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Examine Your Existing Customer Database to Identify Target Markets.
In a tough market, examining your existing customer database is a great way to energize and develop a marketing plan. If you have an existing customer database, depending on its size, print it out. Grab a cup of coffee and a pen, look over the list and start making some notes. Company's change rapidly and I bet you'll notice your database needs some fine-tuning.
Has the contact changed? Are they growing? Do they have an outdated product or old software that needs upgrading? More than that, this is a wonderful time to compile additional information about your customers. Information that could help you identify new opportunity's.
Sample headings for a database could look like this:
First name | Last name | Company | E-mail address | Web address | Direct # | Current products |
What would it mean to your business if you added an additional field to your database? One example is to add SIC Codes. SIC Codes are Standard Industrial Classifications. It's another way to organize and classify a business.
If you were able to fill in the SIC codes for your entire customer database you may see a pattern emerge, a pattern that you may or may not have realized before. Building a target market is critical to building a strategic marketing plan. Let's look closer. Company XYZ added SIC Codes to their database and has identified a vertical market.
First name | Last name | Company | E-mail address | Web address | Direct # | Current products | SIC Code |
Jane | Smith | Smith Alarm Company | JS@Smith.com | www.Smith.com | 555-1234 | KLM | 1731 |
John | Hanson | Hanson Cable Services | JH@ Hanson .com | www. Hanson .com | 555-1235 | ABC , HIJ | 1731 |
Cindy | Jones | Jones Sound Equipment | CJ@Jones.com | www. Jones.com | 555-1236 | DFG | 1731 |
Juan | Sanchez | Sanchez Phone Systems | JS@Sanchez.com | www. Sanchez .com | 555-1237 | ABB, KLM, HIJ | 1731 |
*http://www.osha.gov/pls/imis/sic_manual.display?id=416&tab=description
Your company will have its own unique set of customers and each customer will have their own unique SIC code.
So how do you find SIC Codes for your customers? If you have access to Dunn and Bradstreet or another online business tool, perfect. You can go to their database and type in your customers name to identify the SIC Code. Otherwise, you can use the OSHA website or Webster Online. The links to these websites are at the bottom of the page. It's more work but the benefits greatly out way the cost. They can be used independently or together. For this demonstration, I used the OSHA website.
According to OSHA's website* other business types under the 1731 SIC Code includes:
• Burglar alarm installation contractors
• Cable Splicing electrical contractors
• Cable television hookup contractors
• Communications equipment installation contractors
• Electrical repair at site of construction contractors
• Electrical work contractors
• Electronic control system installation contractors
• Fire and alarm installation contractors
• Highway lighting and electrical signal construction contractors
• Intercommunications equipment installation contractors
• Sound equipment installation contractors
• Telecommunications equipment installation contractors
• Telephone and telephone equipment installation contactors.
This is great information for Company XYZ. Not only do they have a better understanding of their current customer base they now have a specific target market to communicate with. This critical information can be used to develop a strategic marketing plan.
Here is an example of a strategic plan for Company XYZ.
Strategic Plan for Penetrating Vertical Market
Place an ad in a trade magazine. | Build a targeted prospect list to cold call. | Send direct mailers. |
Identify trade magazine targeting SIC 1731. | Buy a cold calling list using SIC 1731 in specific region. | Buy a list using SIC 1731 in specific region. |
Use a 1-800 to track inbound calls from ad. | Write script and make calls. | Design and write direct mail piece targeting SIC 1731. |
Track appointments and sales. | Print 1-800 number or unique reference code to track inbound sales calls from direct mailer. |
Take the time to update your client database and you'll find a goldmine of information. Now, go grab that 2nd cup of coffee, trust me you'll need it and start your research.
Feel free to leave a comment. Good, bad or ugly I'd like to know if my advice energizes you to action. If you need help overcoming a specific marketing challenge please contact me at Meakins@FjordMarketingGroup.com.
Links:
www.osha.gov/pls/imis/sicsearch.html
