Now that the need to understand this untapped potential is established, where can you go to capture this information? Many organizations will rely on simple rep-generated lead lists. This is a mistake. Other sources should be considered. For example, a creative manager will use sales analysis to identify new and unusual sources of lead and prospect data. Some traditional business information sources are Hoovers, OneSource, and JigSaw. These are viable options. However, do not limit your team strictly to these options. Many other sources of potential exist.
Industry associations might be a good place to find new companies eager to buy your products or services. In addition to marketing associations, a leader can execute sales strategy and drive business growth through even more creative sources of market potential. Many companies find these non-traditional sources crucial. A previously “untapped” source of potential might be tax or governmental data.
A final thought on market potential. Perhaps simply “tapping” a data source is not the right way to create awareness of your product/service and ultimately grow your business. It’s possible that the right approach is through partnership expansion. Recommendation = Reach out to the local Chamber of Commerce. Explain that you are looking to develop business and create more economic opportunities for a given region. Ask them for access to local business leaders. Your objectives will likely be tightly aligned with the Chamber of Commerce’s objectives:
Higher sales for your company = higher local tax revenue. You will likely find an eagerly active and unexpected participant. To summarize, the following are sources to assess unknown market potential:
- Traditional business repositories (Dun & Bradstreet, Hoover’s, OneSource, etc…)
- Associations – reach out to industry or vertical associations with contacts and particular expertise germane to your pursuit.
- Government or tax data – oftentimes, the business data you are searching for is found in easily accessible public records. Use these sources.
- Liaise with Chamber of Commerce officials. Leverage their expertise to open doors for you. Through this sales analysis you will finally tap your full market potential.
Through this sales analysis you will finally tap your full market potential.