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Strategic Guidance to Build Your Business
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Volume 1, Issue 1, September 2006
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"The Business Builder" is brought
to you by VSA, Inc. in collaboration with Rink
Consulting. VSA, Inc., founded by Valerie Schlitt,
builds and implements B2B prospecting programs for
businesses and professional service firms. VSA has a
team of professional telephone callers who open
doors to new business opportunities for VSA clients.
Linda Rink, president of Rink Consulting, specializes in
B2B and consumer marketing and research. Both
Wharton MBA graduates, Valerie and Linda often
team together to help clients identify and reach new
customers. In this newsletter, they share some of
their business development insights.
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What To Do When You Can't Find That Perfect Prospecting List
by Valerie Schlitt, President of VSA, Inc.
Imagine you’re implementing a B2B prospecting
campaign. You know your target decision maker is
employed in virtually all companies, but you simply
cannot find a list of names with your prospect’s title.
Believe it or not, this happens more often than
not.
So, what do you do? Do you buy a list of CEO’s,
owners, and presidents?
Or, do you incur the time and expense of calling each
company to find the right person in charge of your
product or service?
A Case Study: Let’s take a real
example of a program we at VSA implemented for
a “security-type” service. Our client wanted
introductions to decision makers at specific
companies, but the names and titles for these
decision makers were not available on a ready-to-
purchase list. And, when we researched further,
each company housed the decision maker in a
different department: the security department, IT,
operations, or the manufacturing plants, and so on.
So, we couldn’t even purchase a list of heads of IT,
for example.
We decided to implement a phone and mail campaign
over the course of a year, targeting multiple people
at multiple levels within each company. We wanted
the CEO and other C-level executives to learn our
client’s name and service offering. We also wanted
to reach the manager-level individuals because they
were close to the decision making process for our
client’s service. After our initial set of mailings, we
made follow-up phone calls to the recipients. Any
time we learned of a “better contact” we included
these individuals in future mailings, so our list became
increasingly focused.
This dual-pronged approach – mailing/phoning
the C-level executives AND manager-level
decision-makers – proved effective.
- The best people to target from a selling
perspective were the manager-level individuals in
immediate need of our client’s service.
- However, since our client had little existing
name recognition and was entering a high-profile
market where C-level executives needed to approve
the purchase, targeting the C-level executives
turned out to effective from a marketing
perspective.
The Implications
- If you need to target a specific individual
and there is no ready-to-purchase list, you’ll
probably need to invest the time and potentially
money to call each company in order to identify the
decision maker’s name and title. This will enable you
to target the RIGHT person for selling purposes, the
FIRST time.
- Reaching others in the firm, especially C-level
executives, to gain a general awareness for
your firm is effective in creating brand recognition
and expanding your firm’s visibility.
- By targeting both high-level executives and
lower-level decision makers, you can implement a
combined marketing & sales program that makes
prospecting particularly powerful.
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VSA. Inc.
414 Station Avenue
Haddonfield, NJ 08033
856-429-5078
info@valerieschlitt.com
www.valerieschlitt.com
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Target Your Best Prospects with the Right Mailing List
by Linda Rink, President of RINK Consulting
Contrary to the old saying “the good things in life are
free,” the best mailing lists usually are not! Whether
you work with a list broker, or purchase yourself from
an on-line source, expect to pay more for lists that
are up-to-date and meet the promised
specifications.
Before you spend money on a prospecting list, make
sure it’s truly a list of your best prospects. This
means having a well-defined target prospect profile
before you start list-shopping.
Think about it. With an average response rate of 1/2
to 2%, your direct mail had better deliver quality
responses. Otherwise, if that 1/2 to 2% return
turns out to be off the mark (for example, companies
who inquire about your services, but are too small to
be worth your while), you’ve wasted your time,
money and effort. The more you can narrow down
your target prospect profile, the more efficient your
marketing outreach will be. A “shot gun” prospecting
effort – canvassing a broad market – is usually not
an efficient use of marketing dollars.
There are several well-known sources for B2B mailing
lists: Dun & Bradstreet, MelissaData, InfoUSA, and
others. For purposes of purchasing a B2B mailing list
from these suppliers, a well-defined target prospect
profile usually means the following parameters:
- Industry: Primary (and secondary)
industry by SIC code (take the time to look it up to
the most well-defined value possible – you can
always broaden it)
- Geography: State, county, metro area,
zip code (you can combine zip codes), or by area
code; headquarters only or branches
- Size of company: By sales volume or by
employee size
- Type of company: Public versus private,
number of years in business
- Job Title: If you are only interested in a
particular function
If these definitions still seem too broad for your
purposes, try approaching the situation from another
angle. Perhaps your prospects are likely to belong to
one or more trade associations related to their
industry – or to their job function or profession.
Associations sometimes sell their membership lists.
Or see if you can obtain lists of attendees at trade
shows.
Similarly, local Chambers of Commerce make member
lists available – often for free, even for nonmembers.
Sort by type of business, and you’ve got your target
list.
If you’re prospecting locally, the trusty Yellow
Pages (which is searchable online) can also deliver
results – but not comprehensive ones. Again, you get
what you pay for.
So instead of falling for an online ad that promises to
deliver new prospects for a low price, take the time
to think through exactly who you’re after. Then find
a list supplier who allows you to define your
prospects the way you want to, or get creative and
do some digging for alternate prospect sources.
Either way, doing your homework upfront will save
you money in the long run by delivering your message
to the right target.
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RINK Consulting
1420 Locust Street, Suite 31N
Philadelphia, PA 19102
215-546-5863
lrink@lindarink.com
www.lindarink.com
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