August 20th, 2009 | Jill Ruiz
In part one of this blog, I discussed how to conduct an internal audit and clean the list you already have by engaging your sales team in “spring cleaning” and sending “update your profile” e-mails. Once that process is in place, you are ready to find new prospects for your list.
Step 2: Find new prospects—build your list!
The key to building a solid, accurate list is by utilizing a multi-channel approach to diversify your list growth tactics and reach as many prospects as possible. The most frequently used tactics, which I will explain in detail below include, but are not limited to, online registration, gathering qualified leads at conferences/events, referrals and co-registration, research firms and purchasing/renting. Choose at least three tactics to implement.
Conferences and other events
Conferences and tradeshows are favored ways for companies to grow their prospect lists, since you are able to interact with and evaluate prospects who express interest in your services. This is an effective way to zero in on your target, but make sure the sales team follows up with all prospects in a timely manner via a phone call. If they aren’t able to follow up by phone, as a back-up only, send an e-mail thanking the prospect and offer an incentive for them to register on your Web site.
Don’t stop at conferences. Participating in local events and associations, networking lunches, sponsoring Webinars, even online discussion forums and newsgroups—almost anything can (and should) become a list-building opportunity.
Use your Web site—online registration
Developing an online registration (opt-in) form is perhaps the easiest, most cost-effective way to build a prospect list. Make sure all of your marketing efforts direct prospects to this online form, including your advertising, direct mail campaigns, e-mail signatures and social media efforts (including your corporate Facebook page, LinkedIn accounts and Twitter tweets).
The most effective registration forms collect only the necessary information. This form should not take the place of an introduction sales call. It’s an opportunity to gather the critical contact information for your sales team to follow up and start the sales process. The best way to get prospects is to give an incentive to register with your company. Offer relevant thought leadership pieces such as industry surveys, business articles, newsletter case studies or even conference and event notifications. Remember, a lot of people get annoyed when requested to register—so, be sure to make the content they are registering for of relevance and value.
Referrals and co-registration
Referrals are a useful and easy way to gather prospects. It’s simple to add ‘Refer a Friend’ links to eNewsletters or a call-out to a direct mail campaign, but make sure you offer an incentive that is relevant and will attract your target.
You can also team with companies or organizations to offer co-registration. Co-registration is when one company, on its own opt-in form, offers their subscribers an option to opt-in to another company. For example, you subscribe to an eNewsletter on a Webpage, and in the process, you are invited to subscribe to one or several other eNewsletters of the same general interest. You and your partners jointly grow each other’s lists. Look for sites similar to your own by searching for them in search engines and directories. If they have an eNewsletter similar to your own that doesn’t necessarily compete, opt-in to see what types of communications they send. If you find the information will be of interest to your target, the company is a good candidate. If they don’t have an eNewsletter, you may be able to arrange a deal where they would offer free subscriptions to your eNewsletter from their site in exchange for a link from your site to theirs. Just be aware that co-registration requires close monitoring, to ensure poor performing sources are identified and removed.
To rent, or not to rent? Using outside list rental and research firms
Buyer beware! In my experience, companies who rely too heavily on rented or purchased lists are often disappointed in the results as well as the cost. There are also subscription-based companies, but those can be costly as well. Used (smartly) as just one part of a larger overall list development strategy, rented or purchased lists can enhance your internal prospect list even further.
Using companies like Hoovers and Harte-Hanks or subscription-based companies like ZoomInfo can sometimes be ineffective if your prospect list is highly targeted (typically, the more criteria you have for your target, the smaller the list will be); which is often the case in selling a niche service versus something broader. However, it doesn’t hurt to look into it. Just make sure to ask critical questions such as how they update their information (opt-in, members update, phone calls, outside databases/partnership, etc.)? How frequently that information is updated? What are their opt-in permission levels? What information is included in the list name, company, address, phone, e-mail (e-mails are usually an additional charge)? How frequently do you get to use the list (is it one-time purchase or multiple uses)? What is their policy for returned addresses (in other words, if x% are bad contacts, how many will they replace)? Finally, ask for a sample name or two from a company where you know the contacts you are requesting. This tactic will help with a quick “spot” check on quality.
On a separate note, if you are using e-mail as part of an online campaign, most list companies will send the communication for you, and will not reveal the address unless the prospect opens or replies to your e-mail. Therefore, it is important to inquire about the list companies’ process and reporting. A good practice would be to sign up to the list firm’s eNewsletter to see firsthand what kind of information they send, how frequently and what kind of contact information they are looking for.
Some list companies will also offer a telemarketing service as a follow-up to your communications. If your sales team does not have the capacity to follow up with every prospect after a communication has gone out, outsourcing the telemarketing service may be worth the extra cost.
Another, often more effective tactic is renting lists from associations or trade publications in your industry. You have a greater chance of reaching your specific target audience through these vehicles. Do your research to determine which associations and trade publications you should approach by downloading or requesting a media kit and find out if they offer list rental services. More often than not, they do!
What is your advice or personal experiences with building your company’s list? Do you have tactics that work? What do you think other people should know about before buying a list?
In part 3 of It’s All About the List: List Development Strategies That Enhance Your Marketing Campaign, I will discuss the importance of and how to maintain your list. Please click here to continue to part 3 of this blog.
Jill Ruiz
Senior Project Manager
ClearEdge Marketing
