Many businesses think that the way to be successful is to reach as many people as possible with their sales and marketing messaging. The problem with this approach is that you only have a finite number of resources to connect with prospects and potential customers. So you can’t reach everyone, and you definitely don’t want to spin your wheels trying to, because all you’ll end up doing is wasting time and money.
The key is to make the right decisions about who to target with your limited sales and marketing resources, so you receive the largest return possible. In order to make those decisions, you need an industry analysis.
An industry analysis tells you which types of customers and prospects have the potential to produce the most value for your company. It’s about finding patterns within your purchase data to understand who your current most valuable customers are—where they are, what they do, what they need, etc. Armed with that information, you can then target prospects with a similar profile as your most valuable customers.
At Winsby, we complete an industry analysis by looking at Standard Industrial Classification (SIC) codes that are represented in your business’s current customer list. Basically, these codes show you which industry any particular company is in. What our industry analysis does is look at customer count, sales volume, revenue, number of potential customers, and other key business metrics for every SIC code found in your list. That way, you can understand the market potential for every segment of your current customer base.
Conducting an industry analysis helps you better understand your customers and how much value different segments produce for you. Once you recognize which types of people are most valuable to you, you will know exactly what industries and types of customers to target going forward. You’ll be able to focus your time and resources on increasing your market share where it matters the most.
After learning which industries to target for your company, you can then tailor your marketing and sales message to speak to those segments. For example, if you sell dozers and learn that the majority of your current customers typically handle road building projects, then you can target more of those types of companies by talking about the aspects of your products that are most valuable for road construction.
An industry analysis tells you who to go after and what messaging to use, helping you waste fewer resources and be more successful in expanding your customer base and growing your sales.
What is an industry analysis? It’s a tool that gives you a better understanding of your customer base and lets you achieve stronger growth. Contact Winsby for yours today!