UCC data can help you develop new leads by focusing on active buyers. When a lender completes a financing agreement with a debtor, the lender files a UCC-1 form with the Secretary of State where the debtor resides. Doing so notifies lenders, dealers and others that there is a security interest on a piece of collateral.
The collateral is secured once the lender files the UCC-1 form. On the form are a file number, debtor’s organization name and address (along with an owner name when appropriate), the secured party’s name and address, and a description of collateral covered. Here are four tips on how you can find and use UCC data to identify ready prospects for your business.
1. Harness the Power of UCC Data
You can find UCC (Uniform Commercial Code) data yourself on the Secretary of State website for each state. Click on the link and search by a debtor’s (buyer’s) personal or business name. To view the record, click on the file number. You can do this all day long but it’s time consuming. Search filters are limited. Then you’ll have to input the data to make it useable.
EDA has done all the work for you. They compile UCC data from all 50 states, verify it for accuracy through several sources, and using experience gathered over several decades, amend the data to add useful information for marketers. You can drill down into the data more effectively. It’s a much more efficient way to find new, ready prospects with good credit ratings in your area.
2. Watch Your Niche Market
Using EDA’s dashboard you can set watches that alert you to buyers’ filing status and finance activity. Increased activity might mean buyers are just landing a new job and could be looking for additional equipment, parts or service. You will see who they are, the equipment type they own or lease, contact information and a map with directions to their location. You can refine your search for better results using the following filters:
Location: Prospects by State, County, City, or ZIP Code
Equipment: By Type, Brand, Model, Size, or New/Used
Filing Status: By Transaction Type and/or
Buyer: By Name or SIC Code
3. Create a Targeted Prospect List
From your EDA search you receive multiple filing data by date(s), equipment type and location. Focusing on the date of the transaction based on the age of the equipment, improves your timing. These are unique buyers who have financed equipment during the dates specified, at the locations you are interested in. You can export these results using a variety of report options.
For example, The Finance Summary report provides more information that leads to ready prospects including age of equipment, model, value and lender. This data can be exported to a spreadsheet or CRM system so you can keep your sales team updated. The list can be used by your telemarketers to schedule appointments and provides sales reps with a focused, relevant, prospecting list.
4. Improve Marketing Results
Using UCC data and EDA filtered search results your marketing team can segment target audiences by equipment age and type, then send direct mail or email promotions (where available) to prospects with messages and promotions that are timely and relevant to their buyer process.
By knowing a buyer’s purchasing history and financing activity you can find ready prospects in your niche market. Use this information to target your sales and marketing efforts.