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.
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:
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.