Scenario #1: Do you know what political and economic factors are affecting your target industry?
Tom Grady, a business development manager for an Atlanta PR agency specializing in Health Services, was calling on a new prospect in the biomedical industry when the company’s procurement officer asked Tom what he thought about the latest efforts by the Mayor’s office to establish Georgia as a
hub. Tom knew nothing about the breaking news and when stumbling around for an answer, it became evident to the prospect that if Tom didn’t know the latest news affecting the prospect’s industry, he couldn’t trust Tom to handle his communication needs.
Solution: Latest economic development trends and news in the
Scenario #2: Do you know how to measure the effectiveness of your marketing programs?
Barbara Smith, director of marketing for a high-tech firm, overspent her marketing budget for lead generation and visibility programs. When asked by her boss to show specific marketing ROI for each program, she had no clear metrics in place. Because she could not measure the value of each campaign, her budget was cut by 20% for the next year.
Solution: Get up to speed on ways high-tech companies are measuring marketing ROI.
Scenario #3: Do you know what your prospects’ industries are up to?
Susan Jones, sales manager for a venture capital firm, decided to target commercial property management firms as prospects, but had little information about each firm other than their names, executive officers and square footage rankings. When she started calling on the president of one local firm, she realized they offered and were affiliated with real estate services beyond property management. Susan was not prepared to discuss the other components of their business such as corporate finance, asset services, consulting and investment management and lost the opportunity to tap into their additional business lines.
Solution: Provide an overview of the largest commercial property management firms in the local area and an overall industry outlook.