Boxpilot's Human Executed List Building Process
How to build an amazing list
What's the key to an amazing list? We've found that it is all about the process. Please read below to discover Boxpilot's innovative method. Our time-tested approach has been used by many of the most sophisticated B2B marketers at both leading Fortune 100 companies and highly-funded start-ups, because, quite frankly, it works and produces amazing lists from which to build marketing and sales tactics upon.
Building a list without "bad fit" companies
What is a "bad fit" company?
What's a "bad fit" company? It's not just a company that is no longer in business. It is a company that doesn't fit your ideal prospect profile. This may include not only simple criteria like geography, SIC/NAICS, and company size, etc, but also include qualitative or detailed criteria. Such attributes might include: What type of IT infrastructure do they have? Are they VC backed? How long have they been in business? Have they been growing more than 10%/yr? Do they sell locally, regionally, nationally, or internationally? etc. There are THOUSANDS of elements a company can be scored on, and we believe that if you hone in on the most important 10, you can grade each company in your list with a score, giving each criteria a score from 1-10. This gives a grading of each company a score of 1 to 100. By only marketing to companies above a certain summed score (usually above 60), you are saving a tremendous amount of money by using resources wisely.
What's the cost of a "bad fit" company?
By building your list carefully, you avoid the cost of marketing and selling to inappropriate companies in your list for many years. Too often we see companies "buy a list" at a low cost per company, only to have often more than 70% of those companies NOT be appropriate to market to in the first place. When you take into account all the costs of marketing to names at those companies over the many years they are in the database, the cost of a bad company is tremendous.
Case study: $126,000 wasted marketing to "bad fit" companies
One study shows that if you market to a bad name or company for, say, 3 years, at one touch per month at $5 per touch, that's over $5 x 12 months x 3 years = $180 wasted per bad name in your list. If your list has 70% bad names because you bought your list "cheap", and your list size is 1,000, you are actually wasting $180 x (1,000 x 70%) = $126,000 over 3 years. Why not carefully choose who you are spending marketing and sales dollars on at the outset and save that money for better uses?
Here's our approach:
Phase 1 - Raw List of Companies
We will start with a raw list of companies, pulled via SIC/NAICS, employee size, geography. We pull these names for you at no cost. We have various sources to ensure the most up-to-date info and new companies are captured. We can remove companies already in your database from this list. Or we can flag companies in your list to then later re-import info back to your CRM/Automation tool after we screen and grade.
Phase 2 - Screen Companies
From this list we will do a quick screen - a human executed cursory review of website to ensure it fits desired target (e.g. in business, general industry category, geography). We generally expect that 30% of companies will pass this phase.
Phase 3 - Grade Companies
Then we will manually grade those companies who pass the screen. We use senior-level human analysts to grade each company against set of 10 agreed-upon criteria giving each company a score out of 100. Each graded company is assigned a distinct score for one specific archetype (an archetype is a specific ideal company profile or segment that the graded company is matched against). All of the companies on the list will be scored according to your archetype, and we generally expect that 50% of companies in this phase will have a score above 60.
Phase 4 - Add Names
Of those companies who have scored above 60, we will find as many contact people per company as you require, including email. Identification and retrieval of data for targeted buyer persona is based on agreed-upon title, seniority and role match and includes: First and Last Name, Title, Email, Phone Number. We generally expect that we can find at least one person or more at 70% of the companies.
Now you have an amazing list
From here, we plan and execute marketing programs against that list. We see extremely high responses rates and extremely low email bounce rates. We see extremely high open and click through rates to emails. Overall, when your list is amazing, all the other aspects of your program can be amazing. You have invested wisely in an asset that can be reused over and over for many years.