How Good is Your Market Intelligence?
It’s a well-known fact: The cornerstone of any successful demand generation campaign is a strong prospect list. So you would assume that companies would pay great attention to ensuring that their lists were continuously updated and as accurate as possible. But here’s a dirty little secret: most companies spend little to no time proactively validating their lists, whether they are existing or even recently sourced.
Think about it…. How much unsolicited mail or phone calls do you get each week? If you’re like most people, that answer is “a lot.” And then consider how many times you receive a call to verify your identity, contact information, title and areas of responsibility? It happens, but not that often. So in other words, prospect lists are bought and sold every day, but are rarely verified prior to use.
How Fast does Prospect Data Go Bad?
That answer is almost immediately. Consider what they say about the value of a new car, once it is purchased and driven off the lot. Depreciation starts at that moment, and the same can be said about a prospect list that you purchase.
And here’s why. According to the Bureau of Labor Statistics, there were 3.2 million job openings on the last business day of July 2011. Numbers show that in 2011, 3.9 million individuals were hired and approximately the same amount left their companies through turnover or “separations,” which includes voluntary quits, involuntary layoffs, discharges and retirements.
Add to that the following facts. According to Dun & Bradstreet, here’s what will happen in the next 60 minutes alone:
- 365 businesses will have a suit, lien or judgment filed against them
- 64 business telephone numbers will change or be disconnected
- 47 business addresses will change
- 131 directorship (CEO, CFO, etc.) changes will occur
- 110 new businesses will open their doors (including micro-businesses)
- 3 companies will change their names
- 11 businesses will file for bankruptcy
So as you can see, it is a slippery slope that plagues sales organizations of every industry. And unfortunately, bad market intelligence translates to wasted time, wasted marketing dollars and lost opportunities.
So, What’s the Answer?
Here at TSRI, the strength of our campaigns starts with our “best of breed” Market Intelligence/List Services. Our lists are compiled from a variety of sources and then put through a sophisticated de-duplication process to eliminate redundancies and/or old information. Furthermore, each list can be “cleansed” through call verification prior to the start of any campaign, ensuring a 98.9% accuracy rate before any client’s marketing dollars are spent.
TSRI also makes approximately 3,000 outbound calls a day and maintains a database of our own with over a half million prospect files. All of these efforts lead to a superior market intelligence foundation for all of our campaigns.
Want to Learn More?
Click here to download a TSRInsights report entitled, “CLEAN UP YOUR DATA: It’s the Lifeblood of your Demand Generation Efforts” or Contact Us today.