Q: How are business and institution-specific databases different?
Business database compilers attempt to identify and collect information on all 15,000,000 entities. Compilers of institutional data are not driven by SICs and frequently don’t even use them. They collect data only where there is market demand and where high quality, well-defined data sources are available. The data is often telephone verified and personal names and appropriate attributes are added. Applying business attributes like number of employees or sales volume just doesn’t work well when you’re trying to reach institutions.
Q: What does business-to-institution or B2i mean?
Business-to-institution (B2i) marketing refers to a large portion of the B2B market. Businesses have products and services to sell. One of their top prospects should be institutions but institutions don’t act like businesses, don’t buy like businesses, and can’t be segmented like businesses. Marketers need precise strategies to effectively reach the decision makers at institutions.
Q: Why are institutions important?
They mirror your best and most ideal customers. They are larger than the average business, continually growing, unlikely to go out of business, resistant to recession, and pay their bills.
Q: When should I mail to institutions?
The purchasing process is different for institutions. Most institutions operate in a “use it or lose it” environment. There are multiple mailing windows each year that are appropriate. The timing of your mailing should be dictated by the institution’s budget planning cycle and fiscal year end. Churches rely heavily on contributions and typically have more spending power after Christian holidays.
Q: Why don’t you use SICs to define the entities on your lists?
SICs were developed in the 1930′s and do not represent our current economy. SICs originated when manufacturing was a larger part of the US economy. Even though SICs have been updated periodically, they still don’t represent institutions well. For example, there is no SIC code for diagnostic imaging centers, assisted living facilities, or school districts. Yet, each of the previous examples is a great prospect for marketers and has tremendous purchasing power.
Q: What is the difference between a compiled file and a buyer file?
A compiled file is a collected group of records covering a specific data universe. A compiler will make every attempt to have every record available for that universe. The compiler makes calls and conducts surveys to confirm data. Buyer files are records of people or institutions that have actually purchased products, subscriptions, or services and are being made available for rent by the company where the purchase was made or through a blind database where these purchases are grouped by product.
Q: What is the difference between buyer files and response files?
A response file is normally made up of people/institutions that have “responded” to a sign-up promotion, raffle, give-away, etc. at a tradeshow or have requested information. Basically they have just responded to a promotion. These people or institutions haven’t purchased anything yet. By capturing these records, a company has the second-most valuable list outside of their own customer list. These are people and places that have recognized the company’s name and/or products.
Q: Does MCH guarantee the quality of its data?
Lists compiled by MCH are guaranteed to be 100% deliverable. See our GetThere Guarantee™ for additional information.