Purchasing accurate Prospect Data expands your customer base, and drives business growth. Obtaining the right data enables you to conduct targeted campaigns so you’re spending marketing resources in the right places. In order to get the best results from your direct marketing campaigns however, there are a number of things to consider when buying and using a prospect list.
First of all, it’s important to understand what prospect data you’re looking for before you select the data company who’ll give you the best results.
Understanding Existing Customers
Do you have in depth understanding of your existing customers? Are there clear trends in the customers that spend higher values? If you don’t have information stored on your database that relates to the size, age and sector of the company and function of the contact, then you should consider appending these variables to enhance your knowledge of the customers. Having this customer understanding will inform your data acquisition choices.
Selecting a Data Company
Once you’re confident in what you’re looking for, you’re ready to seek out the best data provider. When choosing a company consider:
- Do they have sufficient variables to refine your targeting? If you are looking to maximise penetration in certain sectors, then the more variables the company uses, the more refined your targeting will be. The more specific the targeting, the higher the response rate.
- Can they support your channel requirements? E.g. If you are running an email campaign, does the company have sufficient emails that meet your criteria. How many contacts can be reached with a multi channel strategy?
- How is the data collected and how often is it updated? It’s essential that the data is accurate, up to date and free of duplicate records.
It’s also extremely important to understand the other services a data provider offers. For example, do they provide analytical services for measuring your campaign success? What validation and cleansing do they provide prior to outputting data to ensure it is clean and reliable? Have confidence that a data provider meets each consideration before purchasing prospect data.
Analysing the Response rates
You can enhance the impact of your campaigns by analysing enagagement patterns. If you analyse engagement and response rates, the amount of qualified leads generated, you’re in a strong position to make informed decisions about future campaigns and data acquisition.
Interested in purchasing Prospect Data? Speak to a Data Supply specialist.
We attended The Business Show on 3rd and 4th December at Olympia, London. This blog was previously published on their website.