• I also like the idea of working with more than one email list broker. Each broker has their own experience to draw upon in putting together a list recommendation for you. Having two different experts thinking about your business will provide different points of view and more choices.
• A broker’s recommendation will only be as good as the briefing you provide them. Do a brain dump of everything you know about existing customers or subscribers. Share any market research on demographics, firmagraphics and psychographics. Tell your broker what advertising and marketing vehicles have worked best for you. Do you cater to different segments? If so, be sure to provide that information.
• Be sure to drill down on selects within a list — a good broker will include this in a recommendation. Yes, each selection adds an additional cost; but the more focused and targeted you can be, the more likely you are to be successful.
Do the Math
Any acquisition campaign is an investment in the future and most marketers know they will not breakeven. While email is less expensive than direct mail, it is still a significant investment.
As a general rule of thumb, consumer lists will be in the $100/M to $125/M range and B-to-B lists will be at least double that amount — this assumes you will use targeted selections.
If you have a good handle on the lifetime value of your customers, you can estimate whether prospecting email would work for you. If your average lifetime value is low, investing in acquisition is probably not for you.
Develop a Strong Offer
Remember that the prospects you approach may not be familiar with your company or your products and services. One primary campaign objective is to get recipients to provide their contact information.
• B-to-B marketers will often offer a whitepaper, a webinar or other premiums to get individuals to register. Then they have plans in place to nurture these leads over time to develop business.