Small business lenders often face the challenging task of sifting through historical databases or vast new lead lists to identify prime targets for their marketing campaigns. This process is time-consuming and difficult, but effectively identifying the best targets for customer acquisition can save time and generate more business. This requires high-volume lead screening with cost-effective, accurate, and comprehensive data.
Effective lead screening doesn’t require every single data point on a business. Instead, it relies on a few crucial data points. However, these data points often come from disparate sources and must be both highly accurate and affordably priced for high-volume screening. This is where Livesight comes in, combining essential data elements from Secretary of State business entity records with our unique business profiles to provide an accurate and robust screening package.
The Power of Secretary of State Business Records
A lender seeking to curate a list of high-quality targets for a marketing campaign may start with a long list of unfiltered leads from either their historical databases or newly purchased lead lists. The objective is to filter out records or segment them into different tiers with varying risk and intent profiles.
Secretary of State business entity data is a powerful data source rooted in factual information for this purpose. These data elements provide vital information about business entities to allow for effective initial filtering. By leveraging this data, lenders can ensure they target businesses that are active, in good standing, and fit their desired entity types (e.g., corporations, LLCs, partnerships, non-profits, etc.)
Enhancing Lead Screening with Comprehensive Data
A further refinement involves integrating fields from both Secretary of State business entity data and Livesight business profiles. Key data elements that are excellent for screening include:
- Industry codes
- Website and social media
- Revenue
- Employee count
- Formation date
- Entity type
- Location
The specific use of these data points depends on the lender’s goals. For example, one lender may focus on newly-formed LLCs in the Midwest and South, while another targets businesses established for over three years with a minimum revenue threshold.
Accurate industry codes are crucial for effective screening. Livesight provides the most accurate industry codes, allowing lenders to customize their targeting precisely. For instance, Livesight industry codes can be used to focus on specific sectors like transportation, retail, or service industries, or delve deeper with specific NAICS-6 codes, targeting sectors such as construction (NAICS 23), while excluding certain types like roofing (NAICS-6 238160). Additionally, keywords from Livesight business profiles can flag businesses in risky industries not always identifiable from an industry code, such as gambling, cannabis, firearms, etc.
