What is Prospect Database?
Prospect Database refers to a repository containing various
contact names, addresses, company name etc managed in an organized way. A prospect
database comprises of various records pertaining to your potential customer or
sales lead which is qualified on the basis of certain criteria like target
industry, geographic location etc.
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Why develop a Database?
Ensures easy storage, editing and retrieval of potential
customer information
Helps in documenting prospect status, interests and other
special events/actions
Better segmentation
Ability to manage complex marketing campaigns
Custom database development ensures tailor made list of
leads which are pre-qualified and validated prospects and are ready to be used
by clients as potential prospects.
How to build a Prospect List Database?
When you start building the database, the main focus should
be developing a targeted database and not a large database which cannot be
managed easily. Listed below are some ways to build a prospect database:
1. Business Directories/Databases – Using simple filters you
can sort and pull out contacts based on your target industry, SIC/ NAIC code,
prospect title, geography, company size and more. Directories are priced mostly
according to quality of source but sometimes there are pay-per-view options
available too. Following is the list of some good directories:
Hoovers
Goliath
Manta
OneSource
Factiva
2. Purchased List – Lists can be readily procured through
vendors or list brokers. It is highly advisable to beware of brokers who sell
junk database containing bulk records. Consider following points before hiring
any vendor:
Whether the list is targeted enough
Clear information about buyers, influencers and decision
makers
If the list is current enough – up to date
Verification process followed while creating the database
Replacement policy of incorrect contacts
3. Events – Successful promotion of events at the right
location in presence of target based prospects increases the chance of reaching
out to more and more potential prospects.
4. Newsletters – Properly and attractively composed
newsletters results in increasing number of subscriptions thereby fetches more
prospects.
5. Opt-in Forms – Sign-up forms for blog can be a very good
means of building opt-in email list.
6. Website lead intelligence – Automation tools available in
the market helps in analyzing traffic and determining web visitors. Prospective
companies and contacts can be filtered out in this process.
7. Referrals – It is one of the best ways in finding new
prospects using some rewarding techniques. The referral system is more reliable
than any other practices.
8. In-house research and database development – In-house
research and list development can be a costly affair but guarantees tailor made
prospect list keeping in mind targeted requirements of sales.
Benefits of Prospect Database
Targeted prospect database breeds the process of achieving
targeted marketing. Most database marketing campaigns are highly dependent on
the quality of marketing lists.
It also helps in segmentation of contacts in various
categories based on the user input and helps in removal of any unwanted
contacts thereby cleaning up database simultaneously.
How to maintain Prospect Database
Database should be designed in such a way that we can
organize data through proper segmentation. All data fields should be defined
properly. Database is generally managed with the help of software such as MS
Excel, CRM, marketing automations software, lead management software etc.
Database should be validated, cleansed, protected and updated every quarter to
maintain quality. The process of flagging records instead of deleting saves
lots of money in the future. Unique reference numbers can be added to records
to track them easily and efficiently.
Article From: amarketforce.com
