What can you do as a list owner that doesn’t cost you any money, takes only a little bit of time and effort but will increase your list rental revenue and help grow your customer base? Here are some simple ideas that still work, even in today’s competitive and complex data and media sales environment.
Be Flexible
It’s better to get a small order, rather than no order. It’s better to make less profit than no profit. Figure out innovative and creative ways to work within your customers’ budgets and still make money. Marketers are strapped for funds and are placing smaller orders. Therefore, you need to increase the volume of orders. Clients large and small will quickly recognize that you are aggressively looking to close deals and contact your list sales team first when they need to rent data.
Offer tiered discounted pricing for high volume mailers or those in secondary and tertiary markets. Include phone numbers, offer a second usage, or waive a few fees to add value to the deal for your client and still maintain the final dollar amount of the order at a profitable level.
Empower Your Sales Reps to Close the Deals Fast
Once you’ve decided to loosen up a bit and be flexible, you must empower your sales reps to quickly structure and close sales. If they must send dozens of e-mails to get permission to waive a fee on every order, you’ve already lost money in terms of time and productivity.
Figure out how low you can go on minimum orders, net name arrangements, nonprofit rates, advertiser discounts, etc and still make money. Set up very specific guidelines for your team and empower them to close sales quickly, efficiently and cost effectively while maintaining suitable profit margins.
Engage All of Your Reps in the Process
Do your print, booth and online advertising (core product) sales reps know who to contact if one of their clients or prospects wants to rent your lists?
Does your list sales team understand how to work with your advertisers and exhibitors? If not, start teaching them how, so they can contribute to the overall success of your organization.
Once you are confident your list sales team understands how to communicate with your customers and prospects, foster collaboration across your entire sales organization because direct marketing done in conjunction with print/online advertising, trade shows, etc. can significantly increase the effectiveness and response from all channels.
Communication and training are great, but financial incentives work better. Consider commissions, lead referrals, contests, programs, or bonuses to encourage collaboration between your sales teams to put together the best possible programs for the benefit of your customers.
Enlist ‘Mystery Shoppers’
This is one of the simplest, no cost, very effective ways to find out how your list sales team measures up and what training or information they may need to be more successful.
Recruit your colleagues, friends and family to be “mystery shoppers” and inquire about renting one or more of your lists. Develop a checklist and provide them with enough information to get the process started. Set the same specific, basic project parameters for all, and let them loose. Allow them to rate your list sales team in areas such as:
*Response time/method of response.
*Clarity/relevancy of information.
*Follow up/follow through.
Did your mystery shoppers actually know how to rent lists after communicating with your list sales rep? This type of informal market research can give you tremendous insight into your customers’ experiences and what you may need to do to improve those experiences and increase sales.
Feature List Information Everywhere
Include easy-to-find links to list information on your Web site, in your media and exhibitor kits. Pass out list information at all appropriate events, in other words, feature list information everywhere you can.
Business-to-business media organizations in particular, have excellent opportunities to promote their lists everywhere since subscribers and attendees often have interchangeable roles as advertisers, exhibitors, marketers and buyers.
Make sure links on your Web sites are not only easy to find, but easy to interpret.
Be obvious. Name the link something like “business lists”, “list rental information” or “direct marketing lists,” phrases that are nearly impossible to misinterpret.
Including list information at your company’s booth at all appropriate tradeshows, conferences and events costs nothing. Many newcomers, small business owners and others are simply not aware of the data that is available and direct marketing opportunities.
Take Credit Cards
The National Small Business Association (NSBA) 2009 Small Business Credit Card Survey released data showing that reliance on credit cards is growing among small businesses. Yes, as the list owner you will have to give up a few percentage points on the backend to pay credit card fees but you will
