Mobile devices, constant access to Internet and customer review sites are changing the way businesses work with customers and handle direct marketing. Whereas before your call center could essentially have a script that agents memorized, now agents are asked to adapt and keep the flow of a conversation going. They must have the right information available to them at a second’s notice, and market analysis is a vital part of defining your market and finding the right customers.
Finding Market Definition
Market definition allows you to pinpoint your most likely customers, and even those who have purchased your products of services before. In order to determine who is most likely to respond to direct marketing, you start with the total population. The process is then narrowed down to your potential market, or those who may be interested in buying your service or product.
The next step is defining your available market, which is those in the potential market that have the funds to actually purchase your service or product. After that, market analysis is used to narrow the field down again to a qualified available market with those who are legally permitted to purchase your services. Then we move to the target market, which is the market that your business has decided it wants to serve. The final step in defining your market is identifying the penetrated market, which is those who have previously purchased your services or products.
The Importance of Lead Generation
Now that you better understand your market definition and you’ve defined your target market, the next step is to use that definition to improve your lead generation. Lead generation has changed drastically over the years as the way customers communicate has evolved. It is also used to capture interest in your product or service in order to increase sales.
Your goal is to create new ways to reach your target market so you are heard above all the noise from similar products and services. If you’ve defined your market as concisely as possible, then you are able to tailor your methods in ways that are most likely to reach those customers most likely to buy your products.
How Are Leads Generated?
A lead is a person that has shown some type of interests in what your company offers. Rather than getting a random cold call from your company, your agents speak with those that have already had some type of contact with the company you are working for. Maybe the customer took an online survey, replied to a special promotion or met with someone about scheduling a meeting. Lead generation allows you to avoid the problems that come from cold calling customers and selling your products.
Leads can be generated in any way that a customer interacts with or shows interest in your company and product. You may generate leads by sending out an email blast, posting on social media, using a B2B campaign or sending customers to a form off your blog. Once the customer has given the company their information, they are able to use that as a lead for sales.
How Market Definition Pinpoints Your Leads
Once you’ve defined your market, and determined who has or is most likely to buy your products and services, you can change the way you get and handle your leads. If your target customers are young, up and coming millennials, you may be more successful with a social media campaign. If you are dealing with older, educated individuals, an email may be the best way to go. No matter how you approach it, market definition gives you the best edge on which leads will turn into sales.
How We Can Help
At Alliance DMS, we provide call center consulting services that improve performance, recruit and provide best practices for running a call center. We specialize in appointment setting and lead generation to improve your ROI. We provide a wide range of solutions for managing all your call center’s needs. Call us today at 800-706-0608 to learn more.