seem like they would be excellent potential partners.
Using the business listings at D & B, a prudent step would be to look up information regarding the sales, credit, business history, etc., of these businesses to help you make an informed decision regarding the terms of your partnership. That way, you'll be able to move forward with both eyes open.
The cost of obtaining information like this concerning your potential business customers is minimal compared to the cost of flying blind. The pay-off for doing your homework will come in the form of more effective marketing, more lucrative partnerships and less overall risk.
Michele DeKinder-Smith is the founder of Jane Out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a women-owned small business by joining Jane Out of the Box, available as a free membership. Jane Out of the Box offers networking and marketing opportunities, key resources and mentorship from successful women in business, and also consults with corporations and government agencies, helping them better understand the needs of an ever-growing number of women entrepreneurs. Find out more at www.janeoutofthebox.com.
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