List Buying Guide: List Challenges and Solutions in 2004
To make your housefile enticing to more marketers as well as help them find more mailable names, Barlow says marketers should consider enhancing their files with demographic, geographic and lifestyle data. This kind of investment can turn a “mundane, flat list into a gold mine,” he explains.
Another strategy that has worked for Venture Direct is to take note of which select combinations are frequently asked for on list owners’ files, and then break these out as individual list segments. Anything you can do to help list brokers and marketers more easily find what they’re looking for, at the right price, will be advantageous, says Barlow.
Another option is to consider allowing marketers to rent your names for use in private prospecting databases. (Private prospecting databases are created from multiple lists or list segments that a marketer uses over time, avoiding multiple merge/purge processes and only paying participants for the names that are mailed.) Kropp notes that she’s seeing more B-to-B marketers opening their list rental agreements to include this tactic.
While participating in private prospecting databases can win you list rental revenue that you might not get otherwise, it also can reduce the number of overall names a marketer ends up using. Kropp urges list owners to carefully gauge the activity they think they might get when allowing their names to be rented this way.
Challenge No. 4: Overuse of the same prospecting names
Solution: Expanding the range of lists tested and giving frequently-mailed lists a rest
It’s been said that the definition of insanity is doing the same thing over and over expecting different outcomes. By this definition, some marketers could be considered certifiable!
If marketers continue to mail the same lists and list segments year after year, Mulligan says, those files that always have performed for them are going to fatigue.