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What you don’t know can cost you time, money and sales! Use this assessment to determine your data know-how and learn how others are leveraging multi-source data and maximizing universes to find more sales leads and increase revenue.
Choose the answer that best describes your approach and see how you stack up.
1) What’s the difference between Compiled and Managed lists?
Data Superhero: Compiled lists are created from the compilation of public sources (e.g. phone books, deed information) and are updated frequently. We typically have our data vendor enhance compiled lists by adding selects and use them to reach a wide variety of prospects. Managed Lists are compiled from limited sources, like magazine subscriptions. They are typically more expensive and not updated as frequently. We use managed lists when targeting niche markets.
Data Pro: We experiment with all kinds of lists from all types of online and offline sources. There are so many options we just keep trying.
Data Wannabe: We purchase the same list from the same company for every campaign.
2) What are the advantages of Multi-Sourced Data?
Data Superhero: We leverage multi-sourced data to expand our customer and prospect universes by identifying and filling gaps found within individual data sources. Plus multi-sourced lists typically meet the highest quality standards and provide the most comprehensive coverage possible.
Data Pro: We typically combine multiple sources of data for a single campaign. Sometimes we end up sending the prospects several mailings. We’re not sure where our data overlaps so we just keep trying!
Data Wannabe: Not sure. We order our list from one data source.
3) Describe how your company maintains the quality of your data?
Data Superhero: Our customer files are kept clean and up-to-date via a data maintenance program. Our undeliverable rates run between 3-5% and our email bounce backs run about 10%. One team member is accountable for coordinating a scheduled hygiene through our data solutions provider. It’s a well-oiled machine.
Data Pro: Our systems aren’t perfect, but we’re focused on getting our staff members the data they need to get better response from our best customers and prospects. If a list isn’t performing we buy another one.
Data Wannabe: What’s data hygiene?
4)How many channels does your business use for direct marketing purposes?
Data Superhero: We have a timing-and-action plan for our direct marketing programs that incorporates seasonal direct mail promotions, triggered emails, and loyalty-driving telemarketing programs for cross-sell and up-sell opportunities.
Data Pro: In addition to our proven direct marketing programs, we just launched a new and improved Website and we’re thinking about rolling out a new series of email promotions.
Data Wannabe: We send out a brochure from 1996 to potential leads who call our office.
5) Do you know what your ideal customer looks like?
Data Superhero: Yes! Our data provider just completed a series of predictive models based on our customer files and the response from our last 6 mailings. Now we understand exactly who to target, from the right age and address to specific hobbies and life triggers. Our last mailing returned an 18% increase in response.
Data Pro: We’ve been in this business so long, we know what to look for in a customer. Sometimes it feels like we have tapped out a lot of the prospects and that our lists are losing response power.
Data Wannabe: You never know! Our ideal customer is anyone with money to spend.
What’s Your Data Score?
So you’re a Data Superhero! You’ve got a firm grasp on direct marketing best practices, and you clearly know how to partner with the right businesses to maximize your results.
Even Data Pros need practice! Your marketing savvy shows a lot of potential. Explore some new marketing solutions with the right data provider, and you could use your own customer files to start increasing response right away.
The bad news? You’re a Data Wannabe. The good news? The right data solutions provider can literally breathe new life into your business by analyzing your budget, your needs, and your desired outcomes.
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