Purchasing data for your business can be a daunting task, you may have read over and over again that buying in marketing lists is a big no and should be avoided at all costs. However, with over 500,000 new businesses starting up in the UK every year starting your own marketing list can be a very long and expensive process.
Here at MarketingFile we would recommend using a marketing list alongside your existing customer data expanding your businesses reach to new audiences.
When purchasing a marketing list the most important aspect for your business will be the responsiveness from prospects, this boils down to buying a good quality and effective list. When considering which list to buy you will need to ask yourself, who is my business targeting? This question is extremely important in ensuring you purchase the most suitable type of data for your business needs.
A good exercise is to segment your current client database, if you have one, to identify who is currently purchasing your products or services and what their characteristics are, it is advisable to integrate a CRM system not only to support sales but also interrogate customer data for insight and analysis. Once you have identified segments in your customer base the characteristics highlighted can be replicated within a marketing list.
However, we also understand the 500,000 companies starting every year in the UK will need to build up their marketing list using natural customer traffic combined with a good quality marketing list. To understand what a “good quality” marketing list consists of we have to look at how the data is collected, which will determine the quality of the list.
For example, MarketingFile works with 13 list owners, each collecting their data through different channels. The Trading Floor use insurance providers to collect their automotive prospect file using specific data submitted by the consumer for insurance purposes and renewal dates. On the other hand, Oscar Research work with local authorities to compile their range of marketing lists focusing on government departments, universities and colleges, charities and SME’s.
The prospect data collected via these methods will be responsive to new relevant marketing as the prospect will be aware of third party marketing activity. Depending on how the data has been collected and which selections your business chooses will determine the relevance and responsiveness from prospects for your products or services.
As a quick checklist ask yourself before you purchase a marketing list:
1. Have you segmented existing customers effectively and identified the characteristics of your target market?
2. Ask how the data has been collected – through which channels and from which data provider
3. Is the data you’re selecting matching your target market?
4. Do you have a responsive marketing message ready?
The last question will be looked in the next MarketingFile blog!
If you are considering purchasing marketing lists for your business needs get in touch with our team today on 0845 345 7755 for email email@example.com to discuss your data needs.