Higher-cost, Hyper-targeted Efforts Can Win Big (1,164 words)
Honing Your List
The key to high connection marketing is to use whatever and whoever is at your disposal to narrow your list. The Pareto Principle (the 80/20 rule: 80 percent of the profit comes from 20 percent of the audience) tends to apply to most customer-valuation analysis. We advise you to take it to the extreme: Identify those 5 percent who represent 40 percent of the profit opportunity. That leaves you with a very short list.
Human intelligence can be one of your best resources in finding high-value prospects. Hiring vertical industry experts to identify these individuals within the right companies can be very effective. Often, we employ hands-on triangulation techniques: We use multiple compiled lists, industry associations and trade magazine databases to identify companies and their key decision-makers.
Wow Your Best Targets
Apptimum, a hosted software solution partnership of Qwest and Microsoft, once asked my firm to launch a new product. To succeed, we needed to win over entire vertical suites of software vendors. Low response and conversion rates were not an option.
Rather than relying on traditional list selection tools, we created our lists by hiring software consultants from each vertical industry to determine which companies would make the best prospects. Targeting the CEOs of our focused list, we researched their bios and searched for commonalities.
Our campaign revolved around a "secret agent" theme. Each prospect received a locked metal briefcase. The prospects were directed to a Web site to enter a unique code, which notified the Qwest sales consultant when each CEO had viewed the site. After going through some product and promotional information, each CEO received the combination to the briefcase, which contained a handheld GPS unit. We received such high response and conversion rates that the Apptimum system engineers had to temporarily halt the program because we had overwhelmed their project capacity.