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