On Data: How Construction Dealerships Can Improve Sales Prospecting
You are a sales rep at an equipment dealership in Decatur, GA. You sell equipment from two OEMs, and your dealership normally makes around $12,000,000 in revenue. The staff is small, just a few sales reps and some office staff. So you don’t really have the luxury of marketing support.
For you and your team to impact revenue growth, you have to prospect. The sales team has worked out a pretty good prospecting system, but you’re always looking for something that can make it a little more effective. And you’re not alone.
There are a lot of different tactics B2B sales professionals use to prospect. These can be anything, including Google search, LinkedIn, networking events, and trade shows. Many businesses have even turned these tactics into highly profitable prospecting machines.
However, you have something that most B2B companies and sales professionals don’t: reliable construction sales data.
Data is a powerful tool that can completely transform your sales team. But before you’re ready to invest in a new data platform, you need to look at the tools your new platform provides.
Today, let’s talk about the prospecting tools that EDA provides.
Even the busiest sales rep is going to have downtime. But this doesn’t have to be a problem. EDA’s Search tool can help you smooth out this downtime with effective prospecting.
The Search tool allows you to find prospects based on a number of different categories. You can narrow down your list to the prospects most likely to need your equipment and service. This gives you a more detailed and accurate picture of your dealership’s AOR and specific sales territories.
You can narrow down your list with the following categories:
- Date Ranges
- Location: state, county, city, and ZIP code
- Equipment: type, brand, model, and size
- Filing Status: lease, refinance, rental, sale, termination and wholesale
- Lender: name and class
- List Match
- Fleet Size: total units and unit growth
Here’s an example of a search set up in EDA. This search in particular is built around 3 criteria: Location (Alabama), Equipment (Crawler Dozer, Excavator, and Skid Steer), and Filing Status (Sale). Below you can see the summary tab for the search.
In the construction industry, the equipment purchase cycle never ends. There is always something happening. Contractors are constantly buying new equipment, leasing, and refinancing. Not to mention that equipment is constantly hitting age milestones and financing is expiring.
You can’t constantly comb through the data to find the most updated and relevant information. There’s just not enough time in the day. But you need to make sure your prospects are the most relevant to your business’s success.
This is where the Watch tool can come into play.
A watch allows you to monitor an almost constant stream of data. There are a few different kinds of watches you can set up, each with much of the same categories as a search. Additionally,
The 3 types of watches are:
- Customer Watch – this notifies you when one of your customers acquires competitive equipment.
- Prospect Watch – this helps you monitor when potential prospects purchase new equipment.
- Milestone Watch – is a flexible watch that alerts you when equipment financing may be expiring, recently purchased used equipment, and more.
As important as it is for construction dealerships, prospecting can be a time consuming process. It’s probably not something you sit down for a few minutes and do. However, with an EDA subscription, your sales reps are armed with a prospecting tool that can empower them to have an immediate impact on your bottom line growth.