Marketing databases that contain data about customers you’ve already converted serve many valuable purposes. They foster loyalty, improve your market knowledge, and allow you to serve your customers better. What if you could compile that kind of detailed information not only on the customers you have today, but also on the leads you hope to convert tomorrow? That’s what a prospect database does for you. Such a database is an essential tool for customer acquisition as well as retention, a means to connect with new clients and gather new information for deeper analytical insights into your market.
Your marketing database management team starts off with a fair amount of knowledge about your prospects, thanks to the quality information that’s already fed into the database from trusted sources. From that starting point, each subsequent email marketing campaign or piece of gated content that goes out gives your team more knowledge, more raw material for your analytics to interpret. Based on the responses you get, you’re able to refine your lead scoring system, get a better handle on your leads’ life cycle patterns, and learn more about your successes so you can replicate them. When each campaign you run is stronger than the last, profitability skyrockets.
A prospect database drives revenue, but it also saves wasted effort. With better identification and verification of email addresses, postal information, and the demographic knowledge essential for improved personalization, you spend less time and money on dead-end mailings to invalid accounts. It’s clear to see how important that is to high-investment channels such as direct mail, but even economical marketing channels such as email benefit from the greater efficiency of your prospecting database. Services that handle your prospecting for you by finding the right business mailing lists and marketing opportunities reduce effort and maximize revenue even further.
Invalid email addresses are a bigger potential cost than you might think. Poor data can also cost you by affecting the status of your emails to valid addresses. Email service providers assign trust ratings to mailers; those who use current data to send relevant information receive the highest ratings. When you work from a prospect database that’s rigorously maintained by database management professionals, your email deliverability stays high. Your leads can only respond to messages that reach them, so make sure your email is trusted.
Without a fully functional prospect database, you’re working with only part of the information you need to turbo-charge conversions. Names and addresses are no longer enough. You also need insight into how people interact with your brand. Behavioral data, especially when your database manager places it in appropriate context with market shifts and product availability, can tell a much more complete story about your leads. This wealth of information helps you and your marketing team design a more effective lead scoring system that prioritizes your most valuable prospects.
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