Build vs. buy is a familiar dilemma for technology departments. Companies looking at software options to run their business ask themselves a key question. Should they buy software developed by a company or should they develop the software needed to run the business in house? This decision still pulls companies today and the emergence of SaaS (Software as a Service) has changed how companies make these decisions.
Whether to build or buy your prospect list depends on your target audience
Consider how this applies to buying vs. building data for outbound prospecting. As with the software decision, this decision depends on your business. Specifically, it depends on who your target audience is. One of the keys to your decision depends upon your definition of your ideal buyer profile. Once you know who you are hoping to engage, you can see whether you should buy or build your data.
A while back I wrote a post with the purpose of helping you define the characteristics of your target audience. Outbound Prospecting -How To Select the Best List Sources. The first factor in knowing which source to use is answering: Who are you targeting? Your source needs to match that profile.
Your ideal buyer profile is key to deciding whether to build or buy your outbound list
Your ideal buyer profile can help you determine when to buy or build. Buying access to outbound prospecting data saves time. Data is already researched and accurate. (No list will be 100% accurate as data and information on contacts and companies changes constantly.) Information is delivered to you when you need and want it. But one source may not provide all the information needed. On the other hand, building a list can provide highly targeted, accurate contacts and related information. However, it takes time and effort to research and collect data.
Use a variety of sources to build your outbound prospecting list
Building your list from a variety of sources can provide highly targeted results. Include sources such as select:
- qualified inquiries
- sign ups
- partner contacts
This can provide a highly targeted group of individuals who represent your target market.
Deciding whether to build or buy your outbound prospecting list? The answer lies in seeing where you build a list that includes the characteristics of your target audience. It will probably be a solid combination of both buying and building lists. What source has provided the best value in your outbound prospecting efforts?