Market prospecting is the exploration of new consumer markets, focusing on awakening interest in your customers.
Once your company is established and ready to offer products and services, you need to Barbados Email List win over consumers to expand your business. However, it is common for some entrepreneurs to have doubts about the best way to approach new customers.
What methods and strategies are most appropriate at this time? To help you, we have created a complete guide on market prospecting. Check it out!
Summary:
What is market prospecting?
How to do good prospecting?
Benefits of market research
Step by step guide to efficient market prospecting
Strategies for prospecting markets with different profiles
CRM, the ally of sales prospecting
What is market prospecting?
When we look up the meaning of prospecting in the dictionary, we find synonyms like “explore”, and if we analyze it carefully, market prospecting is just that: exploring new directions, new markets.
When a company decides to begin the market prospecting process, it needs to understand its mission, its essence and what sets it apart from its competitors — who offer the same products and services.
Furthermore, it is necessary to convey a lot of trust and, for this, the company's organizational culture must be well internalized in all employees and partners. After all, it is more than vital to emphasize that you know everything about the product offered in order to convey more credibility to new prospects.
Keep in mind that the main objective of prospecting is to attract and arouse the interest of customers to purchase products and services from your business. As a result, there is also an increase in sales and a standout from the competition.
Also read: How to Improve Customer Service: 10 Customer Service Tools to Use in 2022.
How to do good prospecting?
After learning a little more about what market prospecting is, we will help you to successfully capture potential customers.
For good market prospecting, it is interesting to adopt different strategies. One example of this is Networking , that is, having a network of contacts to exchange relevant information.
There are also other useful data when prospecting, such as demographic and geographic information of potential customers. This information can be easily found on the official website of the IBGE (Brazilian Institute of Geography and Statistics).
Also have commercial guides and emails from companies and audiences that are interesting to your market on hand.
If an organization decides to enter a new market, it needs to think about potential customers, that is, define its ICP (Ideal Customer Profile) — answering questions such as what, how, when and why they would be interested in buying your product or service.
Finally, organize your routine so that processes are not forgotten or poorly distributed when prospecting.
Benefits of market research
Considering that the practice of prospecting markets must be continuous, we will explain below the advantages of this action so widely used in the business world.
The organization that adopts market prospecting needs to use the logistics and marketing aspects so that these sectors can help them when it comes to attracting new customers.
Furthermore, one of the great benefits of prospecting clients is that when they receive good service, they become great promoters of the brand, products and services provided. And there is nothing better than being promoted by people who trust your work, right?
This form of advertising makes it possible to generate leads and, consequently, build customer loyalty.
Therefore, sales professionals must pay attention to the company's customer profiles and also pay attention to consumer behavior. This is because it is through knowing the needs of the public that you achieve more sales.
Step by step guide to efficient market prospecting
Check out the guide we created to help you be very successful when prospecting new markets.
- Define your goals
The action of prospecting involves planning to educate shareholders and reaches your organization's internal customers.
Always make it very clear what your company’s mission is, what your brand wants to do, and what makes you stand out from your competitors. All of these factors should be considered when expanding your business.
Many companies have no idea what their goals are and do not even recognize themselves as strong businesses in the market. This type of thinking can delay the company's evolution and prevent it from seeking new solutions to attract customers.
- Analyze the products and services offered
To ensure success when attracting new customers, you need to check whether the products you sell are aligned with the organization's proposal and whether the services are capable of meeting the buyers' needs.
Acting according to the company's principles is essential to maintain the brand's good image and reputation.
This way, the business will offer the right products and understand the target audience and desires of its customers. Thinking this way helps logistics professionals to better plan sales strategies, avoiding any unnecessary expenses.
- Understand the differences between prospecting and sales
If you've ever thought that prospecting and sales are synonymous, stop everything you're doing and pay attention to this quick explanation!
Prospecting: aims to establish a commercial relationship between the company and the prospect (potential customer). Remember that this action takes time. Furthermore, forcing any sale at this early stage can harm the relationship with the customer and, worse, reduce the chances of them recommending your brand.
Sales: At this stage, the customer already knows your company. If you mention your service or a new alternative to a problem, do so subtly.
- Study the market
It is no surprise that the market fluctuates over time. After all, there is a growing demand for products, and in some cases, there is a shortage of goods or even new equipment arriving in the sector.
When thinking about success when prospecting a large number of clients, it is of utmost importance to convey security and trust with the services provided.
Therefore, we cannot fail to invest and deepen our knowledge about the products offered to have a relevant advantage when standing out among our competitors.
- Always be online
In a world where technology is on the side of sellers and consumers, having your brand visible to the digital world becomes a necessity.
So, don't leave digital platforms aside, as many consumers are currently connected to the internet.
Therefore, invest in a social media team to generate blog content and create well-planned materials that present objective information. In addition, highlight on your sales website which products are available, the services provided and provide ways for customers to get in touch to clarify any doubts.
Remember that being present on the internet makes your brand easily found on search engines like Google, as well as opening up a multitude of opportunities to present yourself to potential customers.
- Understand your target audience
Try to go beyond business planning. If you want to project a good image, develop actions that demonstrate how your business is beneficial to other markets.
Therefore, be sure to research everything about your audience, your segment, the products and services they offer, and what their needs are. All of this is essential for efficient market prospecting.
In addition, check out the economy and learn how the sector is reacting in the financial market. All of these actions influence your brand's first contact with the customer.
- Have a team of qualified professionals
After clarifying all of your company's objectives, analyzing the products offered, studying the market and getting to know your prospects, it's time to forward the right proposals to your audience.
Do you know how to do this? Simple, have a team of qualified professionals to carry out good market research.
Continue reading: Lead Nurturing Flow: 7 Tips to Make Yours
Strategies for prospecting markets with different profiles
You already understand the steps to follow to prospect new markets efficiently, now you will learn how to connect with different audiences. Follow along!
Prospecting for innovators
Innovators make up 2.5% of the market and are those consumers who aggressively pursue new technologies. They are always willing to test new things and can be great sources of feedback on your products and services offered.
Therefore, to prospect these consumers, less effort will be required, since they test new technologies and products periodically. Therefore, it is necessary to find the right channels to contact them.
To do this, create your own website and look for channels specialized in your segment, such as news portals, review blogs, acceleration program partners, investors who work with tech, digital influencers, etc.
Advertising through consumers and positive reviews will be your main allies when it comes to making your product and, above all, your brand known!
Prospecting for early adopters
Early adopters are responsible for 13.5% of the consumer market and have a vision focused on technological advances and tend to accept new technologies easily.
Early adopters are the main customers of the main SaaS (Software as a Service) companies in Brazil. It is still a young market and many of them are still in the stage of finding customers.
One of the ways to prospect these customers is through Inbound or Outbound.
Once you win over early adopters, you will be offering an innovative product, that is, a new solution for an old product.
This fact is very beneficial, after all, in a highly competitive market, generating notable growth going from a convenient solution to a necessary one awakens the interest of many consumers.
Did you enjoy learning more about market prospecting and its ramifications?
Did you know that there is a management tool that can help you when prospecting new markets? Its name is CRM!
CRM: the ally of sales prospecting
It's not magic or false advertising, CRM software proves its effectiveness with statistical data.