B2B Data - Size isn't everything
Like many of our prospective clients, you might be currently looking at purchasing b2b data for upcoming campaigns.
Establishing your target market is a critical part of that process and one that your data supplier should be bending over backwards to help you get right, if they aren’t, you should be looking for a different one.
Once you have clearly outlined the sectors your targets operate in and where they are located geographically, it’s time to get thinking about the size of organisation you are looking to target.
How to select B2B data by size of company?
There are a couple of ways that we can help clients and prospects target companies by size and that is using the following filters:
· Number of employees on site
· Number of employees nationally
· Company turnover
Its key to understand how large your market is going to be after going through these filters because we are constantly surprised by the lack of understanding amongst clients as to how businesses are classified and the make-up of the UK economy.
For example – did you know that over 70% of UK businesses employ less than 10 people?
Here is how it’s broken down:
· Micro-businesses – 1 to 10 employees
· Small businesses – 11-50 employees
· Medium businesses – 51-250 employees
As you can see, understanding the size of your market plays a pivotal role in deciding on what is the best marketing method to attack them with.
It is also important to understand which decision makers you are looking to target in businesses in differing sizes.
An example of this would be and IT support company looking to run email marketing campaigns to SME’s in their service area, let’s say the West Midlands.
Now, the client tells us that they offer a whole host of services and can work with anyone from a one-man band up to a medium size business employing 250 people.
What is important to understand is that in the smaller organisations you will be looking mainly at targeting business owners or maybe office managers or the person that wears glasses (I am allowed to say that because I have been that person since I was 8), effectively, what would be classified as an IT decision maker, but in larger organisations the business owner / managing director might have some say in the sign off along with an finance director, but it is far more likely that you will be looking to engage an IT Manager or Director.
As such, if we were to overlay IT manager, IT director and IT decision maker, business owner, office manager, speccy guy, across the full range of the count, you would end up with a lot of MD’s and other contacts in the larger organisations that would have no bearing on the decision-making process.
Be careful who you work with. This is a really easy way for data suppliers to bump the numbers. Remember, we charge by the thousand and not all are as great as us.
Targeting prospects by turnover
Targeting prospects by their turnover us another great way to gage their size, but it isn’t everything.
Remember the old saying turnover is vanity….
Just because a company is turning over a lot doesn’t make it profitable and therefore have lots of excess budget to spend on whatever it is that you are selling.
However, some products and services are only relevant to businesses of a certain size. For example, you aren’t going to find a two-man double glazing outfit investing in HR software anytime soon.
Turnover is quite often banded, and you might be given options like this:
Up to £50k
Most data suppliers can also be more specific that this if necessary. Ask the question of your supplier if for example your target market is £2m-£7m and therefore doesn’t fit into their bands.
Selecting prospects for your b2b database or email list by number of employees or turnover is common, easy to do and a must in some of the instances highlighted.
Choosing the right supplier is important though. A good account manager will be experienced, they may have even worked with other companies in your sector and will guide you through the best way to manipulate the data they have available to meet your specific criteria to come up with a great product that will drive sales!