Identifying Prospects Using Big Data

There are three steps to reach out effectively.

  1. Set your objectives
  2. Identify your target audience for reaching out to create engagement
  3. Reach out

A Business Development plan should be treated like any other project, and the most important step for any project is to define the measures of success. Typical objectives for such a plan could be the number of new contacts made, meetings (with prospects, customers or partners), the number of new customers or clients, or the revenue achieved through new business etc.

Be sure to keep the objectives SMART, meaning Specific, Measurable, Attainable, Relevant and Time-based.

Once your SMART objectives are established, you can focus on defining your target audience to reach out to in order to book meetings for example.

Identify your target audience based on data

This brings us to the second step – defining whom you want to target based on your objectives and on the kind of profiles that are the most interesting to you. A common method is to look at your best customers’ profiles and look for prospects with similar profiles on the market. Another method consists of identifying the target profiles you have yet to work with. In any case, it starts with analyzing your own firm to identify your strengths and weaknesses.

As the number of available criteria is extensive, let’s look at some indicators found in the data (non-exhaustive list) to get you inspired:

Use big data to convince your prospects that it is worth meeting

In a nutshell, the list of criteria is long and will depend on your strategic goals. However, it is important to be specific without being too restrictive.

Marketing science has taught us that implementing a targeted approach while being relevant for your audience is key and can drastically increase your response rate. This is exactly where big data tools like Patent-Pilot can have a powerful impact on your planning, as tools like this allow you, thanks to a set of well-chosen criteria, to understand the business of your partner ahead of meetings.

Ideally the first contact is personalized (no mass email) and to the point. Make sure to address the needs when reaching out and explain why it is worth meeting you, again, referring to information you have about the other party’s current business.

As a last piece of advice, when reaching out to your prospect, the message that they have been elected among many and based on a thorough analysis because you are convinced there is a mutual benefit in this potential relationship.

Now that you have a target list and are getting relevant meetings with business potential, let’s see how big data tools can support you in diligently prepare your meetings and increase your chances of success.

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