DATABASE DEVELOPMENT

Many companies have well defined markets consisting of prospects within a specific geographic territory, size, industry and/or other parameters. For those companies, it is possible to build a comprehensive, in-depth database that includes virtually their entire list of prospective accounts.

For companies with less well defined markets, such a comprehensive database may not be possible. However, even these companies can create a database containing a growing universe of prospects fueled by their business development efforts. The resulting database will contain a highly focused, responsive market from which they can generate a substantial ongoing revenue stream.

For most companies, it is important to focus on both current customers and new account development. While it is generally easier to generate a dollar of revenue from an existing account, new name accounts are essential to the health of any business. Otherwise, you will be looking at a continually shrinking account base.

Data on existing accounts will generally come from your in-house system (possibly enhanced with outside data such as sales and employment size), while prospect data will usually be purchased from a commercial data vendor appropriate to your markets. As your staff interacts with the companies in your database they can update or correct existing information, and add important supplemental data.

Acquiring commercial data

There are a small number of data vendors that compile information on virtually every business in the U.S., and many more vendors covering specific industries or geographical regions. In many cases, data that was prohibitively expensive just a few years ago is now available on CD-ROM at a far more affordable cost.

Our consulting staff has been purchasing commercial prospect data since our founding in 1986, and we have considerable expertise in both the opportunities and pitfalls of commercial data sources. There is a good chance that we already have experience with data sources covering your markets, and we have a well established methodology for identifying and evaluating data for new markets.

Collecting proprietary data

Purchased commercial data is usually just the starting point for your database development efforts. This data will be enhanced and corrected with information obtained through telemarketing, sales contacts, visits to the prospects' websites, and other sources.

The tools available in SalesPro simplify the compilation effort considerably. Our consultants can help you identify the type of data that should be collected, the methodology for collecting it, and the mechanics of including it in your database.