| WHAT ARE "UNTAPPED PROSPECTS? | | | | market criteria. Thus your untapped prospects |
| Untapped prospects are a) accounts and sites | | | | are minimized, and you are calling on a much |
| with the same characteristics as your best | | | | greater percentage of the overall market. Each |
| customers, but are not in your marketing | | | | lead will be truly incremental to the current sales |
| database, and are therefore invisible to you, and | | | | force funnel. |
| b) unidentified key player contacts within | | | | - By knowing your entire universe through your |
| accounts and sites | | | | Master Target Site List, you are taking a critical |
| you are already targeting who are in the | | | | step toward being able |
| decision-making group for your product or service. | | | | to market efficiently and effectively, and in |
| These contacts are especially | | | | alignment with |
| significant, because they represent a segment of | | | | the needs and expectations of your sales force. |
| your market you may now believe is visible to | | | | - Sales force resources are not wasted qualifying |
| you but in fact, is not.HOW THE STAUTS QUO | | | | leads; |
| CREATES BLIND SPOTS | | | | the sales force can concentrate on converting |
| Many marketing and sales techniques in use | | | | quality leads into sales.The payoff potential is |
| today practically assure that your company is | | | | enormous in terms of the efficiency and |
| overlooking major parts of | | | | effectiveness of marketing operations, alignment |
| your available market, missing viable prospects in | | | | between |
| the part of | | | | marketing and sales, and the ability to rapidly |
| the market you are actively | | | | sequence actions based on an objective |
| targeting.DATABASE BUILDING BY DRIVE-BY | | | | understanding of the gaps in your |
| Sales people, including those that work for | | | | knowledge base.PROOF: MASTER TARGET SITE |
| channel companies, generally build market | | | | LIST = BETTER RESULTS |
| knowledge through referrals and drive-bys. A | | | | Example #1: Fortune 1000 Storage |
| "drive-by" is a situation in which a sales person | | | | CompanyASSIGNMENT: This company was |
| is on their way to an appointment and notices a | | | | seeking to substantially |
| large building | | | | increase penetration of their storage products |
| with an impressive logo and thinks, "They must | | | | among the |
| buy what I sell somewhere in there." The sales | | | | 4,000 largest hospitals in the U.S.MEASURE: Gain |
| person adds the company name to a list of | | | | initial responses from qualified targets in order to |
| cold-call accounts. When business is slow, they | | | | initiate a marketing dialogue.KEY STRATEGY: |
| might pull out that list of cold call accounts. Sales | | | | Compare traditional direct marketing with the |
| management works diligently to keep sales people | | | | Master Target Site List approach while gaining |
| from spending any time on untested accounts, | | | | initial responses. The incumbent approach involved |
| and that is an absolutely correct posture for them | | | | use of direct mail targeted using rented lists. The |
| to assume. Ideally, it is a salesperson's job to | | | | rented lists had exactly the selection criteria they |
| close deals, not find and cultivate new | | | | wanted and were generally known to be the best |
| opportunities.RELYING ON LISTS | | | | sources available. The direct mail seemingly |
| Rented lists are one of the most common ways | | | | produced good results, generating a 4.5% |
| that marketing tries to build market knowledge | | | | response in a market generally known to produce |
| and generate leads on behalf of sales. Have you | | | | only 0.5% response. However, of the 450 |
| ever taken the time to look at those lists? Massini | | | | responses, only 100 actually hit the target list of |
| Group has, and what we see is not encouraging. | | | | 4,000. The remaining responses were from a) |
| We've found that even list sources with relatively | | | | hospitals that were too small, or b) allied industries |
| strict selection criteria can be 50% or more off | | | | (companies selling products to hospitals). Of the |
| target from how they were described. If you | | | | 100 in the target list, 50 were from hospitals with |
| doubt this, look at the list of respondents | | | | previous sales processes underway and thus did |
| to your latest email or direct mail using rented | | | | not present new sales leads. This left only 50 new |
| lists. In one particular case, an enterprise software | | | | hospitals that would be considered "good" |
| company found 53% | | | | prospects for the sales force. Thus, the |
| to 76% of its respondents were "off target". In | | | | "successful" direct mail program really only |
| another, a | | | | generated that same anemic 0.5% response the |
| storage systems company found that eight in | | | | market "expects."ENGINEERED PROCESSES: Using |
| nine of the respondents was "off target" even | | | | the Master Target Site |
| though selection criteria were very strict and the | | | | List approach to achieve the same objective, the |
| source deemed credible. Worse | | | | company purchased an unlimited-use list of |
| yet, you have absolutely no leverage to push list | | | | contact names and cross- |
| owners to develop contacts at accounts that are | | | | indexed them with the target 4,000 hospitals. |
| not presently in their list.Another appealing source | | | | There were |
| of information to tackle the problem of gaps in | | | | 2,500 of the contact names that connected to |
| market visibility is a commercially compiled list or | | | | the target |
| database. However, like rented data, in and of | | | | hospitals. The remaining names, those not on the |
| themselves they are not comprehensive.A | | | | target list, were discarded for a lack of fit (prior |
| computer hardware company that uses a major | | | | to any further investment by marketing or sales). |
| provider of IT-installed base data recently | | | | A telemarketing effort was directed at the 2,500 |
| estimated that the source had detailed information | | | | names, and 900 offers were accepted, |
| for just one third of its market.COMMERCIAL | | | | representing 600 of the target 4,000 hospitals. All |
| DATA SOURCES ARE AVAILABLE TO YOUR | | | | 600 sites were in the Master Target Site List of |
| COMPETITION TOO | | | | 4,000 hospitals and none of them had a prior |
| Also remember that your competition has | | | | sales force relationship (both of those factors |
| access to the same commercially available | | | | were confirmed prior to the telemarketing |
| sources. And so does every other company that | | | | effort).RESULTS: The Master Target Site List |
| is marketing and selling any product even | | | | approach resulted in |
| remotely similar to yours. This translates to a | | | | 12 times the number of accepted offers by |
| massive amount of competition for mindshare | | | | qualified prospects, compared to the previous |
| among the unfortunate individuals whose names | | | | direct marketing approach.To further emphasize |
| appear in those databases."AUTOMATING THE | | | | the value of the Master Target Site List |
| PROBLEM" WITH CRM AND SFA | | | | approach, the cost of the rented list approach |
| A growing number of companies are investing in | | | | was three times the cost of the Master Target |
| CRM or SFA solutions with the expectation that | | | | Site List of 4,000; therefore, the overall benefit |
| they will improve marketing and sales operations. | | | | of the target universe base approach in terms of |
| Unfortunately, these tools generally | | | | cost-per-outcome was 36 times better than the |
| only increase the velocity of the status quo. If | | | | standard approach. |
| no specific effort is made to change the culture, | | | | The tremendous improvement experienced by |
| improve the methodology | | | | this company exemplifies the rationale for using |
| or advance the science of market penetration, | | | | the Master Target Site List approach. If you |
| then a system | | | | allocate some of your marketing funds to |
| to automate the processes will not help-it will | | | | developing and maintaining the complete target |
| only automate and accelerate a flawed and | | | | universe, your marketing programs will perform |
| ineffective process.In our experience, these tools | | | | better in terms of achieving sales goals, and will |
| take significant time to implement and are initially | | | | easily pay for themselves.Further Proof: Fortune |
| focused on late-stage pipeline accounts and | | | | 500 Computer Company |
| customers, thereby providing no assistance at all | | | | ASSIGNMENT: A leading direct-sales computer |
| to individuals trying to grow their business, | | | | manufacturer had been given aggressive new |
| generate leads, or meet aggressive sales targets | | | | objectives for the expansion of PC and server |
| beyond the installed base.SHEER NUMBERS ARE | | | | sales in several markets: K-12; higher education; |
| NOT ENOUGH | | | | state, local and federal government; and |
| No single source of market information can | | | | healthcare. This |
| assure you | | | | directive came on the heels of this business unit |
| comprehensive market visibility, coverage and | | | | having achieved only 91% of their revenue |
| penetration. | | | | objective in the previous fiscal year. Massini Group |
| But even a variety of sources of accounts, | | | | helped their marketing team discover |
| profiles, attributes | | | | untapped prospects-the set of prospective |
| and contacts do not necessarily solve the | | | | customers who were currently not being engaged |
| problem. If all of | | | | by their direct sales force. The challenge was to |
| the sources that you acquire essentially offer | | | | first identify these customers, then form |
| overlapping | | | | viable relationships with them, and bring them all |
| views of the market, you have not gained a | | | | the way through the sales process-into the |
| thing, except maybe a false sense of security. | | | | company's online store |
| For instance, having 100 contacts | | | | to purchase products.MEASURE: To meet or |
| at one account and none at 99 other accounts is | | | | exceed sales goals by growing the revenue from |
| not helpful. | | | | the small/midsize segments in excess of targeted |
| In another scenario, having detailed knowledge of | | | | levels.KEY STRATEGY: Rapidly increasing visibility |
| 10% of | | | | to untapped |
| the installed base of a complementary product is | | | | prospects through the use of Master Target Site |
| necessary, | | | | Lists focused on each key market |
| but not sufficient.The key is to develop a single | | | | segment.ENGINEERED PROCESSES: Overall, the |
| data set built from multiple sources, and then | | | | company needed to gain control of their complex |
| develop metrics that illuminate the gaps, both in | | | | sales process, and Massini Group teams worked |
| terms of overall scope and of depth of | | | | with them to accomplish this goal. A four-phase, |
| knowledge. This is an on-going process, and | | | | end-to-end marketing and sales funnel program |
| additional sources should be reviewed and added | | | | was implemented, based on the Massini Group's |
| as they become available. The biggest returns are | | | | Dialogue Strategy.1. Created Master Target Site |
| realized as gaps are filled and marketing and sales | | | | Lists (master list of target sites), starting with an |
| efforts are directed at the newly discovered | | | | extensive analysis of the business unit's existing |
| accounts and untapped prospects.FINDING | | | | sales database. This process confirmed 69% |
| BETTER POINTS OF ENTRY | | | | of their target sites were untapped |
| Tired of fighting to get past gatekeepers? | | | | opportunities-target sites and contacts with which |
| Wouldn't it be better for you to locate a different | | | | they had not established a measurable |
| individual within the same target company that is | | | | relationship.2. Identified key decision-makers at a |
| not constantly subjected to such a barrage? The | | | | much higher |
| response rates that most email, direct mail and | | | | percentage of the Target Sites, using |
| telemarketing generate might suggest so. Massini | | | | telemarketing assets |
| Group definitely believes so. This is not to say | | | | (the idea is not to use inside sales resources to |
| such sources of information are not useful. Use | | | | create your |
| them to clarify your vision of the available | | | | Master Target Site List, but to use them later to |
| market, but seek a more fruitful path of entry | | | | exploit it).3. Secured email opt-ins among known |
| into the target company.Most sales process | | | | decision-makers, by using a combination of |
| training available today makes it a point | | | | telemarketing, direct mail and |
| to differentiate between the individual within your | | | | email, supported by a Web-based resource |
| target | | | | center.4. Followed-up the opt-ins with aggressive |
| company that can make the decision and those | | | | e-marketing, |
| that prepare | | | | to either cause interested prospects to visit the |
| the decision maker to do so. Called the point of | | | | online store, |
| entry, or | | | | or motivate the prospect to establish a |
| point of receptivity, this individual lives every day | | | | relationship with an account manager for |
| with the pain that you seek to remedy.Depending | | | | near-term sales.RESULTS: Since the Dialogue |
| on the industry, this individual is probably not | | | | Strategy methodology was |
| someone whose name appears in SEC filings. But | | | | implemented in mid-2001, our client has increased |
| they are | | | | their |
| the key to your ability to get your foot in the | | | | coverage of targeted sites to 100%, and their |
| door. They can identify all of the players in the | | | | contact coverage (identification of at least one |
| process and provide your | | | | decision-maker at a target site) from 31% to |
| sales people with the internal intelligence needed | | | | 88%.Additionally, they converted high percentages |
| to advance the process. Your challenge is to find | | | | of their untapped prospects into partially and fully |
| them. This is where | | | | engaged relationships* with target accounts over |
| alternative sources and data gathering techniques | | | | the six measured quarters. A significant |
| should | | | | percentage of those relationships converted into |
| be used to fill in the gaps left by commercially | | | | business, and their all-important revenue |
| available | | | | performance ballooned to over |
| sources of information. For example, by first | | | | 130% of target.CONCLUSION |
| seeking the | | | | Many companies are experiencing underwhelming |
| individual with operational responsibility for the | | | | sales figures because their database marketing |
| solution they were offering, a data warehousing | | | | programs only effectively target and sell to one |
| company increased its appointment-setting rate | | | | third of their market potential. The remaining |
| five times over, making it possible | | | | untapped prospects must be identified, targeted |
| to utilize a face-to-face, scheduled meeting to | | | | and cultivated to produce the sales figures |
| get past the | | | | necessary to keep companies |
| CIO's phalanx of gatekeepers.INCREASING | | | | competitive.Developing a Master Target Site List, |
| MARKET VISABILITY: THE MASTER TARGET | | | | which includes previously unidentified accounts and |
| SITE LIST | | | | sites, and previously unidentified key players, is |
| The key to successful market penetration lies in | | | | the key to: |
| exposing untapped prospects by improving the | | | | - Increasing market visibility. |
| quality of the data | | | | - Developing programs that yield a greater |
| upon which you base your programs. This is not | | | | number of higher quality leads than traditional |
| accomplished simply by "buying a better list." It is | | | | marketing and sales-funnel strategies.This is true |
| done by qualifying existing data, verifying it, | | | | whether companies depend on ad hoc sales, |
| identifying and filling in the gaps, and engineering an | | | | drive-bys, rented lists, internally developed |
| improved system that allows you to continually | | | | marketing lists, |
| improve and augment the data throughout the | | | | or automated sales-funnel systems. Combined |
| sales cycle-all while furnishing your sales force with | | | | with the |
| higher-quality, on target leads. The result is | | | | Massini Group Dialogue Strategy, the Master |
| greater market visibility in the form of a Master | | | | Target Site List |
| Target Site List that accurately represents your | | | | methodology enables strong ROI, and sales |
| full potential market.Creating a Master Target Site | | | | growth superior-by orders of magnitude-to other |
| List is a process, not an event. If your current | | | | industry practices.The net result of this engineered |
| marketing practices are based on sales-force or | | | | approach is greater market visibility, increased |
| third-party data sources, the steps are | | | | operational efficiency, improved alignment and |
| straightforward: | | | | relations between marketing and sales, and clear |
| - Build a comprehensive list of members (sites) in | | | | action directed by concrete gap analysis.ABOUT |
| each market segment. | | | | MASSINI GROUP |
| - Assign a value to each member that is shared | | | | Massini Group is a full-service |
| by sales and marketing. | | | | Business-to-Business database and relationship |
| - Identify and quantify additional information gaps | | | | marketing firm specializing in complex marketing |
| (e.g., incomplete data in title field). | | | | and sales processes. The company enables clients |
| - Methodically gather data to fill the gaps. | | | | to gain control of complex marketing processes |
| - Maximize the value of new visibility to untapped | | | | through the development and improvement of |
| prospects by aggressively communicating to | | | | key marketing methods. "Engineered processes" |
| those companies and individuals.Once developed, | | | | developed by Massini Group can dramatically |
| the Master Target Site List provides the following | | | | improve the results of database marketing |
| critical benefits: | | | | initiatives, in both implementation time and |
| - Guarantees the list contains only those | | | | execution. Massini Group has a proven track |
| companies your sales force agrees are valuable. | | | | record of significantly improving sales results for |
| Therefore, any time or money spent to develop | | | | its clients.To learn more about how Massini Group |
| a lead or sale will be on target in terms of | | | | helps companies engineer marketing and sales |
| company/site. | | | | processes for maximum results, visit |
| - Guarantees you are seeing the entire list of | | | | massini-group.com, or contact Sarah Harrington |
| companies or | | | | (503-274-7335) to schedule an introductory |
| sites within a given geography that correspond | | | | meeting with a Massini Group partner. |
| to your target | | | | |