In Part 1 of this Targeted Marketing series of articles, I presented an overview of a highly successful way of getting new customers.In Part 2 I cover in practical detail how to carry out each stage of the process.
When can this targeted marketing approach be used?
This particular approach works when:
* You are selling into one market sector or into a wide number of sectors (a 'market sector' is best defined here as a particular industry or type of business).
* You are selling to businesses rather than to retail consumers.
* You are prepared to experiment a little, trying different approaches.
* Your expected average order size is at least GBP 200 (USD 300)
* You don't mind using the telephone (or have got a volunteer to phone for you!) and you have got some way of sending out 20 - 50 letters per week (say, a simple mailmerge program on a word processor).
* You need new customers!
If all of these apply to you, then read on...
The seven stages of targeted marketing
The 7 stages, involving a mixture of tele-research, direct mail and telesales, are listed below. Each stage is described in more detail on this web page:
In the meantime, here's a summary of the steps you need to take:
* Selection of key target market sectors: identifying what types of customers you want to do business with.
* List research: compiling lists of potential customers.
* Telephone research: to ensure that the information gained from the lists is accurate, and to get any supplementary information not included in the mailing lists.
* Prospect selection: based on the lists and telephone research, to eliminate any inappropriate prospects and / or to produce a smaller, manageable sub-list for this particular mailing.
* Mailshot: sending out a letter and appropriate sales literature to the selected prospects.
* Telephone follow-up: this is where you really go for whatever it is you are wanting - a sales meeting, a trial order, the opportunity to quote... whatever is your objective.
* Recording, measuring, monitoring: so that you know what has worked, what has not, what actions you need to take next.
