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-Abraham Lincoln
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Warm Market Research
Posted 02-04-2012 at 06:46 AM by Jeremy Barker
Warm markets are potential customers that either know your brand, have an existing relationship with the company, or have indicated an interest in related products or services. Cold markets are those that are unfamiliar with your company, your products and services and your sales staff.
Cold markets include: Individuals who have not previously heard of your company or service, contacting people who likely fit the demographics of your customer base but have not previously bought the product or service, customer lists of those who use somewhat similar products but have not indicated an interest in your product, calling individuals based on industry member lists regardless of their need or interest in your product or service, and mailings to everyone within a geographic area to promote your company, regardless of interest or need .
Cold markets ideally grow into warm markets. Each effort to make a sale provides an opportunity to inform them of your offerings, build a relationship, and get the word out. Focusing efforts on warm markets can yield greater sales simply because they are already familiar with your company or its offerings. Repeated cold calls transform someone into a warm market, willing to consider your offer. Continuing work within a cold market can build up brand awareness and convert it to a lukewarm market. Skilled sales staff can generate greater sales from existing warm markets while starting salespeople will be able to make sales to warm markets even when they fail at cold calling.
Warm markets include: Existing customers of a related product that could be enticed to buy your product, customers who own the general version of a product or service plan and would consider paying for an upgraded version, referrals by existing customers to your sales team of individuals who might be interested, those who know the business owner or sales person and thus are willing to hear the sales pitch ,individuals who have requested free samples from your company in the past, customers who have bought your products in the past but have not done so in a long time, companies that have requested quotes for goods and services but did enter an order, those who have signed up for your product newsletters or requested free coupons, visitors to your blog or people that have have joined your social media network indicating a desire to remain in contact, individuals who have participated in product surveys that include your product or brand and gain awareness of it.
Cold markets include: Individuals who have not previously heard of your company or service, contacting people who likely fit the demographics of your customer base but have not previously bought the product or service, customer lists of those who use somewhat similar products but have not indicated an interest in your product, calling individuals based on industry member lists regardless of their need or interest in your product or service, and mailings to everyone within a geographic area to promote your company, regardless of interest or need .
Cold markets ideally grow into warm markets. Each effort to make a sale provides an opportunity to inform them of your offerings, build a relationship, and get the word out. Focusing efforts on warm markets can yield greater sales simply because they are already familiar with your company or its offerings. Repeated cold calls transform someone into a warm market, willing to consider your offer. Continuing work within a cold market can build up brand awareness and convert it to a lukewarm market. Skilled sales staff can generate greater sales from existing warm markets while starting salespeople will be able to make sales to warm markets even when they fail at cold calling.
Warm markets include: Existing customers of a related product that could be enticed to buy your product, customers who own the general version of a product or service plan and would consider paying for an upgraded version, referrals by existing customers to your sales team of individuals who might be interested, those who know the business owner or sales person and thus are willing to hear the sales pitch ,individuals who have requested free samples from your company in the past, customers who have bought your products in the past but have not done so in a long time, companies that have requested quotes for goods and services but did enter an order, those who have signed up for your product newsletters or requested free coupons, visitors to your blog or people that have have joined your social media network indicating a desire to remain in contact, individuals who have participated in product surveys that include your product or brand and gain awareness of it.
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