Top 10 Ways to Leverage UCC Data

6. Identify Prospects Ready to Buy

With the LeaseWATCH in Catapult, you can be alerted to buyers who have a piece of equipment that is reaching a potential lease expiration period or common replacement age.  The intent of the LeaseWATCH is to keep you constantly informed of buyers who are primed to buy a new piece of equipment.  Dealers and OEMs can utilize this tool to identify prospects for new equipment sales, but Lenders can also utilize the LeaseWATCH to identify prospects who may be ready to finance new equipment, or in the market to refinance their current fleet.

With the ability to build multiple watches, you can create a LeaseWATCH for each type of equipment that you carry with the expiration or replacement period that makes sense for that type of equipment.  The LeaseWATCH Builder will also allow you to define the lead time you’d like between the time you’re alerted and when the equipment reaches the specified age.  For higher dollar equipment, you may choose to give yourself a longer lead time so that you can contact potential buyers before they’ve put too much thought into replacing their equipment, edging out the competition and ensuring your involvement throughout a prospect’s buying process.

7. Use Purchasing History to Forecast

Understanding a buyer’s purchasing habits gives you a key advantage.  Using the Finance Summary Report to identify a buyer’s financing cycle can help you determine when they buy, what they buy (and what they don’t buy!), and when they may be in need of service or replacement equipment.  You can access the Finance Summary Report directly from your query or watch results in Catapult, from the mapping feature, or from the Top Buyers tab in Catapult Analytics, and use it to identify patterns.  Knowing a buyer’s history can really give you an advantage when making a sales call.  If you know they buy new instead of used, if they’ve been loyal to a particular brand, or if there’s a certain make or model they favor, you can have a much more educated conversation with your prospect.

8. Use Your Time Wisely with Mapping

Once you’ve generated an arsenal of leads, make sure you’re making your sales trips efficient and effective.  Exporting your data into Google Earth or Google Maps will allow you to identify the proven buyers in your area and plot a sales route that will include the area’s most important buyers.  Prior to your trip, run a query based on geography (city, state, or zip).  Use the color placemarks available with the mapping feature to easily identify the bigger buyers in the region you specified in your query.  Once you’ve plotted the buyers on the map, you can access contact information, driving directions, and a full Finance Summary Report just by clicking on the placemark for each buyer.

9. Know Your Market

In addition to knowing your buyers, knowing your market is integral in identifying the competition, as well as giving you an idea of what parts you should be stocking so you’re able to service the equipment that’s housed in your territory.  Use the Market Share tab in Analytics to identify the top competition and monitor competitor market share percentage.  Then, use that information in developing sales pitches and marketing campaigns that will allow you to compete with the other dealers or OEMs in your territory.  Stay informed on what’s happening in your area, and keep an eye on those who are gaining in the market so you’re prepared to compete.

If you’re an OEM, you can use the UDF fields in the Market Share Report to scorecard your dealers.  Likewise, if you’re a dealer, you can use the UDF fields to monitor the success of your sales team.  The Top Models Report will identify which brands are most popular in your region and allow you to make model-to-model comparisons with prospects, stock parts for inventory, and help new sales reps learn what sells best in their territory.

10. Set Goals Based on Market Potential

When you set sales goals, it’s important that you don’t just base the goals on prior years’ sales, but rather on where the current market potential is.  If you study the Hot Spots Report in Catapult Analytics, you can stay up-to-date on the growing areas and match your sales goals to the areas that can handle that market penetration.  You can also monitor potential based on buyer industry.  Using the Top SIC Code Report, you can view the top selling industries in your area and ensure you’re not missing out on a rising niche.  Identifying the top industries will also allow you to target your marketing efforts so that you’re delivering a relevant message to each segment.

 

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For more information on how to apply EDA data, or for guidance on the technical aspects of how to put the data to work for you, visit our learning center to register for online training sessions, view our video tutorials, or download our user guide.

 

Sarah Coffey is a Customer Experience Account Manager at EDA
scoffey@edadata.com | 704-814-1420

 

 

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