4 New Year Resolutions for Business Development
It's almost time for a New Year and to close out an old year that almost none of us could ever had imagined. It's been a traumatic and wrenching year in many ways. But, from adversity comes opportunity. Here's our suggestions for your New Year resolutions if you manage sales and marketing prospect data:
Buck the definition of madness - Doing the same thing over and over again while expecting the same outcome is the definition of madness. We see this again and again when we do contact database quality analysis for our customers. If your contact data is more than 1 year old without a scrub, then almost 25% or more will be useless. This aged and degraded data will negatively impact everything you do in 2021 from cold calling, email nurturing and social media outreach. Clean it NOW and save yourself a boatload of wasted time and effort in 2021.
Think in more than one dimension when prospecting - With the collapse of the live events market like trade shows and symposia, companies have reverted back to email marketing, PPC ads and cold-calling. That's all fine, but when everyone is doing it your prospects are getting drenched in email solicitations and calls and you are competing for headspace with hundreds of other vendors. Did you know that the average CTO/CIO gets an average of 150-200 solicitations per week? Thats a lot of noise to burn your way through. Consider widening your outreach channels to social media like Facebook, Twitter, Instagram and LinkedIn. Consider ads on those channels as well as direct outreach on the channels. Think about Content Syndication on publishing sites relevant to your target industries. Think about sponsoring virtual meetups to get speaking time with possible prospects. In other words widen your contact channels and you may find a way to reach a prospect you hadn't used before.
3. Phase your Demand Generation Campaigns - Another mistake we see made often? Top of Funnel (TOFU) demand generation projects should be spread out through the year and not just bunched up a couple of times a year. If you generate too many leads or MQL's you might exceed the capacity of your business development team so chase them down and qualify them. We saw one customer that generates 2000 nurture/inbound leads per month but only had the capacity to response to 800 or so. What a waste! Thats like running a 5K, setting a world record and then tripping at the finish line.
4. Phase your Cold Calling Campaigns - A good business development representative should be able to make about 150 dials a day. Assuming 20 working days a month and a retry rate of 50%, that means a telephone prospector will burn through about 1500 fresh contacts per month. Make sure you have enough contacts for them to call and make sure that data is fresh from being newly built or newly scrubbed. A 25% bad data rate will cost you about 40 hours of productive calling time for every salesperson.
In summary, the New Year brings new challenges but also an opportunity to challenge the status quo. Business history shows that the most successful companies found a better way to do something that their competitors thought couldn't be improved.
Happy New Year from all of us at Contact Persona!