If I told you I knew the location of an untapped gold mine you could exploit for years, but it would take some effort to claim, would you be interested? I do know where that gold mine is, and I’m always amazed at how many professionals lose interest when they hear what it takes to tap into it.
What is that gold mine? It’s a database of specific contacts in your target market. Many professionals want to market to very specific markets, but if a database is not readily available for purchase, they balk at the time and effort of creating their own list. What they don’t realize is that this list could yield much more than the initial investment, and, if they keep it “clean” and up-to-date, could help bring in revenue for years to come.
It’s very surprising to me that we can spend time discussing marketing strategy and public relations, which messages resonate, and other key factors; but when it comes to creating a gold mine that is the foundation of the whole program, they dig in their heels.
Whether your firm specializes in litigation, consulting or real estate development, target databases are central to your marketing program. In fact, spending money on other tactics before this, with the exception of your website, is an inefficient use of resources. The time to develop the list is not billable time, but it yields tremendous results over the long term and more than pays for itself.