There is no doubt that knowledge is power, and any compilation of information is valuable. Databases are extremely hot commodities, as myriad organisations and industries rely heavily on this information for a variety of purposes.
Nowhere is this more true than in the insurance sector, which is not only highly competitive, but also a bit of a “grudge purchase”, says Louise Robinson, sales director of CG Consulting.
“The insurance sector can benefit from accurate business databases, and can boost sales through targeted direct mail or telesales. By having the details of customers they know are interested in purchasing insurance policies, they can target large numbers of solid prospects in the hope of selling their services and solutions. This is especially true for businesses, which require a number of different insurance products.”
Moreover, she says accurate databases can be worth their weight in gold, because many of the companies on the lists will have already purchased similar products, suggesting they are amenable to spending money on this type of service.
“Ultimately, what really matters to the success of an insurance business, is how many policies have you sold, or how much money has been made,” she says.
“This is where the quality rather than the quantity of the company’s marketing endeavours make all the difference. Companies all need medical aid schemes for their employees. They all need comprehensive insurance. Smaller insurance companies and brokerages would benefit immensely from changing their approach, because once they are a service provider to a company, they can then target the individuals in a company.”
She says the fact that an insurer might have contacted a thousand news prospects is irrelevant if they haven’t led to sales. “If the rest of your campaign is spot on, you messaging and the creative elements, then the chances are the failure is due to the quality of your databases. Everyone needs insurance.
“If you are not succeeding when it comes to identifying, targeting, and reaching the right people, you will not achieve good sales. To ensure this doesn’t happen, don’t rely on old and outdated databases. Partner with a provider who will give you relevant, updated and highly targeted leads.”
A relevant, updated database will help improve future targeting, lower waste and boost the efficiency and success of any marketing or sales initiative, Robinson adds.
“A successful sales campaign is only as good as the database it is built on. Guaranteeing the validity and accuracy of your target market should be an integral part of any sales and marketing initiative. Ultimately, successfully netting one new customer is better than targeting a thousand potential customers yet achieving nothing.”
