Demand generation basics Part 1: Consider your assets

While everyone is mourning the gloomy economic climate, you can be uncovering hidden opportunities. Yes, they do exist, and they can only be revealed by implementing a deliberate, focused and systematic approach. A very effective method for uncovering opportunities is to set up a demand generation program.

You can start by looking at what you already have under your finger tips. Lori Feldman, marketing database expert, a.k.a. Database Diva has a very sensible mathematical assessment of how much your existing customer base might be worth to you. In her example she states: if you have a list of 1500 contacts, that might represent over a million dollars in terms of earning potential. The bottom line is your existing contact list is your biggest asset. But you need to cultivate it.

The first step is to clean up and segment your list. The process can be as simple as verifying name, title, contact info etc. Database clean up is also a great excuse to do lots of cold calling that will not immediately turn off the person on the other end of the line. After all, you are not trying to sell anything to them. You are just verifying information. But while you have them on the phone, you can charm them into speaking further and provide you an excuse to learn more about their business issues.

The ultimate aim of your database building & clean-up efforts is to have relevant information about your customers and prospects, right down to what keeps them up at night. Armed with this knowledge, you can customize your marketing materials accordingly.

Database building is a continuous effort and best thing to do is to have an internal champion or a consultant dedicated to regularly checking the validity of the information on your customer base. Here are some essentials of an effective database:

* Existing customers:
Company profile
Executive contact information
Company products and services
Competitor information
Sales and financial data
Marketing materials sent (what do they currently receive from you i.e. newsletter)

* Prospects
Company profile
Executives and contact info
Sales and financial data
Products and services
Status (which campaign materials they received from you and when)
Current vendor (who do they currently use)

* Your own competitors and their clients
Executive info
Trade associations they belong to
Newsletters, blogs, tweets

* Trade media (who is writing about your industry, who are the influencers)

* Bloggers in your industry

Next week we will look at aligning your Value Proposition and process mapping.