Building a high-value target list of potential clients is a business growth strategy for companies of any size. The list helps target marketing and sales efforts, while guiding product and service development as well. Creating such a list is an investment in both short and long-term growth.

But, not all target lists are created equal. To build a worthwhile list, you need to put time and effort into the process.

Five steps to building a worthwhile target list

A worthwhile list is not a random list of potential clients. It is well thought out and thoroughly researched.

1. Know your ideal client well. This involves building a persona for each of your ideal customers. Who are they? What kind of company do they work for? How is your product or service going to help them solve a problem or fill a need? This step is essential, because without it, your target list is not going to be high quality. Filter all leads against this persona before putting them on your target list.

2. Start with your current customer base. These are the companies or individuals who know and use your products or services. Who, in their circle, could use your products or services as well? Make a list of their competitors, clients, affiliates, and associations. Those are all potential clients.

3. Review literature produced within your ideal client’s industry. This includes industry magazines and blogs, trade show handouts, conference notes, and convention presentations. Look at the companies featured. Look at conference sponsor lists. Check out which speakers/bloggers work for what companies.

4. Make personal connections within your community. You may be focused on getting clients from around the world, but fail to realize the potential customer base in your own neighborhood. Take part in networking events. Become a part of your local Chamber of Commerce. Make the acquaintance of leaders in the local business community.

5. Keep your target list fresh and up to date. For your target list to be worthwhile, it must reflect the current status. Companies go out of business. New companies emerge. Older companies transition into new markets. New client industries develop. Your list needs to change as your target audience changes.

Is your client target list as good as it needs to be? Make it a habit to review and update your target list every month or so. It is a business growth strategy that will keep your efforts focused.