Six Steps to Redefine Your Target Market

Who is Your New “Best” Customer?

What to do when your current customers are negatively impacted by the economic state and they no longer need or can afford your services

Between oil prices and the pandemic, some businesses have been turned upside down.  Our best customers are no longer our best customers, they have been greatly impacted by either or both of these major economic bombs.  For our businesses to survive, we now have to figure out how to identify a new target market, also known as our best prospects and customers.

We will be discussing in detail the six steps to redefine your target market. Those steps consist of identifying second and third tier prospects and customers, creating your list, researching industry classifications, identifying patterns, researching similar companies that match patterns, and building a list based on research findings.

Let’s start by thinking about who our second or third best customer was prior to the drop in oil prices or the pandemic.  In doing this, focus on who these customers are by identifying what industries they might be in. For example, many of our customers are in different industries and are B2B with us as we perform marketing research services for them.  This exercise is not impactful if all of your best customers are inside the same industry.  Think in terms of “best customers” by different industry types.

My suggestion is to look into your current customer list and flag those second and third tier customers, ideally less impacted by our current state of the economy.  Once flagged, create a list of these accounts and include their address, city, and state.  With this information you are able to research their industry classification.  Document industry classification for each and you might start seeing a pattern of industry segments.  It is helpful but not critical to see patterns.

If you’re starting to see a pattern that you trust; next, think about refining your new target market.  Most common ways to refine include adding annual revenue and/or employee counts into the equation.  Geography might also be helpful.  Once you have captured all the necessary data, your final step will be to match other companies that mirror the final product of your research.

If you do not immediately see a pattern, consider adding more customers to your research list.  Or, you might find that you have a broader profile of customers.  When this is the case, often it becomes helpful to tighten up your requirements by making sure other elements are included in the search.  Often these include annual revenue, number of employees and geography, the same as above.  These elements are important in broad profiles because they allow you to make best efforts at zeroing in on your potential customer a bit more.

The final step is to build a new list of potential prospects based on the research work just done.  There are several list tools available to do this or Dunlap Marketing will be happy to do it for you.  The result is you have a spreadsheet of new prospect companies.  Now its time to reach out and promote the message of who you are and why these prospects should consider your products or services.  At this point you have adjusted your business based on world events, and you are on your way to making new “best” customers.

Quality Control is Important with Telemarketing / Teleprospecting

For our clients, appointment setting phone calls are recorded and saved. Dunlap Marketing has found that because of this process, we gain more client renewals. As a result, there are a number of benefits.

Client Benefits:

  • Dunlap management is able to verify that a proper appointment has been set, and that all necessary qualifying questions have been asked and answered before we distribute the appointment to a client
  • Our clients are able to properly plan and prepare for the upcoming conversation with the prospect
  • Maximizes the time of our clients and their sales team
  • Dunlap is able to establish a “trusting” relationship with our clients

Dunlap Marketing Benefits:

  • The practice is a necessary step in maintaining a quality control process and it’s a great tool to hold our staff accountable to following campaign requirements
  • It is a great coaching tool used to develop and provide advanced training with our staff – both individually and as a team
  • It allows productive 2-way communication with our clients when the need is present to brainstorm specific prospect opportunities or strategies

Appointment setting and telemarketing (teleprospecting) are very productive methods of developing new customers.  Often these new customers are not currently on our clients’ radar as potential opportunities.  For this reason, these new customers represent growth that was not expected.

In summary, the best benefit of all is client renewals.  Our clients renew our services because they receive value in the appointments set and the qualified leads that we produce.  Dunlap Marketing benefits because we enjoy the relationship with repeat business.

For more information, please contact Mike Dunlap or Kaitlin Cuevas.

Mike Dunlap – miked@dunlapmarketing.com – 281.496.9870 x 140

Kaitlin Cuevas – kaitlind@dunlapmarketing.com – 281.496.9870 x 180

A Simple Way to Increase the Number of Appointments Honored by Prospects

 

Are you trying to get your foot in the door with new selling opportunities, but the door gets slammed in your face when your prospects don’t honor the meeting time you both agreed to? It’s frustrating when this happens, and unfortunately, it happens to all sales people. You might find yourself wondering if there’s a trick is to increase the number of appointments honored by prospects? The good news is the solution is simple – calendar invites.

Increase the Number of Appointments Honored by Prospects

Calendar invites are an easy, yet effective way to increase the number of appointments honored by prospects. There are a few keys to being successful with calendar invites.

  1. Timely follow up
  2. Jog your prospect’s memory
  3. Be on time
  4. Attempt to reschedule when necessary

Timely Follow Up

Timely follow up is a fundamental aspect of the sales cycle. With calendar invites, timely follow up achieves two things:

  1. It earns you trust from your prospects
  2. It gives you the best chance at your prospect remembering why they committed to meeting with you

Remind Your Prospect Why They Committed To Meeting

Although you will follow up timely, it’s important to remember that your prospect has 100 other things on his/her plate. In your calendar invite, it’s helpful to mention something to jog their memory. It can be as simple as:

“Thank you for speaking with me today. I’m looking forward to discussing your interest in {product/service your company offers} and how {your company’s name} can be an asset to you and your team.”

Be On Time

For a phone meeting, if the prospect either confirms or does not respond to your calendar invite, make sure you are on time for the appointment. It’s important to show your prospect you respect their time and appreciate their willingness to accept an appointment.

For a face-to-face meeting, if the prospect does not respond to your calendar invite, you have a few options, depending on how important the opportunity is to you. If the opportunity is of high importance, show up on time for the appointment. However, if it’s a less important opportunity or a lot of travel is required, attempt to reconnect via phone or email before attending the appointment.

Attempt To Reschedule If Prospect Declines Invite

If your prospect declines the calendar invite, don’t worry. Respect the fact that something unexpected might have come up on their end and send them a message suggesting a few dates/times for rescheduling the appointment.  

At the end of the day, calendar invites are a simple way to increase the number of appointments honored by prospects. Not only does it remind them of their commitment, but it also shows them that you are on the ball.

For more information, contact Mike (miked@dunlapmarketing.com) or Kaitlin (kaitlind@dunlapmarketing.com).

Summer 2016 Internship Program

Business guy

This summer, Dunlap Marketing hosted three college interns. They worked on selected, entry-level projects and did exceptionally well. When asked to describe her experience with the internship, Meredith, University of Texas, said, “It has been great – I’ve had the chance to see a side of business and marketing that usually goes on behind the scenes. I’ve gained so much knowledge from it!” Lydia, University of Texas, agreed and added, “I learned how to deliver a message in an effective and understandable way during a phone conversation. Over time, I became very comfortable and really enjoyed getting prospects to cooperate. I had a great time at Dunlap Marketing and really enjoyed all of the people here.”

The interns worked a fulltime schedule and even put in their fair share of overtime. “This job has taught me patience and tactful persistence,” said Grace, Texas A&M University. “It can be tiring trying to get to the decision maker, but having a positive attitude can go a long way. The person on the other end of the phone can tell a difference when you speak in a happy tone and they’re more likely to help or listen to what you’re saying.”

Each of the interns agreed that saving time is the biggest value Dunlap Marketing’s services provide to its customers. “Instead of spending time on setting appointments, sales reps can focus on their expertise and actually sell,” said Grace. Meredith added, “We [Dunlap Marketing] are the middle man between our client and their prospect. Dunlap Marketing reports back with details gathered from prospecting calls and the client can use that information to advance the sales process.”

Meredith summed up her experience by saying, “I have definitely improved and gained confidence in speaking with individuals as well as businesses on the phone. It’s a great skill to have in general, but even more important to me because I’m majoring in business. It’s essential to have these skills.”

Dunlap Marketing kicked off its internship program in the summer of 2015. It was a great success for the interns, Dunlap Marketing, and Dunlap’s clients. “The internship was extremely rewarding as well as eye opening,” said 2015 intern, Matt, University of Texas. “The program has proved to be a win-win for both our customers as well as business men and women in the making. Our client campaigns that staff interns flourish with the added enthusiasm. Additionally, these upcoming business leaders gain valuable, real-life knowledge and skills,” said president, Mike Dunlap. With such a fantastic experience for both the interns and clients, Dunlap Marketing will continue with the program. Please email Kaitlin, kaitlind@dunlapmarketing.com, for more information.