How to Outsource Lead Research Effectively

Target investors
Crypto-focused journalists
Mart Parve
Mart Parve
COO at Black Insurance

About Black Insurance

Black Insurance is a Tallinn-based digital insurance company on blockchain. With a goal to revolutionize the insurance market, the company developed a Black Platform solution for a better, protected and more private value chain.

Tallinn, Harjumaa
Company size

Responsible Team:

Vadim Fedotov
Vadim Fedotov
Research Team Lead
Dariia Leshchenko
Dariia Leshchenko
Customer Success Manager
Alex Sribnyi
Alex Sribnyi
Head of Client Department


Every blockchain-project requires solid support from the investors and media. To hit every deadline on their roadmap, Black Insurance needed to gather an audience of highly relevant titles that would become the first investors and help their ICO to go smoothly.

Main takeaways

While services and products related to insurance blockchain are nothing new, it takes a lot of effort to promote the product to the right customer, at the right moment. Therefore, the success of the campaign is defined by the accuracy of the research.



Working with high-specialized products services means having low competition. However, the downside of it is the challenge of finding and attracting the right audience.

Standing on the threshold of the ICO stage, Black Insurance needed to secure a successful promotion campaign to proceed. Instead of starting with a blast of emails, the company chose to build the outbound routes via account-based marketing: a well-calculated and highly personalized approach to the right group and the right type of investors.

Since blockchain is still a relatively new word in the insurance industry, Black Insurance needed to locate and engage the investors with a 100% probability to take interest in their product. That required lots of exclusive, custom data that was unobtainable through purchasing a generic lead database. 

You can imagine that scrapping this kind of data for a team of 10 people would take ages!

 What we did

Our main task was to research, find, and deliver leads that match the unique qualifiers of the client. Within our work with Black Insure, we performed several types of research: 

  1. Test leads research.
  2. Granular database research.

1) Test leads research

To evaluate Belkins’ services, the customer ordered a list of test leads first. Black Insurance’s qualifiers were the following: 

  • Investors for Private Presale Stage;
  • Whales, Crypto Funds, VC funds;
  • Average investment 2M - 45M;
  • Global reach.

After reviewing the results, the client ordered granular database research.

2) Granular database research

Detail-oriented research is a complicated and time-consuming process when it’s not handled by an expert team. It requires skill with data research tools, awareness of the data fields to explore, and the ability to work with custom data qualifiers.

Within the full research, Black Insurance ICP was expanded with the following requirements: 

  1. Companies the targeted investors invested in;
  2. Sorting and processing responses received from target recipients;
  3. Average investment volume;
  4. Links to the official press release publication.

Additionally, Black Insurance required a list of journalists specialized in writing about ICO-s and crypto. The custom qualifiers for this research were recent articles, topics, direct email address and phone.

To research and assess the leads across the data platforms, we used such tools as Hunter, Name2Email, RocketReach, and then processed the gathered lead data to ensure that our finalized list includes only the most relevant titles.

The results

Belkins is very good at what they are doing. Most importantly, if they commit to doing something, they deliver.

  • With the ICO stage (June 2018) successfully complete, Black Insurance gathered a solid base for continuing platform development, introducing the alpha and beta platforms, signing up first users, and gaining investors;
  • 10-person team of Belkins researchers was able to hand-curate a database of pre-qualified leads;
  • Having previously worked with ready-made databases that could provide only 70% quality, Black Insurance received hand-curated lists of pre-qualified lists that had a 95% quality rate and matched their ICP closely;
  • Black Insurance received 2000 target investors leads and 500 contacts of crypto-focused journalists.


  • Some of the industries rely on affiliate marketing to find and get leads. However, this method is not guaranteed to deliver high-value prospects with the potential to be converted into long-term partners. Not to mention that it can take some time before affiliate marketing brings sufficient results, which is not always an option.
  • Knowing your prospects in advance and contacting them with an offer that is guaranteed to catch their professional and financial interest would give you a headstart over your potential competitors who are too looking for investors and backers for their project.
  • Data and knowledge are your bread and cutter. Running market research before starting a campaign allows you to map potential partners and backers and secure the success of your event.