Having a database of prospects can be a powerful source of new business for you.
Many marketers spend an enormous amount of time talking about Customer Relationship Management (CRM) Systems and comprehensive databases of existing clients. This is highly valuable, and something we'd definitely recommend. However, this tip is actually about having a database of PROSPECTS. From our experience, this is very frequently neglected.
By creating a database of prospects you are developing a pool of opportunity for yourself. Said differently, you are like a horticulturalist and your database of prospects are like seedlings. Over time with the proper nurturing and attention many of these seedlings will become very fruitful for you.
Developing a database of prospects often is a cheaper and easier way of finding new revenue than attracting new clients. The intention is that you nurture this database by constantly adding value to them through regular communication.
The key point here is "not regular communication", but rather "adding value". Regular communication on its own will most likely have the opposite effect. You can communicate and add value through email, snail mail, fax or phone.
This database can be generated from many different sources. For example:
- Your website - offering subscription to an e-newsletter or periodical tips
- Trade shows - having a stand and giving visitors an incentive to provide their details
- Competitions - promoting a valuable prize
- Networking - obtaining business cards and permission to send these people value added emails
I recommend you take the time to think of what will add value to your prospects.
If you struggle to find an area that will add value, think outside of your business. Consider aspects such as; trends, statistics and even the special offers and value of another business.
As long as you add value and there is an obvious link back to your business, you'll achieve your objective. But don't bombard your database with information, otherwise those on the receiving end may become annoyed and stop reading your communications!
Remember that having this database means that every prospect that does not become a customer is still put to good use. After spending valuable time and resources prospecting and selling you don't want to completely lose these people.
Be a horticulturalist! Plant seeds, water them, fertilise them and over time they will become a fruitful garden, ripe for the picking! And if not, you will still feel enormously fulfilled because you have just contributed something very positive to another human being.
Remember the Shoestring Marketing Mantra: "Give FIRST!"