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You are here: Home > Business > Marketing Direct > Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale |
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Actual for You - Master Target Vs. Rented List - 12 Times Higher Response With 36 Times Lower Cost-Per-Sale
Medical Billing - BA0 Record Fields 1 Through 12 e objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 90The BA0 record is the record that submits provider data to the insurance carrier when doing medical billing through electronic billing methods. We're going to cover the required fields in the BA0 record and explain what each field is for.Field 1, in positions 1 - 3, is the record type, which in this case is BA0 and mu Who Do I Have To Kill To Get A Job? ASSIGNMENT: An enterprise data storage company wanted to substantially increase penetration for its storage products among the 4,000 largest hospitals in the United States.I have had more than my amount of trouble in getting a job. I did everything I was supposed to do. I went to an Ivy League school, got a 3.75 grade average, and then graduated as president of his class. Then I entered the job market.I soon found out that human resources are geared to screen you out of a job. The asked GOAL: Gain maximum number of initial responses from qualified targets in order to initiate a marketing and/or sales dialogue. KEY STRATEGY: The company compared its traditional direct marketing approach with Massini Group’s Master Target Site List (MTSL) B2B database marketing approach—all while tracking initial responses. The incumbent approach involved targeted direct mail and rented lists. The rented lists had exactly the selection criteria the company wanted, and were generally known to be the best sources available. The direct mail seemingly produced good results, generating a 4.5% response rate in a market generally known to produce a response of 0.5%. However, of the 450 responses, only 100 actually fit the target list criteria of being from one of the 4,000 largest U.S. hospitals. The majority of the responses were from hospitals that were too small, or from allied industries (companies selling products to hospitals). Of the 100 responses that did reflect the target list criteria, 50 were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left only 50 new hospitals that would be considered “good” prospects for the sales force. Thus, the “successful” direct mail program really only generated that same anemic 0.5% response the market “expects.” ENGINEERED PROCESSES: Using Massini Group’s MTSL approach to achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 900 Which Comes First, Branding or Marketing? ini Group’s Master Target Site List (MTSL) B2B database marketing approach—all while tracking initial responses. The incumbent approach involved targeted direct mail and rented lists. The rented lists had exactly the selection criteria the company wanted, and were generally known to be the best sources available. The direct mail seemingly produced good results, generating a 4.5% response rate in a market generally known to produce a response of 0.5%. However, of the 450 responses, only 100 actually fit the target list criteria of being from one of the 4,000 largest U.S. hospitals. The majority of the responses were from hospitals that were too small, or from allied industries (companies selling products to hospitals). Of the 100 responses that did reflect the target list criteria, 50 were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left only 50 new hospitals that would be considered “good” prospects for the sales force. Thus, the “successful” direct mail program really only generated that same anemic 0.5% response the market “expects.”Let’s see, which came first the chicken or the egg? While the jury is still out on that old story, I recently realized that many entrepreneurs don’t clearly understand the difference between branding and marketing.I’m here to set the record straight once and for all! The findings might surprise you and will forever ch ENGINEERED PROCESSES: Using Massini Group’s MTSL approach to achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 90 The 3 Avoidable Costs of Doing Business a market generally known to produce a response of 0.5%. However, of the 450 responses, only 100 actually fit the target list criteria of being from one of the 4,000 largest U.S. hospitals. The majority of the responses were from hospitals that were too small, or from allied industries (companies selling products to hospitals). Of the 100 responses that did reflect the target list criteria, 50 were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left only 50 new hospitals that would be considered “good” prospects for the sales force. Thus, the “successful” direct mail program really only generated that same anemic 0.5% response the market “expects.”Have you ever heard the saying, "it's not how much you make but how much you keep?" If you increase your sales by 50%, but lose as much as you make because of waste and inefficiency, what have you truly gained?Everything that we do in an organization, including sales has a cost attached. No matter your business or indu ENGINEERED PROCESSES: Using Massini Group’s MTSL approach to achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 90 Are Promotional Items Right For Your Business? were from hospitals with previous sales processes underway; so, these did not present new sales leads. This left only 50 new hospitals that would be considered “good” prospects for the sales force. Thus, the “successful” direct mail program really only generated that same anemic 0.5% response the market “expects.”If you're a small business owner, then you know how difficult advertising can be. The most difficult decision is what to spend the money allocated toward marketing and advertising on. Do you spend money on a billboard or spring for some radio airtime? If so what kind of station most represents your target audience, soft ad ENGINEERED PROCESSES: Using Massini Group’s MTSL approach to achieve the same objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 90 Who Do You Want to Be When You Grow Up? e objective, the company purchased an unlimited-use list of contact names and cross-indexed them with the target 4,000 hospitals. There were 2,500 contact names connected to the target hospitals. The remaining names (those not on the target list) were discarded for a lack of fit prior to any further investment by marketing or sales. A telemarketing effort was directed at the 2,500 names, and 900 offers were accepted, representing 600 of the target 4,000 hospitals. All 600 sites were in the MTSL of 4,000 hospitals and none of them had a prior sales force relationship. Both of those factors were confirmed prior to the telemarketing effort.When business people converse, the terms “small business owner” and “entrepreneur” are used interchangeably as if they mean the same thing. Yet I discern two very different connotations. Is this a matter of semantics? Or is there an important distinction to be made?According to government statistics, “small business RESULTS: The MTSL approach resulted in 12 times more accepted offers by qualified prospects than the incumbent direct marketing approach. To further emphasize the value of the MTSL approach, the cost of the rented list approach was three times the cost of the MTSL; therefore, the MTSL approach, in terms of cost-per-outcome, was 36 times lower than the traditional approach.
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