With so many types of lists available, it can be challenging to choose the right one for your campaign. In addition, lists range widely in cost and market suitability. So, just how do you select the right list?
Often, the right list depends on your budget; however, the most important factors to consider when choosing a list are the goal of your mailing and proper targeting.
First, you need to know what you want to accomplish with your mailing to select the best list to meet your goal. Then, by selecting the right targets within that list, you can spend less, increase response rates and boost your ROI. So, how do you find the best targets?
Apply the 80/20 Principle! As you know, 80% of your customer-base delivers you only 20% of your company’s profits. And the opposite is also true… 20% of your clients bring in 80% of your organization’s earnings. Therefore, you must take into account the core attributes of the 20% of your customers who make up 80% of your business to find the best targets. Check out our blog post, Ask Questions to Build the Perfect List, to learn more about using the 80/20 principle.
Now, let’s take a look at some of the most common list types, what they include, and when they are a good choice.
- Saturation – Target every household in a specific area. These lists allow you to saturate an entire zip code, city, county or metro area. You can even target the people within a specific radius. The delivery process is simplified for the US postal Service which in turn provides the lowest postage rates possible. A good option when you want to cost-effectively get your message to as many people as possible.
- Bankruptcy (Auto) – Target people who have filed for bankruptcy. Chapter 7 and 13 available by status (filed, discharged or dismissed) dates. Target location by state, zip, county, city and radius. An excellent option for ongoing fresh leads. (70% of people with discharged bankruptcies typically purchase a vehicle within six months of their discharge date).
- Consumer – Target specific individuals using a wide variety of filters to compile the list. This database identifies individuals based on age, income, home value, gender and much more! This is a good option when using the 80/20 principle. Gather the information you know about your best customers, and mirror those attributes as a starting point. Filters include (but are not limited to):