Prospect List Development: Is Speed or Accuracy More Important?
When it comes to developing and qualifying prospect lists, the ultimate goal is to identify high quality targets who have the potential to convert into customers. Both speed and accuracy are important during this process, but should one be prioritized over the other?
Even though it sounds ideal to have an extensive list of prospects, you also want to make sure that you are reaching the right people – that you have accurate names of decision makers and their titles, validated emails, phone numbers, addresses and company descriptions. Obtaining these items is most certainly time-consuming. So how do we justify our time commitment in cleaning up our prospect records (i.e. maintaining a clean CRM)? Consider the following advantages and disadvantages of both speed and accuracy during the prospect list development process and check out our conclusion on which is more important:
Advantages and disadvantages of speed in qualifying
During the qualification process, speed can certainly be helpful – the quicker the prospects are qualified and added to the list, the better the chances of a more accurate and extensive prospect list at the end of the day. But, does speed only allow us to focus on the quantity of prospects or does it allow for the identification of quality prospects, as well?
According to Mark Hunter, the CEO & Founder of The Sales Hunter, speed is imperative during list development, meaning you don’t want to spend too much time qualifying prospects who will likely never be converted into customers. This is why it is important to ask the right questions early on in the qualification process.
Hunter says, “Today our approach must be: If we can’t qualify the prospect quickly, then it’s time to move on to the next one. This does not mean we give up completely and view prospects as if they’re nothing more than a reset button on a video game. No, what it means is each prospect is not worthy of an equal amount of our time.”
On the other hand, if we don’t focus on speed and, instead, take the time to gather accurate information during prospect list development, we can save time during later stages of the sales cycle.
| Advantages of Speed in Qualifying | Disadvantages of Speed |
| The faster you qualify prospects, the more prospects you will likely have on your list with which to rely for proper targeting. | A longer prospect list does not necessarily guarantee an increase in future sales. |
| If you are quickly able to determine which prospects are not promising, you will find yourself at the closing table more often with those that are promising. | Qualifying prospects too quickly may not allow for ample time to gather all crucial details and may impact the accuracy of the information. |
Advantages and disadvantages of accuracy
Gathering accurate information, such as company descriptions, decision maker name(s) and their contact information, is an important step in determining whether a prospect has the potential to make it through the sales cycle. Consider “rating” each prospect A, B, or C for their ability to do business with you. Ultimately, taking time to thoroughly vet prospects now will help save time down the line when it comes to generating promising leads and closing deals. It is worth noting – if your prospects work for large companies, it is often more time-consuming to gather the proper contact info for true decision-makers since there may be several.
However, spending time developing a detailed and accurate prospect record does not necessarily guarantee a closed deal. Sometimes, even after a vigorous vetting process, prospects may just not be interested. So, is it better to spend time qualifying prospects that may not convert into customers anyway or it better to quickly move through the qualification process with hopes that at least some of your prospects will lead to closed deals?
| Advantages | Disadvantages |
| Gathering accurate information will help guarantee that each prospect is a quality, meaning it has the potential to make it through the sales cycle. | It takes more time to gather detailed and accurate information, which is time that could be spent qualifying other prospects or focusing on decision-maker conversations. |
The verdict
While this may not be the answer you were looking for, the best prospect lists are developed with the help of both speed and accuracy. In the event that we had to choose, we’d say that accuracy is probably more important because it ensures that you are working on accounts that have the potential to convert into customers. Can you imagine calling and emailing the wrong prospect for over 6 months because they were not properly vetted in the qualification process? Now imagine doing that with 50 prospects. While there are certainly benefits to speed, nothing can beat an accurate and detailed prospect record. Particularly if you are in boutique B2B sales where “mass” is not the name of the game.
It’s most important to ask the right questions, so that you can gather accurate information; however, it’s also important validate your data early on so you can quickly determine whether or not the prospect is a true target. Once you’ve qualified the opportunity, prioritize these leads through a lead scoring process.
Here at MarketReach, our lead generators have mastered the art of efficiently developing detailed, well-vetted prospect records. By building rapport and strategically asking qualifying questions to identify decision makers, staff size, etc., we give our clients a great deal of ammunition to set them up with sellable opportunities. If your prospect list(s) needs to be re-qualified, MarketReach offers prospect list management services that will help you reach prime decision makers and close more deals. Contact us today!
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