There are some powerful opportunities awaiting those who have access to quality equipment data, and no one has a more complete database of construction equipment than Randall-Reilly’s EDA.
Let’s assume for the moment that you have taken advantage of EDA’s unmatched data (cough, cough). How do you use it? Having access to data doesn’t accomplish anything. You need insight and strategy to turn that lump of data into sales.
You need to know what market share is out there for you to gain. Odds are, you’re missing out on more than you think. Through UCC filings you can track equipment purchases and find potential customers that aren’t buying from you. These customers represent increasing your potential market share. It is time to gain a little insight and figure out how to capture this market share.
By looking at past purchase history and age of equipment, you can surmise which prospects will be looking to make purchases soon. No matter how compelling your marketing message is, if someone isn’t in the market for equipment, it is not likely they will be buying equipment from you. If you know when companies are looking to make purchases, you can communicate your message at the most opportune time.
Some of your prospects purchase mainly used equipment while others prefer new. You can discover what brands these potential customers prefer. If your salesmen know exactly what a company is in the market for, they can ensure having the right conversations.
You can qualify your leads and maximize the time of your sales teams another way. Some data (cough, cough) allows you to get a credit rating on prospects. You won’t get an actual score, but you will be able to establish if a company is a credit liability.
Let’s take a look at what you have. You not only know everyone who has leased equipment within your AOR, you know if they are likely to purchase more equipment soon, and if their credit is reliable. If targeting is the name of the game in marketing, I would say you are winning.
Not all data was created equal. You could go with the usual list rental firms, but there is no guarantee that the information you receive is up-to-date and clean. You won’t be able to get credit ratings and they definitely won’t provide you any market insight.
I am going to do something I try to refrain from in my writing here on the website. The subject is equipment data. I don’t want to toot our own horn, but beep, beep. If you haven’t checked out www.EDAdata.com yet, I suggest you take a look. The advantage you stand to gain, well frankly, it isn’t fair to your competitors.