Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale
ASSIGNMENT: An enterprise data storage company wanted to substantially increase penetration for its storage products among the 4,000 largest hospitals in the United States.
GOAL: Gain maximum number of initial responses from qualified targets in order to initiate a marketing and/or sales dialogue.
KEY STRATEGY: The company compared its traditional direct marketing approach with Massini Groups Master Target Site List (MTSL) B2B database marketing approachall while tracking initial responses. The incumbent approach involved targeted direct mail and rented lists. The rented lists had exactly the selection criteria the company wanted, and were generally known to be the best sources available. The direct mail seemingly produced good results, generating a 4.5% response rate in a market generally known to produce a response of 0.5%. However, of the 450 responses, only 100 actually fit the target list criteria of being from one of the 4,000 largest U.S. hospitals. The majority of the responses were from hospitals that were too small, or from allied industries (companies selling products to hospitals). Of the 100 responses that did reflect the target list criteria, 50 were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left only 50 new hospitals that would be considered good prospects for the sales force. Thus, the successful direct mail program really only generated that same anemic 0.5% response the market expects.
ENGINEERED PROCESSES: Using Massini Groups MTSL approach to achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 900 offers were accepted, representing 600 of the target 4,000 hospitals. All 600 sites were in the MTSL of 4,000 hospitals and none of them had a prior sales force relationship. Both of those factors were confirmed prior to the telemarketing effort.
RESULTS: The MTSL approach resulted in 12 times more accepted offers by qualified prospects than the incumbent direct marketing approach.
To further emphasize the value of the MTSL approach, the cost of the rented list approach was three times the cost of the MTSL; therefore, the MTSL approach, in terms of cost-per-outcome, was 36 times lower than the traditional approach.
Explore the power of Complete Market Visibility with an in-depth white paper, Unlocking Sales Among Untapped Prospects downloadable from the Resource Center at http://www.massini-group.com
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