How to Use Company Credit Reports in Marketing

on Friday, 01 December 2017.

The importance of knowing how to use company credit reports to obtain valuable information on prospects and customers

Company credit reports can be used in many aspects of business, Apart-Data company credit reports contain a large amount of information in addition to the normal financial details. Company credit reports can be used in a marketing role to gain information about prospects and customers. The information will vary from business to business but they can be extremely useful in marketing for identifying the top personnel and finding what other companies they are linked to, which can open the door to up selling and cross selling across multiple businesses.

After months of diligence, perseverance and messages you finally reach the decision-maker. This company has been on your radar for as long as you can remember, and you knew they did incredible volume in business. You never doubted your ability to close, anyone, all you needed was the opportunity. The price worked, the two of you built a quick report and now it was a matter of getting the deal signed. As you leave work that day the feeling of satisfaction and accomplishment is live-giving.

That night, all you can see and think about is that deal signed and approved sitting on your desk when you walk into the office. This deal will change your financial status, your standing with your company and your personal outlook - yeah, it is that kind of deal. You wake with that bounce in your step, your stride across the office floor that morning is one of confidence. Then your eyes begin scanning your desk as you approach your cubicle. It looks exactly as it did when you left.

You feel that twinge of concern, but certainly there was something simple you missed in your excitement, you are quietly cursing yourself on your way to the regional manager's office. Was it a date, a signature or a missing form? Then your entire perspective is turned on its ear - "bad credit" was what the manager said. You were in such disbelief that you mustered the courage to ask to see the report yourself. It wasn't bad, it was awful. You learned a hard lesson that day. Companies making big revenues doesn't necessarily equate to companies making a big deal out of making timely payments.

Then and Now

Does this seem like a waste of time and effort spent? There was a day in the world of marketing when these types of occurrences were simply unavoidable. Perhaps one of the greatest benefits technology has afforded us is the ability to work smarter, not harder. Before technology, it truly was a game of numbers, of working harder and faster. Today it is a game of smarter numbers, smarter practices and efficiency.

How to use company credit reports in marketing is a primary example of what this means. Few arenas like marketing have benefited so much from the information and tools availed through today's technology. Using data to direct operations is no longer a cutting-edge concept, it is the commonplace practice. In marketing, technology has provided data to improve two core business functions:

  • Marketing Expenses - What if you didn't have to market to prospects that weren't viable business options? How much would you save in material, time and money. Marketing is easily one of the larger expenses incurred by companies. Remember the aforementioned scenario of the time and effort spent on that one prospective customer. That was one customer, not the thousands and millions of potential clients that will be encountered yearly. Being able to discern who is a viable customer and who is not will have a measurable impact on your marketing success.
  • Results - Most companies generally use marketing to accomplish three goals. One of those reasons is to help build relationships and engage customers. This is seen in social media marketing. Another reason for marketing is to help develop a business brand and establish an effective online presence. Apps and a company website are common examples of how this can be done. The primary reason for marketing, however, is to produce results. Every company must make money to survive, must maintain and grow the customer base and generate revenue. By eliminating prospective clients that are not part of a target audience or financially stable increases the likelihood of improved results by creating a more viable pool.

Technology has given companies the tools to quickly gather, evaluate and even query company credit reports. As shown, this information can help marketing department save money, work more efficiently and produce greater results. Along with the benefits of using company credit reports to improve marketing efforts is the need to maintain this tool.

Staying Abreast of Credit Report Changes

Companies change, new ownership can right a sinking ship and new companies often do not have glowing credit reports. These are some of the reasons why it is necessary to continually run, evaluate and decipher the information in these credit reports. Just like a company heading for a bankruptcy claim will want to be avoided, a new company that is showing promise may be worth pursuing.

There is of course, more to a company than the numbers, but numbers just don't lie. This isn't personal, this is business and the goal of business is success. More often than not, success breeds success. For companies making smart use of credit reports, it is an effort to align themselves with other successful businesses.

Using Company Credit Reports Will Improve Your Marketing Campaign

If this sounds like a "weeding out" process, that isn't completely inaccurate. Another way to say it, is to call it a selection process. Who wouldn't want to choose their customers if they could? Who wouldn't want to pick what target markets they work in? Essentially we can do precisely this with information and data now available and the technology to use it.

Avoiding high-risk customers, unstable businesses or financially struggling organizations is smart business. Knowing how to get, use and in the end profit from that information inevitably leads to success. How important is understanding and knowing how to use those company credit reports? As important as the success of your next marketing campaign.

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In addition to business credit checks we provide a wide range of business services including business to business data cleansing and a wide range of other business services.