How to Build Your Own Prospect Database

For marketers, a prospect database is a fantastic tool to strengthen your ROI. The reason is simple.

Instead of playing numbers games and trying to attract new prospects through your marketing funnel at random, you can fall back on a list of prospects, ready and waiting to convert.

But if you want a prospect database that really works, you have to do it right. And that means building it from the ground up. Here’s how to build your own prospect database (and why it’s more valuable to build it yourself).

Purchased Leads vs. Warm Prospects

Generally, there are two ways to build a prospect database:

  1. Purchasing a list
  2. Creating your own through marketing content

The key difference here is whether you get a lead or a prospect. A prospect is a customer who has been qualified based on certain criteria, such as buying power, even if they haven’t expressed interest in buying.

A lead is any unqualified contact. All prospects begin as leads, but not all leads are prospects. A lead may or may not prove to be promising to continue in your sales process–you won’t know until you qualify them.

What You Get When You Purchase

When you purchase your list, you get leads.

Typically, lists are purchased through a third party based on predetermined criteria, such as age range, geographic location, and other factors. They might prove to be promising, but the reality is that you won’t know until you do the work to qualify them.

So you could get a list that primarily turns out to be promising, or you could get a list and find out that only 1/3 of those leads are actually prospects.

What You Get When You Build

If you build your own prospect database, you don’t have to worry about what percentage of your leads qualify as prospects. That’s because you don’t get leads when you build your own database–you get warm prospects, right from the start.

You see, if you build your own database, you’re attracting the list by using marketing techniques. If you get the prospect’s information added to the database, that’s because they’ve provided their information. They’ve already expressed interest, which means they’re far more likely to convert.

The Road to Build Your Own Prospect Database

So you see, building your own prospect database is always the more valuable option. You don’t have to waste time and money on a list that won’t convert and can instead focus on customers that matter the most.

Video is critical in building your database for one simple reason: it allows you to engage with your customers to tell a story.

In 2020, video is predicted to account for 80% of internet traffic. Plus, 95% of video viewers retain the information they see in a video compared to just 10% when reading the same information in text format.

In translation: if you want to build a database of engaged prospects, video is one of the best ways to draw them in. Here’s how you can use video to build your own prospect database.

Develop Your Content

It all starts with developing your content. After all, if you don’t have content, you don’t have any appeal.

In general, your videos will do one of three things: educate, entertain, and convince. Some videos will combine the three, but all videos contain these elements in some form or another.

For example, an explainer video or Corporate Video is perfect for educating your customers. This is the perfect opportunity to explain who you are, what you do, and what problems you can solve for the viewer.

If you want to convince your viewers to buy, product videos are perfect for the job. You can show your customers how your product works in real life so that they can envision it in their own lives.

But before you get to either of those, you need videos for online advertising.

Build Traffic

That’s because you need video advertising to generate traffic, which will lead customers to your landing page and make them more likely to hand over the essential details that land them on your prospect database.

One way to draw viewers in is how-to videos, which are prime for driving traffic. Most web surfers go online for the same reason: they’re trying to answer a question. If you can answer that question for them, they’re more likely to stick with you than other options.

How-to videos are perfect for the job because they allow you to directly explain an answer. Better still, you can do it in a way that’s fun and engaging. Plus, viewers retain video content better than textual content, so you already have a leg up.

The key is to create video ads that target your customers’ biggest concerns. If you’re addressing the wrong target audience, you won’t get any prospects and they certainly won’t convert further down the line.

Offer a Lead Magnet with High-Value Content

Once you have would-be prospects on your landing page, it’s time to offer them their free champagne (metaphorically speaking). This is the prize that entices them to stick around for more good stuff.

In marketing terms, this is your lead magnet.

If you’re not sure how to create a lead magnet, keep our free champagne metaphor in mind. It’s a great piece of content (champagne) but they’re getting it for free.

A video is a fantastic tool here. If you drew your prospects to your landing page with explainer videos, you can offer a lead magnet that explains that topic in greater depth, with expert-level details that they won’t get anywhere else. And all they have to do is offer their email addresses.

For most worthwhile prospects, exchanging their email addresses for high-value content is a no-brainer.

( Example of Video Marketing funnel (Top stage ) : https://www.linkedin.com/posts/activity-6577807684182073344-XkTA  )

Nurturing Your Prospects

If you get your prospects’ information, congratulations! You now have what you need to add them to your prospect database.

But remember, your work doesn’t end here. You still need to nurture your prospects before they convert. This is where your marketing funnel can save the day, especially if you’re reinforcing your funnel with great video content.

Ready to Start Your Video Funnel?

If you’re ready to build your own prospect database, we’re ready to deliver the video content you need to succeed.

We have extensive experience producing video and we know how to turn your vision into a reality. Want to find out more? Get in touch today to start the conversation.

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