Top 5 mistakes when buying a prospect list
Buying a B2B prospect list is often called a risky decision, but it's important to understand that this risk usually comes from mistakes that marketers, sellers, or entrepreneurs make when using or purchasing such lists. We have collected 5 of the most common ones so that you know about them before you buy.
1. Choosing the wrong seller
There are a huge number of sellers offering their sales leads compilation services. More than 1000 sellers on the freelance platforms are ready to do a B2B lead generation for your niche with high customization at very low prices. However, in most cases, the data source may be illegal, and the accuracy of the contacts is very low. The main criticism of prospect lists comes from the databases sold by freelancers, where more than half of the prospects may be inaccurate or non-existent, which also leads to the blocking of mail accounts of those who trying to launch a marketing campaign based on these prospect lists.
On the other hand, there are marketing agencies that offer more accurate data with trusted sources, but their cost is often overpriced and may be higher than the maximum CAC allowed by the business. So many small businesses would collect contact information themselves or use existing customers rather than buy a list.
2. Counting on Perfect Leads
Even in a good lead generation campaign conducted independently, not all customers are waiting for your offers and are ready to buy from the very first letter. The data obtained from the business prospect lists is an effective tool for finding desired qualified leads, not a list of ready-to-buy clients, so it is worth investing time in additional research and development of a sales strategy anyway.
3. Silver Platter Syndrome
Silver Platter Syndrome is the inability or reluctance of sellers to find an individual approach to each business lead and work in the long term; instead, they buy large amounts of marketing lists and instantly interrupt contact with customers who are not ready to buy right away. Not only does this increase sales and customer acquisition costs, but it can also cause low conversions and LTV. Marketing efforts won't pay off if sales processes are not properly aligned.
Perhaps the worst mistake you can make. Using email addresses and phone numbers for spam attacks will not only waste money spent but also result in no sales and breaking the law.
Before buying, it's always worth knowing what you are doing it for, isn't it? With prospect lists, everything is the same - set goals for yourself and study the target audience and target market, otherwise, you will buy a custom list that is irrelevant for your business and you'll be struggling to sell a product or service to those who are not interested in it. Some services offer customization of data by niche, region, business size, leads positions, and much more, use super-targeted opportunities to increase conversions and grow your business!
Now you will definitely not make mistakes when buying lead lists! The purchase rules are quite simple, but they will greatly simplify your business and not waste your budget on useless data. A well-thought-out strategy and proven data always give good results.