5%! We don’t have the largest database, but it’s nothing to scoff at, either. 5% MOVED! And it’s getting worse by the day. Averaging that out (with very, very rough math), that’s about 25 people every business day who are changing companies.
You’re wasting time and money marketing to the wrong decision makers
In terms of wasted hours and dollars, let’s add that up: SDR outreach, webinar invites, advertising, direct mail, just to name a few. Each one of these may only cost a few cents (or more when it comes to direct mail), but it adds up when it’s across 5% OF YOUR DATABASE!
In terms of opportunity cost, that may be even greater. When a customer champion moves, you want to quickly identify their replacement. On the other side, you could also potentially take advantage of an opportunity at their new company.
How do we know that 5% of our database moved? This isn’t an estimate, this is a cold, hard fact. We previously announced the Leadspace B2B Index and we’re continuing to highlight trends we uncover across our own database as we use Leadspace to score and enrich all of our leads and accounts.
What to do when you find your B2B database is full of old leads
So what do we do with our moved leads? What should anyone do with leads that move companies? Well, there are two very distinct views on this (as I’ve encountered at a few companies): those who believe you should keep the same record and update it with the new information, and those who believe you should close out the old record and open a new one for the new company. From the marketing perspective, I don’t care as much about that, so I’ll leave that to the ops folks to figure out.
What I think about when I see these moved leads is opportunity. Everyone loves a little ego stroke, so we like to identify these leads that move and send them a congratulatory note on their new position. The same goes for when we identify people who’ve recently been promoted. This kind of outreach is not only well-received, but also highlights the power of our platform. I love when campaigns like this come together.
Don’t lose track of your customer champions
When it comes to our “customer champions” who move, vendors are often the last to know. Knowing where these champions go is another great way to get a foot in the door with someone who’s already familiar with the value of our platform. No scoring or “intent signal” is as strong as a true advocate of your product.
With Leadspace, we have an upper hand when it comes to finding individuals who have moved. You can have all of the data in the world, but what matters most is time and relevance, and knowing when and where those 25 people are going every day. Over the course of the year that’s more than 5,000 potential opportunities!
Image courtesy of Pixabay | CC0 Public Domain