I have a client whose cooler leads in their database had grown so large that they were becoming unmanageable. Their first inclination was to aggressively increase their new lead generation efforts, but I asked them to think about the equity spent building their existing lead base.
As we’ve mentioned in previous blog posts, we have a tendency to think about fresh leads. I encouraged them to first consider leads they hadn’t connected with in a while because, quite possibly, their needs had changed since their last contact.
Our strategy began with enhancing information through appending data. Simply put, an append is a database management process that helps communities define/complete missing information for existing customers.
How is an append done? A community’s database is cross-referenced against a list company’s lifestyle database of self-reported information. There is a large range (thousands) of selects that can be appended, including household and individual level profiles. Empty fields can be populated, new fields can be added, and outdated fields can be overlaid with purchased information.
What are the benefits of appending data to an existing database?
- It increases the value of existing contacts by completing/adding information to their profiles. This helps sales counselors better understand individual demographic and psychographic characteristics, which allows them to sell to contacts with more information on their background.
- It helps sales counselors and marketers to better segment existing contacts according to certain criteria. This allows communication and interaction to be more targeted with relevant message content and helps determine a strategic approach to overall messaging by reviewing lead and buyer profiles. Additionally, appending this information into the community database also allows better segmentation for particular inventory.
- Existing leads and residents can be analyzed and modeled to refine purchased prospect lists, and to anticipate likely future behaviors and buying trends.
In the case of my client, it also helped them identify colder leads with a higher propensity to buy. By applying nurturing strategies to a subset of colder leads most like their warmer and hotter leads, they were able to gain traction and eventually sales. This proved to be a tactic that was certainly worth the time and effort put forth by the sales and marketing team. What similar results have you found when appending data?