Put the Internet to work garnering new business for your agency.
New business is the lifeblood of any agency. Although it’s important to retain existing clients, if an agency doesn’t look for new prospects it’s going to be in trouble. The Internet has simplified life for agency marketers by providing an easier way to identify just the right prospect and by helping agencies develop a good prospect list.
Let’s say you want to sell a new policy for welding distributors that one of your companies has developed and you need to identify potential prospects. Someone, somewhere has created precisely the sort of business information database you need, and the owner of that database is willing to sell you the names of all the welding supply distributors in your area. Indeed, lists and databases (the latter term is basically a “gussied up” version of the former) are available in almost numbing variety and detail most at a reasonable cost. There are lists of almost every conceivable description, affiliation, and category. All you have to do is figure out where to find them.
For business databases, there are three sources of prospect names:
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Federal, state, and local governments. These lists are generally free or next to free and again can be highly targeted to a specific business. The main problem is that they’re difficult to locate
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List compilers, such as Dun & Bradstreet and R.H. Donnelley, essentially cull every business in the nation from various sources, including telephone directories and yellow pages, and then try to verify and expand the data with at least one other source. And that’s a lot of compiling because, depending on how you count them, there are more than 10 million businesses in the U.S.
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List managers sell names gathered from magazines, newsletters, and other sources of customer lists. These are known as “responsive lists” because each person on the list has responded to an offer in some way. These are generally targeted lists and cost more than a simple compiled list. Most of the time they’re worth the extra money because you know that the people on the list fit the profile of the type of prospect you want.
GOVERNMENT LISTS
A number of years ago we developed a marketing plan for an Emergency Medical Service (Ambulances) Program for the State of Texas. When we began looking for prospect names we called the state government offices. They directed us to the Texas Department of Health. After talking with several people about what we were looking for, we learned that the department had available a list of every EMS provider that was licensed in the state. We purchased the entire list of 1,300 names for $27.50. We narrowed the list down to the 350 prime prospects for the program and used them as the basis for a very successful marketing program.
Another source for prospect information is the Securities and Exchange Commissions EDGAR database (www.sec.gov). Every public corporation is required to file a report, known as a 10-K, with the SEC at least once a year. The EDGAR database contains every report filed since 1996. The 10-Ks provide extensive information about a company, including detailed financial information, descriptions of products and services provided, listings of executives and key staff and a discussion of problems and issues the company faces. If your prospect is a public company, there’s no better source for information about the company than a 10-K.
Government agencies provide a good source for lists of any prospect that’s licensed by or must register with the state. It might take some effort to identify which agency or department has the list you’re looking for, but the results can be worth the effort.
BUSINESS LISTS
Not so long ago we purchased business lists on CD-ROM. Today those same lists are available to you immediately for download from the Internet. Here are some Web sites that you should know about:
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InfoUSA.com. InfoUSA.com provides access to prospect information for both businesses and consumers. Pricing is based on the specific list you select (number of prospects and the amount of data you want to purchase).
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CorporateInformation.com. Although this site looks intimidating, it’s actually a user-friendly and powerful search tool you can use to research an individual business or an entire industry. The site is free and you don’t even have to register or set up an account to use it. Research a company and you’ll be provided with numerous links to corporate profiles, news archives, financial information, and message boards dedicated to that firm. Research an industry and you’ll find industry profiles, news, and more. Research reports are available and you can target your research by state or by country.
OTHER RESOURCES
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Dun & Bradstreet Small Business Solutions (http://sbs.dnb.com). Dun & Bradstreet offers small business owners an intriguing suite of tools and services. Tracking folders allow you to follow existing customers, suppliers, competition, and prospects. Basic services, which include up to 15 “tracked” companies, are free. Additional services such as credit evaluations or demand letters are fee-based, but quite reasonably priced. D&B will also compile a list of new, credit-screened prospects for you, by location or by industry, at a minimal cost. At the site, you’ll also find the results of the latest D&B Small Business Survey.
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Hoovers Online (www.hoovers.com). Hoovers is known for its in-depth coverage of companies and industries, accurate lists of key decision-makers, and powerful search and targeting tools. The information is compiled from thousands of sources, including various proprietary databases, magazines, newspapers, and industry journals. The site covers more than 12 million global companies, both public and private, and more than 300 industries. With their online tool, you can search for information on your next prospect.
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LeadBot (www.leadbot.com). Leadbot is a Web-based provider of Life insurance leads. LeadBot has developed a proprietary business system that automates the collection, distribution, marketing, and storage of self-qualified prospects. The leads come from a network of consumer-facing Web sites that deliver insurance information to the public. The prospects that agents receive have reviewed insurance material and have requested a quote for coverage. In addition, LeadBot has relationships with other large lead generation corporations to buy and sell leads.