6 Common Misconceptions about Prospect Data
Our industry sector is one of those that will always come under fire from one source or another.
However both the data and marketing industries are carefully monitored and highly regulated, so legitimate businesses within our sector are incredibly vigilant to ensure adherence to all applicable regulations.
Unfortunately, there are many misconceptions about purchasing prospect data including…
1. All data suppliers are equal
If only this were true. Unfortunately there are some data producers and brokers out there who give the rest of us a bad name.
They will sell data which is long out of date, may not check against industry suppression files, often source from less reliable sources and generally just don't adhere to the regulations most of the industry does. This is why they are often cheaper, as they do not incur the same costs.
Unfortunately, there are always a few bad apples in every industry.
2. It’s unethically sourced
If you ensure you are buying from reputable data suppliers, they will source and supply data only from ethical channels.
Check out our previous blog which includes things to look for in a data supplier
3. You can’t use it for marketing!
Well it wouldn't be much use to anyone if you couldn’t!
There are a select few channel providers and email distributors, who do not allow prospect or cold data to be used in their systems. However, they are very much in the minority.
Just double check that your distributor allows prospect data use. And, if not, there are always other options if you are planning an acquisition campaign.
4. It’s too expensive - you can get free data
As with any product or service, you get what you pay for. Data is no different.
As mentioned above, some suppliers skip vital steps needed to ensure their data is legitimate, which is why they are often cheaper.
Can you imagine how little (if any) time or money is invested in data you might find free online or elsewhere?
Not only that; to identify and evaluate an appropriate list of free data would be virtually impossible – how would you ensure it was targeted for your specific target audience?
5. Businesses don’t really need it
If your business has more than enough incoming enquiries or just has no need to look for new business, then you have our heartiest congratulations. Honestly, nice work.
However if you, like us and most other organisations, are always looking to grow and build your business, then prospecting and acquisition campaigns will remain a must.
So who would you target (without identifying and sourcing prospect information in some way)?
6. It doesn’t work
There are many factors that will count towards the success or failure of a campaign; method, message, offer, creative, targeting and indeed the data.
Of course the right data alone doesn't make for a successful campaign. But it certainly helps!
Check out some proven examples of how data has improved campaign results for our clients:Other customer Case Studies
- Are there other things you have heard or read that you are unsure whether they are accurate? Feel free to ask us.
- Do you find your colleagues or managers believe these misconceptions?
- How do you combat these misconceptions? Feel free to share this piece.