Five Tips on How Business Data Can Help You Unlock New Markets

Are you starting a new business venture, or perhaps expanding into new areas? Or do you feel that you have exhausted your existing sources of customers and need to widen your marketing to entice a broader range of potential clients?

Perhaps you are concerned that spending time advertising and sourcing new business might mean that you have insufficient time to dedicate to providing your goods or services to your existing clients. It is very important that your time is spent wisely, because in business time really is money.

What you really need is to target the customers who are most likely to actually want to be targeted; those who are most likely to make use of your business and spend money with you. How do you identify those customers? Business Data.

Here are our top five tips for unlocking new markets with business data.

1. Define your target market

What is the nature of your business, and who is most likely to want to buy your products or use your services? Let’s take an example: you design and make machinery that is used to produce packaging. You may want to target the manufacturing industry in the hope that you can sell your machines to more factories. Or perhaps you specialise in professional services insurance and want to reach those professionals who may be in need of your insurance services such as lawyers, doctors and accountants.
Once you know who and where your target market will be, you’ll need the business data to help you to contact the right people. Too often, calling a company’s switchboard will get you no further than the receptionist, who may have blanket instructions to deter cold-calling. If you want to speak to the decision makers, you need accurate, up to date b2b data.

2. Explore your market

Do your market research. Contact a company that specialises in business data to find out how many contacts they could provide you with in the area you are looking to expand into. You could want to find out how many manufacturing companies there are within a certain mileage of your base, for example, or you could be interested in taking your business nationwide.
We can give you all the information you need about your potential market, based on your search request. Perhaps you want the email addresses or telephone numbers of the managing directors of all manufacturing businesses within a fifty mile radius of your business. We can provide that information and could also provide details such as SIC codes, the number of employees within a company and what a company’s turnover is if you want. Knowledge is power and if you know enough about a potential client you will be much more able to make a good sales pitch.

3. Pitch your plan

Once you know where your new market lies, think about how you are going to deliver to that market. Exactly what is it you propose to do to change your business to generate and meet new interest and demand? Do you have the necessary infrastructure to support your plan? If you sell equipment intended for use within schools for P.E. lessons, for instance, and you decide to contact schools in other areas, do you have the funds and resources to be able to supply more equipment if you are successful in getting more orders?

Too many businesses overestimate their capabilities and overstretch their resources, leaving customers new and existing unhappy and unlikely to recommend to others. If you need to borrow money to expand and include new markets, your business manager at the bank will want to know details of your plan, so make sure you have all your facts and figures to hand to support your intentions. Using business data will give you a good idea of how much your new business could expand and what resources you are likely to need to invest in to support your expansion into this new market.

4. Identify market entry options – what is the best way to get your message across?

Once you have the business data you know which businesses to target. Think of your unique selling points and send an email or have them handy when making a direct call. Make sure that the person to whom you are speaking, or the person to whom you are sending your email, knows that you have targeted them in particular – be informative about your business but also be interested in theirs. Will your business be fairly unique in the area? Or are you aiming to compete with similar businesses at a lower price or on better terms?

Perhaps you want to identify similar businesses that would complement your own: getting the business data about those organisations could lead to successful cooperation between you and them so that you can team up on promotions or recommendations to shared potential customers. For example, if you sell legal services such as will writing, could you team up with financial advisors in your area? The financial advisors could recommend your services for a fixed fee or a small percentage of what you charge the client, for example.

5. Choose a business data supplier

Of course, without the correct business data or b2b data than all your plans could lead to nothing. Information is power and without it your emails could go straight to spam folders and your phone calls could be successfully fielded by secretaries and receptionists.

You need clear, accurate business records and contacts to help you to understand your market and to efficiently expand into that market. A good business data supplier will have access to raw data feeds each month from a wide variety of sources relevant to many different industries.

Our data is fully compliant, clean and campaign ready – allowing you to target the right people in the right industries:

– 2.5 million business data records
– 3 million business data contacts
– 650,000 email addresses
– 160,000 validation calls a month

Call us today on 01254 311108 and make use of business data – an efficient and cost-effective means of expanding your business market.