Part 2 – How to Find Your Hidden New Clients
To help you visualize target companies, I would like you to draw a circle with two outer circles around it on a sheet of paper. Label the center circle "A," the next circle "B," and the
third circle "C."
How to Create and Manage Your Target Company Contacts
A target company or organization is one to which your recent and
past professional skills will easily transfer. These are companies and organizations where you "can hit the ground running" with your professional background relative to a great fit with your product or service for their organization.
Target Companies "A"
Your "A" companies would be those that are similar to your current customer/clients:
Are in similar industries
Make similar products
Have similar customer bases
Use similar manufacturing processes
Employ similar channels of distribution
Adopt similar operating styles you have worked with before
Have similar corporate cultures
Have similar corporate sales sizes and/or number of employees
This group would be your "A" circle, the bull's-eye. It will contain your "A" target companies list.
First, I would like you to research your current and past customer’s/client's Standard Industrial Classification (SIC) codes or NAICS. You can conduct this research at the library with their resources. In addition, you can do it online through the U.S. Department of Labor website (www.osha.gov/pls/imis/sicsearch.html).
In addition, you can also try the following websites:
Second, look up all your past and present professional competitors' SIC codes or NAICS.
Third, look into your target companies' customers and vendors as additional good targets.
Combine your first and second group of SIC codes or NAICS into one list. Now look up all the companies in your geographical area with those SIC codes.
This is your list of "A" target companies, which will go in your circular bull's-eye. Hopefully you will have 25 to 50 names for your core list. Focus on the strongest and easiest to land as new business customers/clients. Pick about 12 for this “A” sub list where you will put the bulk of your effort. You want to start with a select small list to maximize your ability to accomplish a good job with your follow up. FOLLOW UP is the key to building the relationship and landing that next great client.
Target Companies "B"
For your "B" list of companies, you want to think of companies
Are in related industries (e.g., professional landscaping versus lawn and garden)
Produce related product lines (e.g., pharmaceutical versus OTC (over the counter))
Have related customer bases (e.g., drug stores versus mass merchants)
Use related manufacturing processes
Employ related channels of distribution [e.g., food (grocery) versus alcohol (sold in grocery and liquor stores)]
Have varying corporate sales sizes and/or number of employees and in some way are related to the type of companies you have professional experience with (e.g., smaller or larger in company sales and employees than current or previous employers)
By the time you are done, you should have about 50 to 75 firms on this list.
Target Companies "C"—"Maybe" Firms
Your "C" list will be companies that you have picked primarily for their geographic location. They are a long shot in terms of synergism with your company’s product or services and professional history, industry experience, and product background.
This list will consist of companies that are primarily in your geographic area, that are in high-growth industries, or that you may have a personal contact in. It will most likely have 25 to 50 potential companies listed on it.
Your product and service MUST 1. fill solve a problem, 2.solve a need, 3. save them money or 4. help create a new market for them. Otherwise you are wasting your time. Take then off you list if they do not meet one of these four requirements.
Since these firms are most likely long shots, I suggest you research them last, with the exception of the ones where you have a personal contact. In that case, contact the person you know after you have researched their organization in depth/detail.
Next week we will continue with Part 3 – How to Target Hidden Business Leads.
If you would need professional help in the area of determining whether or not your team is working together as best as they could. Are they helping your organizational goals, or slowing the progress down? Please call us at 847-304-4500 to discuss your options on understanding your team more fully in terms of their ability to support and achieve the business revenue success you are looking for this year.
Have a great week and productive week, managing the changes and challenges that are currently going on in your company.
I wish you a wonderfully successful and productive week ahead.
Eleanor Anne Sweet
Hidden Sales and Revenue Expert tm
Your Business - Business, Success Consultant, Trainer, Speaker and Author
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