Growing New Markets Using Database Management Techniques
Our client, a small specialist distributor of scientific and security based electronic components was undergoing a period of sales stagnation, largely due to the unique nature of the products they sold. These products were specifically designed for particular applications and therefore needed to be designed into equipment before production quantities would be needed. Our client asked us to manage the customer prospecting process for them, from procurement of base data through to qualified potentials.
Database management needs:
Our client wished to be presented with pre-qualified leads of known history and potential in order that they could work with that enterprise to take the design to fruition.
After determining the characteristics of likely potentials, database management skills were employed to filter those companies that were potential users. After several iterations of the original 6,900 enterprises, we were able to qualify 219 to the extent where further work was possible. This prospect base was then sub-divided into 4 priority groupings based on what was known about the equipment manufactured by the prospect and where that equipment was sold
The overall conversion rate for follow up was 39% of the qualified group, and each of the sales potentials was presented to the client company with qualification notes. This meant that for the client, their first contact with the potential customer was at design engineering level and was with the appropriate contact who was working on the project in hand.
Our client was able to benefit from our database management skills, receiving a ‘clean’ list of pre-qualified prospects. This saved the client company much time and money and allowed them to concentrate on securing design wins to increase their sales, customer base and profits.
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