What MinHash joining Salesforce could mean for marketeers

Today's announcement's on Salesforce acquiring MinHash got me thinking and reading up on the acquired business. I haven't used MinHash before so the more I read up the more I started thinking how great this particular acquisition can be. I have been using Salesforce for a while for leads management, marketing communication and campaign tracking. While I do struggle with the access level that my IT team's allocates, the tool in itself is the best way to get the sales team to follow-up my leads. So, here goes my thoughts on what MinHash joining Salesforce could mean for marketeers.

First, let me ask you this - have you met AILA? Those who haven't had a chance to get acquainted with this lovely lady she is the go-to-source for those looking to create intelligent marketing campaigns. Ask her and she would say she is the 'AI driven marketing media maven you have been looking for'.

Did you know: In Indian street slang, mostly used in Mumbai, 'aila' is often used to denote an 'exclamation point' - can be used in both positive and negative connotation.

Image credits: www.minhash.com

AILA is MinHash's artificial intelligence marketing assistant. MinHash describes the service as 'AILA detects fast growing topics across 1000s of media sources and helps marketers respond quickly, pulling together data in all forms - text, images, hashtags and urls, automatically crafting them into a campaign with a relevant theme, unique messaging and the right audience*'. 

For me a service like this means an easy, intelligent and relevant way to create new campaigns. While the examples for AILA presented in the website currently have a B2C bent, the B2B possibilities are crazy-exciting. That's why my world becomes so much simpler (and fun) when Salesforce and MinHash combine forces.

Here are the top reasons why I think this is a match made in marketing heaven - 

1. Minimal platform integration and coding challenges - Those who work with Salesforce email template design know that they need either a decent html coding capability OR, need to integrate with Marketo or, similar platforms. Pssst- I never did like Salesforce's existing letterhead, custom, html, etc. etc. options! And, on top of that I have to now get access to 2 or, 3 different platforms, figure each of them out, get my IT to link it all up and then Alt+Tab between all those screens to get all this running - exhausting to say the least. 

2. Impactful A/B testing, intuitive design and more effective analysis - B2B campaigns, specially those that use email marketing as a tactic, are hard. We are forever focused on avoiding spam, getting higher open rates,  getting folks to click on that call-to-action button and download/view/signup to whatever we are selling (white papers/webinars/videos/free sign ups/ events ). With AILA there can be an intuitive and real-time feedback on what worked for you in past, what are the best practices across the industry and the region, and suggestions even on what kind of content would get you the results you are seeking. Imagine getting instant stats telling you that your past campaign had a 35% open rate with how-to webinars getting 75% more eyeballs and a free trial presented through a button which says "No Downloads Needed" will be 90% more successful for the audience group you are looking to engage. While I am pulling  numbers out of the hat for this example, it is really easy to see how effective this would be for B2B marketeers.

3. Great content for all your external brand touch-points - MinHash learning engine uses algorithms that ingest media and applies phrase detection to extract messaging that is both trending and unique to a campaign. Crawlers discover images and messaging from your website, Pinterest, and other social channels to compose into a creative that resonates with your message and the audience*. Basically - content that self-selects, self-generates and self-improves. What this means for you and me is a one-stop marketing platform that not only delivers emails to our selected audience and then track the ROI, but also helps us make effective digital marketing creatives, provides suggestions on best website layouts, constantly learning from how each element is performing as well as makes a business' social presence all the more engaging.

MinHash's website says that their service won't be available from Jan 21, 2016. All I can say is that I can't wait to see what Salesforce will bring out for us.

As always, happy to hear from you. Are there any other benefits or, any possible pitfalls that you see from this acquisition?

*as described on MidHash website

B2B to B2C - Expanding My Marketing Horizons to the Food Industry

Got a chance to work on a market feasibility study for a new Food and Beverage venture. Must say, am finding the B2C market as exciting as B2B.

 

The industry has,  of course, a huge scope - the permutations and combinations are massive and the risks enormous. But the actual end result will be well worth going through the mind-boggling microscopic details.

 

Am still in phase 1 - the business intent, product idea and intended market  are dotted lines in the air. The idea is to take all of this and turn it into something more concrete and quantifiable.

 

Being fully aware that without a consumer survey there can be no hope for that something concrete to develop I still jumped right ahead to the Part B of the exercise - defining  the Marketing 7 Ps. In my defense - since the business idea was still too hazy it was essential to identify whether the idea itself was feasible.

 

This picture found on the internet gives a good summary of the 7Ps. (www.jerichoconsulting.co.uk/)

 

For our particular exercise the Place is quite crucial. So I shortlisted my "location wish-list" and went around discussing with the respective location managers about the product feasibility, space requirement, legal documentations, etc. etc.  I did a primary competitor study - products on offer, price points, key locations undertaken and so forth.

 

I even had the good fortune of knowing a couple of industry experts and so their valuable inputs went into the mix.

 

The end result is that I have a better grasp of the Business Models we could use, the Operating Models that would work and I even managed to come up with a few additional perspectives to the product line we could develop.

 

Its time for Phase 2 - Approvals and Business Buy-in.

 

Best of luck to me. :)

Facebook for B2B Marketing - Beyond Branding, Towards Lead Generation

Larger cover photos, photos in news feed and such changes to Facebook are forcing companies to be more visual and dynamic. In fact, nearly 50% of the items shared on news feeds are visual. Friends Feed, Music Feed, Photos Feed, and Following Feed - all are giving the user more control on what information they see and when they see.

If we look purely from a B2B perspective - Facebook for advertising and brand promotion? Yes. Brand engagement? Yes.  Thought leadership? Yes. Content disbursement? Yes.

But, how do we generate leads via Facebook? And, how do we calculate its effectiveness for B2B marketing?

I came across a  very interesting infographic on "Which platform to reach out - Linkedin or Facebook for B2B". According to this, 41% of all B2B companies that used Facebook for marketing acquired new customers this way. Below is a snapshot of the tactics used on Facebook. We see that stats are suggesting there is potential for generating business (49% lead generation).

Measuring B2B Marketing Success on Facebook

One can use the following metrics to judge the business' performance on FB.

• Content Engagement = Engagements or, interactions / post
• Content Reach = Percentage of followers who have seen your post
• Lead Generation = Number of people signing up or, registering / Total number of page views

Generating Leads via Facebook

• Have a company page, not just individual profiles - This allows potential customers to interact with the brand
• Fan-gate your page but, go beyond 'Like' - Fan-gating refers to requiring viewers to click on 'like' to view your profile/page. But, one must remember it's all about engaging. The aim should be to score high on Content Engagement
• Incorporate sign-up forms for accessing restricted content/ giveaways/ contests -This is a good way to get that customer information 
• Calls-to-action and back-links to your website - Gives you more hits on company website and encourages viewers to interact more
• Integrate Facebook widgets into other channels -  Whether it’s an e-campaign, or an invite to an event, by integrating Facebook widgets you give the viewer a chance to share your content with his/ her network- Voila! Improved Content Reach
• Use Facebook Ads -  Such ads allow you to target your content at specific audience, thereby increasing the effectiveness. You will be able to view the click-through rates and analyze ad effectiveness. If you link this up to a sign-up form you will also be able to get the viewer's information. A good example would be sharing your latest e-book on strategies for CIOs through Facebook premium ads.
• Promote your Posts/ Sponsor a Story - This is a great way to get more people to see your posts. More views translate to higher percentage engaging with your content

A good way to ensure your marketing efforts are not going to waste on Facebook and that you are leveraging the forum to its optimum potential is by leveraging PMDs or Preferred Marketing Developers. They are  social experts that build apps on Facebook and help you manage ad campaigns, measure performance and develop effective marketing strategies for Facebook. 

In short, they make life and Facebook marketing simpler for you.

Marketing Tactics for the Off-Season - Deals to Make You Salivate

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

SALE! SALE! SALE! How I love the sound of these words. Shopping seasons like Christmas, New Year, local festivals are a time of intense bliss. There is nothing better than finding that pair of shoes at just the right bargain price. It's only when the season is over that one realizes that the purse strings need to be tightened. No more bargain-price-induced shopping sprees for me, thank you very much.

And if the average shopper thinks anything like me then businesses have a big problem. Moreover, their marketing teams will be under pressure to come up with the next big idea to get the cash registers singing again.

For the B2B marketers these lean periods are the ideal time to plan and re-strategize (Do B2B Marketers Hibernate Come Christmas, New Year and Financial Year-end?). While B2Cs need to focus on identifying their near-future plans, they do not have the luxury to stop and think. Its all about getting the most of that time.

To tap the off-season Jet Airways recently came up with the Low-Fare Bonanza in the Indian market. By  offering 20 lakh low fare seats (as low as $50, inclusive of all taxes), for a one-way journey on over 450 daily flights across 57 destinations they attempted to garner volumes during the impending lean season(1). Needless to say most other airlines followed suit. Like they had a choice!

Another industry which is often hit hard by the lean season is hospitality. But, this time, if you had your eyes open, you could have picked some great packages from luxury hotels.  Luxury suites packed with add-ons like spas, airport transfers in Audi sedans, complimentary breakfasts at the Oberoi in Mumbai, India were coming at mere $360 - a 72% cut from the standard rates. Royal suites at the Leela Palace Udaipur are being offered at $1400 for two nights. As a standard you will only be able to access these suites at $1500/night(2).  So how can hoteliers afford cutting down the costs for these luxury suits? What we need to keep in mind is that it's all about redistributing the demand without drastically reducing the profitability. 

OTAs like Expedia, MakeMyTrip and Cleartrip have some neat packages of their own to tackle the off-season and pack in bookings for the year. By having access to immense data on the booking patterns, vacation schedules and popular destinations they are able to analyze and offer deals like $70-$100 off on return bookings and  10% off on hotels + air bookings.

Auto-makers are not far behind in offering salivating deals to counter the slump market is undergoing. Increasing fuel prices, slowing down of economy, higher road taxes all contribute to customers shying away from buying new cars. Discount deals offered by leading auto brands are perhaps going to turn the tide. One can buy a new Volkswagen by paying half the price at the time of buying and the other half after an year. Maruti is offering a 12.5% rebate on ex-showroom prices and a three-day paid trip to a location of choice by paying an additional $27. Tata is offering a buy-back scheme on its Manza sedan, where the company would offer to buy the car back after 3 years for 60% of the purchase price (3).

So it's back to battling my instinct to go into another shopping spree. I could do with a luxury vacation with travel and stay at half-prices. Or, a new car since I don't have to worry about paying for it for another one year.

1.http://m.businesstoday.in/story/jet-airways-escalates-price-war-offers-tickets-at-low-rates/1/192536.html

2.http://timesofindia.indiatimes.com/business/india-business/Five-star-hotels-offer-luxury-at-a-steal-in-lean-season/articleshow/18942729.cms?utm_source=twitter&utm_medium=tweets 

3. http://www.deccanchronicle.com/130309/news-businesstech/article/nine-best-car-deals-season

Big Data and Marketing - It's Essentially Essential

Marketing is a science. Then again, it is also an art. One needs an understanding of human sentiments and emotions to grasp why a certain brand is preferred over another. At the same time, unless you are supported by hard facts, data and proper analysis it becomes difficult to reach any kind of conclusion - even an emotional one.

The world sees information being churned out at a humongous rate - IBM suggests it is 2.5 quintillion bytes of data every date -data from satellites, posts from social sites, mobile usage statistics, internet consumption rates, traffic patterns, content in form of words, audio and video, ….its an endless list.

Image courtesy of Vlado/ FreeDigitalPhotos.net

For marketers the scope is teensy-weensy bit smaller. We only have to analyze the foot-falls, the buying patterns, the information exchange patterns, the economic trends, the competition. We have to be aware of what policy changes are happening in country A and how that will affect our sales in country B.  There has to be a constant study of which email campaign worked, why it worked, what's the click through rate, how many unsubscribes. Are there any cross-sell opportunities with our current customers, how do we profile new prospects…...Whew!!!! And, this does not even cover a miniscule portion of data we need to collect and analyze.

This is where Big Data comes in. Data would be considered Big if it covers 3 dimensions - Volume (the amount of data generated), Velocity (the speed with which data is generated) and variety (the kind and type of data being generated).

If the above list indicates anything its this - Marketers are being hit with Big Data from all sides. But the challenges are numerous. Most organizations do not have a streamlined process for collecting data. This means either the data is not collected frequently and consistently or, it is not in real-time. There is also a lack of data-sharing across the organization and marketing communications are still not personalized to reflect this data. The 2013 Big Data for Marketing survey* shows that 30% of those surveyed are still having a hard time understanding how, exactly, marketing analytics could be used in their companies.

What is needed are tools and techniques capable of handling such data. Such tools will help replace guesswork with insights, pinpoint trends and help analyze information so you are able to make faster and relevant decisions. On a broad scale these tools can be classified as analytics tools, predictive analytics tools and data driven automation tools.

Few companies are already becoming comfortable on this bandwagon. Amazon not only accesses and analyzes its daily visitor patters and provides them with suggestions on 'items of interest' but also has the agility to incorporate the now for business profit.  The day Michael Jackson passed away Amazon reconfigured their whole MP3 store within 2 hours**. This gave them access to a revenue stream that others were still unsure on how to tap. Linkedin, the world's largest professional networking site with over 200Mn+ members, can at any time pull in statistics which help decipher a company's attrition rate, regional expansion patterns and much more.

The market is seeing a number of players specializing in helping organizations in deciphering what their data means and then utilizing it optimally.  A good example is the India based company Vizury which helps e-commerce and online travel companies harness their digital data assets for micro-targeting highly-pertinent ads to website visitors.

Do you have more examples of how Big Data is being used by marketers? Do share.

*http://www.ibmbigdatahub.com/blog/moneyball-meets-marketing-leveraging-big-data-analytics-improve-results

 **http://www.toprankblog.com/2012/08/big-data-what-marketers-need-to-know/

Marketers Build and Fall - And, That's How It Should Be!

"You have to try. Because if you haven’t tried, you haven’t lived…” Those who have seen Meet Joe Black will recognize this quote. I believe that we, as marketers, must make this statement our mantra.

Innovation is a way of life now...new things are churned at super sonic speed and there is no scope for laggards. In fact, being a follower today may not cut it. You have to be amongst the first in the market to try a new product, implement a new tool, offer a new idea. Barely have talks of Samsung IV hit the market and people have  started clambering to be the first to lay their hands on it. Twitter just announced video uploading through Vine and we saw numerous marketing campaigns being released (Twitter Goes the Video Way - The Vine App for Your Visual Short Stories and Twitter Makes Video Marketing More Accessible With GIF-Like Mobile App, Vine)

Smart marketers live in the now. They leverage what is right there in front of them. 

Take the Oscars 2013, for example. Pantene came up with a very-now, very-relevant campaign where they shared how people could get the Red Carpet Celeb hairstyles quickly. They had numerous tweets like

 "An edgy look can be light as air. Get your pixie How-To here. #WantThatHair    http://bit.ly/O6e4q

  pic.twitter.com/rg28eTXCTa". 

One just had to click these to get the fashion tips….Great brand promotion.

Not to say that all is honky-dory. There have been casualties when brands have tried the new. For example, McDonald's started the #McDStories campaign on Twitter to encourage people sharing their positive experiences. However, this went horribly wrong when people started sharing the wrong kind of #McDStories. While the company pulled the stories, the damage was done.

But does this mean that the companies should stop coming up with new ways to put the brand out there? Absolutely not! In fact, in 2011 McDonald was one of the first few brands to use Promoted Accounts on Twitter to increase @McD_Canada's average new followers by using a 'suggested follow' that targeted Twitter users via specified keywords and hashtags. With a total budget of $15,000 USD, McDonald's Canada gained 9,503 new followers over the course of the campaign. The campaign also drew in 14,200 profile views. *

We have to be the forerunners of this daily race….be it in new media like the social network, or even the latest sales tool. There are no guarantees that our endeavors shall all be successful. But, of the 100 things that we try 5% will go right and that's where the reward truly lies.

*Source - http://mashable.com/2011/07/06/twitter-campaigns/>

It's Valentine - How Marketers can Target Consumers Who Spend!

Image courtesy of Grant Cochrane/ FreeDigitalPhotos.net

What is it about this day that transforms even the unromantics  to roses-carrying-chocolate-bearing-happy-Romeos (and Juliets)? I came across this very cute collection of infographics

Roses are Red, Violets are Blue: 14 Infographics to Say I Love You that has brought together some fun ideas, if you are looking!

This day has a curious effect of us marketers as well - suddenly all the ads and campaigns are about being associated with cupids and hearts and of course, the colour red.  And rightly so! With over 61% consumers celebrating Valentine's Day and an average annual Valentine's Day spending of $13.19 Billion, the market size is tremendous*. The average consumer in the UK spends around $180 on their loved ones, in USA this number is somewhere around  $122 and one sees the largest spends across the Asian market with a whopping average of $268/ consumer.** 

So how will you get the most of this day?

• · Starting your promotions early gives you a larger mindshare
• ·  Music-it-up : Catchy jingles and tunes always have a way of grabbing one's attention
• ·   Involve a "Dinner-for-two" contest - It's Valentine and people like to dine out
• ·   Get local radio channel to talk about your contest or 'Special-Valentine-Product'
• ·   Run specific campaigns for colleges and high-schools - Young love needs new gifting ideas
• ·   Don't forget that this day is also about gifting to relatives, colleagues and even pets
• ·  Offer a free customized card with every gift purchased
• ·  Start a 'Two is better than One' sale - offer discounts to couples or, even 'Buy One and Get One Free' offers

 Here is a collection of some infographics I came across on how marketers can leverage the day.

 http://www.eyesonsales.com/cdn/i/top10-valentines-infographic.jpg

http://www.dreamgrow.com/valentines-day-for-marketers-infographic/

http://infographicjournal.com/10-valentines-day-tips-for-ecommerce-smb-merchants/

Source:

* http://www.statisticbrain.com/valentines-day-statistics/

** http://www.retail-week.com/sectors/general-merchandise/infographic-the-valentines-day-market-around-the-world/5045845.article

Venue & Logistics - Why Focus on this Event Checklist?

I write this especially with the B2B business in mind. Of course, the learnings are applicable in a large number of scenarios.

Photo by freedigitalphotos/cooldesign

You have a seminar to organize. You have discussed with sales and you know the key topics that you want to talk about. You have your speakers identified and the sponsors (if required) looped in. But, all the preparation will be in vain if you haven't got the right venue locked in.

I have just completed the planning for a large event for my organization and with every event my belief in why the venue is the most important criteria is reinforced. Quite simply, if your venue is in a far flung area or, if it is in a hotel/ property not well known then you might have just lost out 30% of your expected audience. No one wants to spend an hour plus on the road just to listen to you or, come to a run-down seminar hall with logistical nightmares!

I keep 2 things in mind while short listing venues for an event -

• Goal of the event - Is it a networking event or, a forum to disburse information about the product? Is it a business meet or, a technical outlet? If it is a business networking meet then an evening out in a good hotel with food and cocktails is the way to go. You must have a pleasant ambience, light entertainment, and an open bar does not hurt. I generally prefer a cluster type seating (banquet seating) for such kind of events. However, if it a technical  outlet then a theater type seating facing a podium with good audio visual facilities is required.
• Location proximity to your invitation list - Do a detailed study of your invitation database and the companies. The best way to do this is to map out where each company is located and choose a venue depending on where your majority is based out of. Proximity always makes it easier to lure the audience to the venue.

Once you have your location finalized the logistics comes into play. Here's my broad checklist:

3 weeks before the event Minimum and maximum capacity of the hall Seating format - theater/ banquet/ boardroom Menu for the snacks and breakfast/lunch/dinner Bar list Available audio visual equipment Selection of giveaways/ gifts, if any Creation of banners and creatives Availability of a podium and stage, if required Selection of entertainment for the event

1 week before the event Delivery of the giveaways Readiness of the banners and hall placement finalized Promotion material readiness - brochures, flyers, feedback forms Begin reminder calls to the invitation list Finalize the host for the event Placards for the stage, if required Finalize the photographer

A day before the event Registration sheet Run through of the venue Speaker presentations loaded on to a common laptop Generator backup Filler music for the start of the event and the networking session, if any Check for fire exits, to be included in the host's speech Stationary for the audience Briefing the photographer Check the catering readiness Ensure availability of Wifi, printer, fax machines, if required

On the day of the event Placing of registration desk Bowl to collect business cards Placing of promotional material Check projector system and microphones Quick check of table decorations, seating, table cloths, bar stand, food counters Dry run through with the host and entertainment

 What other items are must for such a checklist? Do share! 

Not Just Another Digital Visiting Card. Give Your Personal Brand a Boost.

One's mailbox often gets bombarded with numerous e-greetings, free product offerings, invitations to seminar and events. Most got the directed to the SPAM folder, few subject lines merited a direct delete, some got read, but only a few grab our attention.

Few days ago I received a mail of particular interest. It had no fancy imagery, no promises of free products; what grabbed me was the full fledged Digital Visiting Card that was had attached with his mail. Below is my rendition of this card.

Click Here to View Image in Full Size

Unlike the usual Digital Business Cards which are merely a scan version of simple details like email ID and phone number this one had a summary of all social and physical networking platforms with suitable links updated.

What is key is the way contact points have been clearly divided:

• Professional network - Linkedin
• Professional contact - Official email ID and phone number
• Workspace - Both Physical and Cloud Space (Dropbox, Google drive, etc.)
• Employer Details - Online and Offline
• Social Footprint - Twitter, Youtube, Facebook, Skype
• Personal Contact - Personal email IDs, phone number

The message is simple - "I can interact with you on which ever platform you prefer".

Twitter Goes the Video Way - The Vine App for Your Visual Short Stories

You shared a tweet about  the latest product your company launched. It has all the catchy keywords and a link to a equally catchy video on Youtube. Add a picture of your product along with the tweet and the chances of it getting clicked increase manifold.

Now, imagine if you could add a short video right here in Twitter - a quick view of what you offer, with a link to a much more detailed video. I say the interest level of your audience will automatically increase. 

Twitter snapped up a video clip company called Vine in October 2012 and now the tree is bearing fruits. Just few days ago the Vine App was launched for iPhone and iPod users and is already hot news. The tie-up allows Tweeples to share short 6-min videos which are looped continuously . It remains to be seen is how long it take to launch an Android version and let the rest of the world join in. Unfortunately, since I am one of those who loves their Androids, I have been unable to post a video-story as yet.

For marketers there is definitely a huge scope…. Give a preview of your CEOs latest press interview, showcase the features of your products, make video testimonials go viral, show your event's highlights, or enable the recruitment folks to entice new talent by posting videos on company culture and fun@work stories.

You can see some great examples of how the Vine is already being used in the blog Twitter Makes Video Marketing More Accessible With GIF-Like Mobile App, Vine.

You can also see a video on How To Post A Vine here: 

However, there is a bit of grey-area too. In these short few days Twitter has also seen numerous short porn videos. One can flag content as unsuitable but content has a way of slipping through the tightest grasp. Will the Terms of Policy change or will we see some Tweet-Policing? How will Apple respond to this considering it has, in the past, pulled off Apps with graphic sexual content (Vine, Twitter's New Video-Sharing App, Already Has A Porn Problem)?

What do you think? How will you use the Vine and the 6-sec video-storytelling?

Are Your Marketing Audience Indeed Yours? Getting that Marketing Database Right.

Why', 'Who', 'What', 'How' and 'So What - building any marketing communication plan must involve answering these key questions (refer The 5 Questions of Marketing Communication - Are You Answering These? ). I find that once the intent behind carrying out a marketing program is clear we must look at the 'Who' and this comes to down the basics of marketing - targeting and segmenting.

Who constitutes my key target base?

Brand awareness, product promotion or, lead generation - Unless one knows WHO the intended target is one cannot hope to achieve the end purpose of any marketing program. Moreover, defining the target segment will shape what your communication will constitute and the channels that you would deploy.

For example, is your target the end consumer (i.e. are you a B2C organization) or, are other businesses your prospects (a B2B model)? Depending on this you can identify if ATL marketing techniques will serve the purpose or, BTL channels are more suited.

Take the case of an IT product for a B2B market. If your target audience is the C-level then your communication should be talking about how a solution impacts the overall business, cost vs. returns, benefits to the end-consumer, and other such variables. On the other hand, if the target is C-1 and C-2 level contacts then you must look at talking about the product features and functionalities, and the benefits to the organizations (like, streamlined processes, system integration, etc).

How do I go about getting the database in place?

Starting from ground zero has both its positives and negatives. The main minus obviously being that it’s a time consuming process which required resource investments to validate the contact list. On the plus side, you would be working towards getting a fresh list in place - one with the right contact designation and, the latest email ids and phone numbers.

One can employ various ways to get an enviable list into place -

·        Buy a ready list - There are a numerous agencies and third parties available in the market who have a large database available based on industry and designations. By buying a list you immediately cut down the effort your resources would have to put in to get such a list together. But, the problem with buying a list is you can never be sure if you will get your intended audience. To avoid this, while finalizing your third party vendor, it is best to specify the below points.

o    Ensure you share the right industry and right designation title so a close to prefect list is provided to you.

o    Do a test run of the list - for example, send across a free whitepaper (behind registration) to download to this list. Based on the success rate of this activity you can then further negotiate with the vendor.

·        Build a list - Have a internal discussion with your sales team and identify a list of the companies you wish to interact with. Then get the vendor or, even an internal resource, build a list for you based on the exact designations for this list . This generally has a high success rate as you can be sure your list consists of prospects of interest.

·        Continuous build activities- Online forms, registration desks at events, online webinars or, free content registrations - these are some the ways you can ensure adding on relevant contacts to your database

How do I maintain my database?

It is absolutely essential that your database is constantly validated and updated. Research shows that databases degrades by around 25% every year as people move out of the company or, change their numbers or, move to different roles. Revisit your list, with the help of an internal resource or even a third-party, once every 6 months.

Having a consolidated view of your organization's database also helps in ensuring there is only one reference source. It just won't do if each of your sales has a different contact number for the same business prospect. Today, there are numerous CRM systems in the market that you can deploy in your organizations. Not only a CRM system helps get a consolidated view of your database, you can also track the multiple touch-points that your sales team has had with a particular contact and further streamline your future communications.

How can I use my database?

Activities like email marketing, telemarketing will always be heavily dependent on your database. In addition, a good database can ensure you have the right invitation list ready for your next event. And don't forget to strengthen your relationships by sending out ecards on special occasions. If your sales can manage then do add details like birthdays, anniversaries.

A company I worked with also used such a list to build up a subscription base for its quarterly print and online magazine. The magazine highlighted business problems and opportunities in that specific market. We soon had a very strong target audience who were quite open to giving interviews and point of views for upcoming issues. Such interactions help build the business brand and provides you with invaluable content to leverage.