There’s no denying it. The world has changed in the last couple of months and it’s impacting every business. For many, your “ideal” customers (prospects) are no longer ideal, as they freeze budgets and put initiatives on hold. You’re not alone. Now the question is, what can you do about it?
In this blog, we’re going to get very practical and talk about how you can find new market segments and engage with new buyers by using InsideView solutions. Or you can watch this video to see for yourself how it’s done.
Tip 1: Identify new markets to sell to
If your typical prospects are struggling right now, think about other types of businesses that could use your product. For example, Enterprise Rent-a-Car is pivoting from their traditional travel buyers to retailers who need additional cars to ramp up delivery services.
How can you find new viable targets?
A good place to start is to look at industries that are expanding, those that are in high demand right now. More specifically, look at sub-industries, because there can be wide variations within a single industry. Consider Hospitals and Healthcare. Hospitals that service elective procedures are all but closed for the time being, while those that provide essential services are busier than they’ve ever been. Similarly certain medical supplies are in high demand, while health administrators may put off purchasing other types of supplies.
Now it’s your turn. Get creative. Think about new ways to use your products. Then use InsideView Apex to identify new target markets based on industries and sub-industries. Next, overlay your results with other characteristics of your typical best customers, such as company size, location, or technology profiles to create a new target market segment.
You can also use InsideView Apex to identify look-alike companies that match a list from a recent successful campaign. InsideView Apex analyzes what the accounts have in common and will recommend more to target.
Tip 2: Filter your list based on news
Next, use InsideView Target to filter the companies in your new market segment based on recent news that may indicate whether a company is thriving or not.
At InsideView, we analyze millions of news articles each day and categorize them into topics that signal what’s happening within companies. We call these topical signals, “agents.” You can look for healthy, growing companies by filtering on these news agents:
- Expanding operations
- Funding developments
- Grow sales team
- New offerings
On the flip side, you may want to weed out businesses with news agents such as:
- Bankruptcy and restructuring
Then consider refining your list further based on contact location. Some geographies have felt the effects of the coronavirus to a lesser degree than others. These might be your priority targets. On the other hand, if you sell hand sanitizer or face masks, you may want to target the hardest hit areas first.
Tip 3: Follow what’s happening at your top prospects
You can also use news agents when researching individual accounts within InsideView Sales. Better yet, create a watchlist from the list you created in InsideView Apex or InsideView Target to receive email alerts when those companies are in the news. Use the agents that represent growth or weakness as listed in Tip 2. And consider setting up custom agents using keywords such as layoffs, furloughs, Covid-19, Coronavirus, and hiring.
Tip 4: Make sure your CRM data is current
With daily news about layoffs, furloughs, hiring, and companies shutting down, your CRM’s company and contact data is decaying at a faster rate than normal, which was already pretty bad at up to 70% per year,* prior to Covid-19.
More than ever, it’s important to continuously refresh and enrich your CRM data, because it’s the basis of your sales and marketing decisions. You rely on it to assign leads and prioritize accounts, to feed marketing campaigns, to connect with buyers, and more. (See graphic below.)
InsideView Data Integrity is the tool to use to automatically update, enrich, and monitor your account, contact, and lead data. It also automates processes like lead-to-account mapping and family trees for more effective territory planning and account assignments.
Tip 5: Validate your email addresses
Now that you know who you want to target, take time to validate their email addresses before you reach out, if it’s been a month or more since you’ve used them. InsideView Data Integrity includes email validation. In addition to improving your chances of engaging your potential buyers, running the validation will keep you out of trouble with your email service provider and protect you from the dreaded blacklist.
We’ve presented these tips in a sequence, but you can also implement them as independent activities. Each will contribute to more effective targeting and engagement.
Already have a list you’d like to refine? Load it into InsideView Target and filter on news as described above. Using InsideView Sales? Scan the news for relevant agents when you’re researching a specific account. You can also search the news by keywords like, Coronavirus, hiring, or others from within your CRM view.
InsideView helped SafeGraph find new prospects for their geospatial data in this wonderful example of contributing to the fight against the pandemic. We helped a large banking organization use custom agents to identify who among their customers might be at risk for defaulting on their loans. This gave them the opportunity to reach out proactively to offer help and enabled them to plan ahead for their own financial risk. And we’re here to help you, too.
Change is hard, but it can also be the catalyst to reinvent yourself and explore opportunities you might otherwise miss.