Globalization has made the world a much smaller place, with the delivery of goods and services happening faster and more efficiently than ever before. Naturally, this has seen the competitive landscape tighten, with seller proliferation at an all-time high (largely lent by the fact that barriers to entry in trade are low).
The unique circumstances of this global marketplace leave little room for error, requiring all companies participating to employ intelligent strategies that will also ensure the ability to maintain a competitive edge.
One strategy that companies employ to find strategic advantages in the market is business lead generation that effectively matches producers and consumers. This involves a company that is making specific efforts in order to understand the market potential if the company is able to capitalize on any obvious gaps.
Companies generally achieve business performance improvement by studying the ability of an area or segment to increase potential market size and establish those customers that are most likely to fit within the profile demographic.
This is usually done by mapping customers and employing a strategy that can be used to reach out to them effectively. Strategies range from the use of email and social media campaigns, or even telemarketing.
Some of the benefits attributed to this process include the generation of a pipeline, which is essentially a database that establishes the companies that one would like to target, the potential product portfolio to be pitched, and an estimate of the volume they are likely to consume over a given period.
This level of information will assist the company in establishing projected revenues, as well as set targets against those revenues. A pipeline developed in this manner can therefore be used not only to project the extent with which a company can reasonably estimate its growth, but also to ensure its continued existence.
Gaining of market insights is another advantage, specifically around market trends. Collection and collaboration of data that is specific to the market can be used to ascertain the relevance of a product or service.
Product or service relevance is key to business continuity, and therefore, data-driven analysis is useful in shaping feedback on the relevance of these products or services. Further, the generation and analysis of this data can also be used to strengthen a company’s thought leadership in sectors in which it participates, increasing its specialization in the field.