Stay ahead of the game
By Alex Tremlett, operations manager at Insight Data
During the last few years, when the industry saw a huge increase in demand, some companies raised their overheads. Whether business leaders chose to expand their teams or premises, their monthly expenses rocketed in a bid to keep up with the high number of new job requests.
But now, as the market has cooled, some businesses may be starting to feel the pinch as their outgoings are much higher than the amount of work being completed.
One of the best ways for a company to stay operating at the same level is by generating a steady stream of business. Therefore, an effective prospecting strategy is key.
While targeting the right people is essential, so is making sure the business you want to work with, is financially stable.
From working with over 700 companies in the fenestration industry, we’ve seen so many salespeople spend a great deal of time signing up a new customer, only to have the finance department decline the account at the last minute due to a poor credit report.
In some instances, companies will have signed up a new customer, opened an account and then not received any payment, leaving them seriously out of pocket.
The sector as a whole has taken a hit following the fallout of the pandemic. In fact, our latest state of industry report found that the number of installers has decreased by 7.6% in the last four years.
This shows it’s more important than ever that fabricators check whether their prospects are financially stable.
The financial snapshot
One of the most effective ways to double-check the financial position and credit rating of a potential prospect is by relying on a relevant and up-to-date online platform.
At Insight Data, we’ve developed a specific element to our existing CRM system. This means we can provide our customers with a snapshot of their prospects’ financial information to make sure they only deal with financially sound companies.
This business intelligence is priceless and has successfully helped hundreds of sales teams use their time more effectively, by avoiding approaching prospects that simply wouldn’t make suitable customers.
Save time and resource
With access to the most accurate financial information, a company is guaranteed to get results.
We understand the importance of a business being able to save time and resources, particularly in today’s climate. So, we’ve created an effective way to provide the breakdown of any limited company’s financial information in an easy-to-understand format.
Our system includes details on credit status, credit rating, recommended credit limit, if there are any County Court Judgements against them and their network – helping companies to make informed business decisions.
With the current uncertainty of the market, this tool is extremely valuable, especially if you supply to the construction or fenestration industry.
Designed to help companies supplying into the window, door and glazing markets effectively target their perfect prospect, Insight Data’s fully integrated sales and marketing platform, Salestracker, provides in-depth market intelligence in real-time.
What’s more, with access to key information on over 80,000 contacts operating in the UK construction, fenestration and glazing industries, Insight Data customers can pinpoint their clients faster and more efficiently.
Today, Salestracker has over 700 customers including major systems companies, fabricators and component suppliers. Each one utilises the five key Salestracker databases to help build a more successful, profitable and valuable business.