What's Your Effective Cost Per Contact?
Have you really thought about your cost per “lead” or contact?
If you are in B2B marketing you’ve probably subscribed to B2B data vendors or bought lists for specific purposes. You’ve probably paid what seems to be a competitive price for the list or the subscription rate. But have you really thought about the effective, per-record cost of that data?
Consider this example:
A recently signed Contact Persona customer told us about a purchase they made before engaging us. They bought 300 contact records of a highly specialized data for $200. That works out at $0.66 per contact. Not bad on the face of it for specialized data, right?
However, after spending many hours manually weeding out the unsuitable and bad quality records, this client only ended up with only 100 usable records out of 300. Now do the math again. $200 /100 = $2.00 per usable record.
Besides the usable record cost, don't forget to take into account the many hours the client spent manually scrubbing and verifying the 300 records to eliminate the 200 garbage ones. You can bet that this cost was a multiple of the cost to acquire the records themselves.
You can try this exercise by going back and looking at lists you’ve purchased in the recent past taking into consideration the following:
Email bounces when you used the list
Bad phone numbers when you called people on the list
Lot’s of missing information on the contact that you had to find elsewhere or called them blind without knowing much about them?
Here’s the point: Bad data is a waste of money at any price and in B2B data that can be a purchase you will regret whether its buying lists or buying subscriptions. So do your homework and your math before deciding on your B2B data vendor and we have some suggestions
Ask for a sample of a least 50 contacts and test them
Do a pilot campaign with a few thousand purchased contacts and evaluate the results
If you are considering a subscription service, insist on a trial period of at least 30 days. Id they resist this one then its a sign they have little confidence in their own product
Don't sign multi-year subscriptions with B2B data vendors. They will push you hard for this but you need the ability to cancel if the data doesn't live up to the hype in practice and you may not know that for a few months
About Contact Persona
ContactPERSONA On-Demand takes lists you send us freshly collected from trade shows and other events and within 24-48 hours we will turn them around fully enriched, validated and ready to work with higher confidence. We can recover leads with as little as 4 fields of information and turn them into a comprehensive lead record with up to 36 fields of information. We can even identify leads with only private emails provided.
CustomPERSONA is service for building highly targeted, detailed and accurate prospect lists across all industry, job title, location and company size categories, even unusual target groups. Our data comes with a 30-day warranty so if a record bounces or is inaccurate, we replace it or give you a credit.