Who really wants to waste their time, money and effort negotiating with potential prospects who aren’t in the position to pay? Unfortunately, that’s exactly what happens if you use a prospect database without adequate financial information.
Credit profiling: reduce the risks
Working from a prospect database that doesn’t utilise financial information can be a risky affair. Without any sound financial data about the present credit performance of a new customer, you could be wasting your time dealing with a prospect who never pays. Not only is this very frustrating, it is also very risky; putting the finances of your own business at risk.
How can you reduce the risks of dealing with a customer who can’t afford to pay? The most effective way is by looking at the credit profile of any new prospects: this is simply information about the credit history and behaviour of a company. By examining a company’s credit profile you can build up an idea of their ‘creditworthiness’ and financial health. In effect, a credit profile will allow you to see whether they have defaulted on loans, or failed to honour financial agreements. This can help you decide whether trading with that prospect will put your business at risk before you sign any contracts.
Salestracker: the world’s first CRM system with an integrated credit data feed
Salestracker is the first prospect database that has an integrated data feed direct from a credit reference agency. This provides detailed financial information alongside precise business data making it easy to assess the financial health of a prospect. Examples of the type of data that the feed supplies include credit ratings, credit scores, turnover, net worth and details of any CCJ’s (county court judgements).
The fact that Salestracker has a built in credit profile makes it easier for system users to make considered evaluations about prospects before having to deal with them. Insight Data’s Commercial Director, Helen Costeloe-Hughes, said; “Salestracker Credit Profiling means users can target prospects by credit rating, make informed decisions before entering negotiations and can even monitor customer credit worthiness”.
Credit profile prospects before the negotiation stage with Salestracker
Allowing you to access a detailed credit profile, Salestracker can help to protect your business against unnecessary financial risks from potential prospects. To find out more about Salestracker, or Insight Data’s other data services, call us on 01934 808 293 or send us an email.