Making the Most of the Data
Business Journals all across the nation are getting ready to release their 2021 Books of Lists. These typically publish in January, although the exact month varies. Regional sales professionals know that downloading Book of Lists in Excel format has some advantages over purchasing data from national data companies like InfoUSA and Zoominfo, etc.
5 Book of Lists Advantages:
- Private Company Revenues. Private companies, which make up most of the small-midsize businesses in America, are not required to make their revenues public. Book of Lists is one of the few places where private companies volunteer their revenue figures.
- Private Company No. Employees. Similar to above, private companies don't have to volunteer their employee figures. Most Books of Lists contain this data for participating companies.
- Depth of Insight. Books of Lists tend to contain other kinds of deep data for participating companies, depending on the category. For example, for Top Architectural Firms, they might publish the number of projects completed in the calendar year. This info can be useful, but is typically not relevant for the average sales professional looking for leads.
- Accuracy of Data. The business journals are surveying every year, so the data is refreshed annually. Also, because of publishing standards, the lists tend to have a high level of accuracy.
- Company Contact Info. The lists tend to have very strong company contact information (general phone, physical address, general email.)
2 Book of Lists Disadvantages
- Only the Elite. Book of Lists is not a comprehensive directory. It showcases and ranks only the top performing companies in the region based on revenues or number of employees. If you are looking for comprehensive data for larger campaigns, Book of Lists is not going to get you the breadth of data that you need.
- Little or No Executive Contact Info. Books of Lists tend to contain the top executive name and title, but they do not tend to provide direct contact information for executives, such as direct phone or direct email. If you are looking for this kind of data, look elsewhere.
5 Ways to Use Book of Lists Data Creatively for Sales
- Isolate New Companies. If you compare the current list against the previous year's list, you can see who is new to the list. New companies will be particularly proud of their win. They also may be un-reached, as being new to the list can be an indicator of accelerated growth over the previous year.
- Isolate Drop Offs. Comparing the list year over year to identify companies who have dropped off the list can be an effective way to identify companies who are struggling in their performance. These may be companies who are particularly in need of your services to help them get an edge.
- Congratulate. When companies make the list, it's a big deal. It says something about that company's performance and accomplishments, and this tends to be noticed and valued by those companies. Reach out with a congratulatory message to break the ice.
- Compare Performance. Look for large increases in revenue or number of employees. Companies who are experiencing rapid growth may have a higher need for help (i.e. services) that they didn't need before.
- Attend the Book of Lists Event. Physical or virtual BOL events will allow you to mix with the true elite performers in the industry. Come educated and prepared to talk to prospects about their successes and challenges from the previous year.
As you prepare to make use of the 2022 Book of Lists, keep the above principles in mind. Use this blog to locate your Book of Lists, or to find additional data that will help you in your campaigns. Wishing you all the best in your BOL pursuits.
