What is market mapping for sales prospecting – and how can you do it?
Market mapping for prospecting is a different kettle of fish than traditional market mapping, and much harder to complete then mapping existing customers.
We’ll explain exactly how it differs (and what a kettle of fish is) in just a minute, but first let’s consider why you may need to map your potential prospects.
What are the most important considerations in defining a ‘good’ prospect?
While it may vary from one B2B business to another, key factors to consider are likely to be:
- Locality (country, region, city etc.)
- Department (and there may be more than one e.g. IT, HR, Marketing)
- Job title (and these may identify influencers, decision makers, stakeholders etc.)
- Company size
Of course, occasionally other considerations may come into play, such as do they use X software if your add-on SaaS product requires this, but the main boxes to be ticked are all above.
Having defined these, you are left with a long list of variable attributes or, if you’re getting all visual, a Venn diagram with a sweet prospecting spot at its centre.
But you are none the wiser about the size of your market.
Do you need to tighten your definition of a prospect to hit the big hitters without wasting energy on the long-shots, or do you need to widen your net to increase your customer base and smash your targets?
How would you ever gain access to data that could tell you this?
Well, you already have access to it.
And it’s free.
That’s hassle-free and with no price tag attached.
Market maps and kettles of fish
Before revealing exactly where you can find this goldmine of prospecting data, let’s quickly settle up the ‘different kettle of fish’ question.
Here’s a traditional market map.
Now, I personally object to seeing Kinder eggs so low down on the quality scale, I mean any chocolate quality dip is more than compensated for by surprise toys like this:
Super hero stuff – but let’s leave this to one side for now.
The market map here is all about product or service positioning in the market against its competitors.
It’s incredibly useful, but – for our purposes – very much a starting point for thinking about prospecting.
Prospecting is a different kettle of fish altogether. And, just for the record, a kettle here is not a device used for boiling water for a cup of tea but a massive pot used to boil fish in, usually for large gatherings or picnics.
Let’s get back to business.
How to map your market for prospecting
There are two sides to sales market mapping – and, once again, each is a different kettle of fish.
These two sides are customer-based and prospect-based.
Customer address lists, with projected or previous year’s sales data included, are easily exported from your Customer Relationship Management (CRM) <link to CRM post> tool. For those who need visualisations, these can be imported into a business mapping software and plotted onto a map broken down by sales territory.
But what about those customers you haven’t reached or those markets you haven’t explored?
Your potential prospects present a much tougher task to quantify and target.
Take a look at the SoPro Prospecting Market Map.
This free tool allows you to input your target criteria (locality, industry, department, job title and company size) and then sit back and relax.
This awesome tool will mine LinkedIn data (no stale databases here) and quickly map the size and scale of your addressable market.
We use the exact tools and methods we have in place for our paying clients to research, collate and present your market in ways you never knew existed.
And there’s no charge – so there really is no excuse.
You can now map your prospecting territory as easy as you can your customers.
One quick caveat:
A lot of tech underlies our brilliance. But so does a lot of talent and graft. It takes our team an hour or two to complete each request, so please keep them to a non-ridiculous level.
But do give it a shot: it will blow your mind.