Generating Leads or Buyers?
In the world of marketing, there is no such thing as “one size fits all.” The objective of a marketing campaign can vary greatly… increasing web traffic, add email subscribers, generating leads, gain awareneess, etc. However, the ultimate goal of a direct mail or email campaign for most companies is to generate sales.
For most businesses, in order to generate a higher sales rate, it’s essential to go beyond finding just the best prospects; you must find the best prospects with the highest propensity to become buyers.
When trying to refine a database using only demographic and geographical data, you will get leads with the capacity to buy, but not necessarily with the propensity to buy. By including lifestage demographics such as interests and the level of affinity for a particular product, you can change prospects into buyers.
Let’s say that you own a company that sells a line of high-end eco-friendly clothing. Prospects that are affluent and environmentally conscious would be a good starting point for a database. Through past sales, you have found that a large percentage of your buyers are married women over the age of 35. At this point, you have targeted the prospects with the capability to purchase your product.
By understanding the mindset of the buyers, you can refine this database into prospects with a propensity to purchase your product. Are your client’s health conscious? Do they buy green products? Do they donate to environmental causes? What is their education level? What is their purchasing power (net-worth, homeowner, homevalue)? By researching and compiling the answers to these questions, you can build a richer targeting profile. This will allow you to select prospects with both the capacity and the propensity to become a client and ultimately, it is “clients” not “prospects” that drive up your Return on Investment (ROI)… and that translates into higher profits!
For more information on demographic selections that will refine your leads for you, see blog entry “Reaching the Best Prospects.”
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