You can bet that your competitors are looking to grow their share of wallet at the same time you are. Here are two strategic ways to think about new opportunities for your dealership: brand new projects and business that is new to you.
Brand New Projects
Third-party sources like Construction Market Data or Dodge Data can provide information about all the major construction projects going on in your market and what they’re worth. You can see what phase projects are in, from planning and bidding to project award and construction start.
Whether it’s a building on a university campus or a new wing in a hospital, having visibility into the largest construction projects in your market helps you see where new opportunities will come from. This third-party info can be brought into your sales process via your CRM system, where you can create leads and opportunities off it.
It’s important to have a way to assess the value of any given opportunity you’re involved with. For example, within your CRM system, you may have five opportunities with five different subs — essentially five ways of trying to get a piece of one project. Your tracking and reporting needs to realize that this is not five distinct opportunities, but five ways of going after the same opportunity.
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Industry data can alert you when a business in your territory buys or leases a piece of machinery. This is valuable intel for a variety of reasons. When you integrate this with your CRM data, your sales leaders can know if they participated or missed participating in any opportunity that a competitor won.
Perhaps even more importantly, this data provides important details on timing of new opportunities. When you have data on who’s using equipment and when it was leased, you can know when these companies are likely to re-lease a piece of equipment from your competition. You can go after the next leasing opportunity by initiating the sales process six months prior to lease expiration.