Data is not only an extensive investment but also the talk of the B2B marketing town currently! On the other hand, as a buyer, you should never trust a data provider without gaining a sound understanding and details about where their information advances. After all, account and contact data are the fuels that enable your revenue engine to run efficiently and smoothly.
“Without big data, you are blind and deaf and in the middle of a freeway.” – Geoffrey Moore
Indeed so! For modern sales and professionals in marketing, highly accurate data and better insights are intensely relevant. Today, you will find hundreds of B2B data providers. But, not all are equally efficient. So, what is Step 1? Right! It is to choose the right B2B data provider for your business!
No wonder it can get your business overwhelming results. Every business looks for a quality data provider company that promises accurate data. It is because your sales team will require more time to sell the right audience when they have inaccurate data.
How is efficient data beneficial to your Company?
- It will help in reaching critical prospects,
- Most outreach campaigns,
- Business growth in no time.
Inaccurate and inefficient data wastes (approximately) 27.3% of the time of a sales representative. In general, the database decays every month by 2-3 %. Therefore, acquiring clean and updated data is crucial. Hence, now let us discuss the five major things you should consider before choosing a B2B Data Provider.
What are the most important aspects to consider while choosing a B2B Data Provider?
1. Data Accuracy
The most important thing which should top the priority list while choosing a data partner is the trustworthiness of data. Without accurate and relevant B2B data, it would not be able to serve the purpose. Hence, choose a data partner that acquires the data from reliable sources. It will automatically boost sales when you reach out to your target customers with valid information.
The following ensures the highest quality of the profitable leads:
- Data Cleansing
- Standardization
- Duplication
- Migration
- Verification
The best by which you can discover a B2B company’s data accuracy is by researching their sources and their way of data collection. Internet and support representatives can be of great help in this case.
Even if the database provider companies provide sufficient data, ensure that it contains all the information you need.
2. Customization Options
Every organization has its unique requirements, challenges, and goals. Hence a flexible marketing database is essential. And the good news? It suits all the different objectives and perspectives of your business.
Before you choose a B2B Data Provider, make sure that they provide you with the option of a customized database. Also, research about the kinds of customization options they provide. Moreover, ensure choosing a company that understands the needs of your business and provides the solutions that suit your sales and marketing goals.
For example:
- The vendor should provide a database according to the geographical locations.
- It should provide a database with SIC and NAICS codes.
- Ask them if you can get it customized in accordance with the name and size of companies in a particular industry.
- Ensure getting details like the designation of employees, company’s revenue, technology tracking, etc.
3. Adequate Insights
To acquire, collect and update data maintaining data efficacy is essential. Knowing the persona of the buyer is a must in any business. Then, they can align their service or product with the interests of the customer. Knowing the pain points and motivating factors of the customer can be of great help. By this, you can approach them with relevant campaigns. Gathering insights about your target audience is one essential thing that B2B Data Providers do.
On the other hand, financial insights are also essential; It helps to check the M&A transactions and brings up any underlying issues. Customer interest is more in a company that solves its pain points. Therefore, make sure to know every little detail about your target audience and equip marketing campaigns with accurate data.
4. Deliverability Guarantee
Firstly, you expect your consumer data to work if you invest in it. Secondly, you hope that the gathered data meets the goals of your campaigns of B2B marketing. But, when you avail a data service from a data provider for your brand, you expect in addition a guarantee of deliverability.
So, ask these questions to your data provider for the guarantee of deliverability of the B2B database:
• What is the deliverability guarantee rate they will provide your business?
• What guarantee can their services give during a failure of marketing message deliverance?
• What further action will this B2B Data Prover take if a message is undelivered?
Most B2B marketers encounter:
- Data providers that do not guarantee deliverability, and
- Data providers that skip providing details about the actions they would take during failed deliveries.
- Make sure not to make the same mistake for your company while selecting a data-providing company.
5. Cost Factor
Last but not least is the cost. Why not the least? That is because it is one crucial element you should view while availing of data services from an organization. But, many marketers only focus on ROI and miss the relative value when they choose an organization. It results in costing chaos in many such companies. As a B2B marketer, ensure proper research instead of impulsive decisions. Understand the estimated pricing range for a company that is of your size. Also, know the negotiation level that can be done for it.
Following are the points you need to make sure to know clearly before availing of a data service:
- Confirm if the company offers premium pricing,
- Know what are the other services and offers they include in the premium,
- Analise and ensure if this premium will really help you to achieve your other targets.
Lastly, if you are convinced that the premium can help you to meet your other business goals, you should definitely give it a try!
What are the 5 Benefits of B2B Data Providers’ Products?
- It helps in making informed business decisions based on your company insights.
- They enable you to detect new revenue opportunities.
- You get an experience of high service and pricing personalization.
- You can assess the risks and avoid fraudulent actions.
- Lastly, it allows you to reduce your costs and establish a smooth internal process.
Frequently asked questions
- What is a B2B data provider?
B2B Data Service Providers enable your business team:
- to save prospecting time,
- spend more time closing deals.
B2B Data supplier provides accurate, up-to-date, and GDPR-ready data to your team.
- What do data providers do?
Data Providers are a framework that enables easy control of the way data is provided from a source. They are simple to declare, configure, and associate with some source of data.
- What is a B2B database?
A B2B Database is the log of all the data; that your team has about the potential clients and customers.
At times, your team might also use the terms such as “B2B database” and “B2B contact list”. On the other hand, your B2B database should also have firmographic details about your target clients.
- What is the B2B data list?
B2B Data list includes things such as:
- company names
- employee names
- phone numbers
- email addresses
- technographic
- firmographics
It also has anything that qualifies someone as a good sales lead and the information you can use to contact them.
Conclusion
The benefits of availing of B2B Data Providers do not end on those 5 mentioned above. But, in order to get the most out of their services, you need to consider the 5 things mentioned; Data Accuracy, Customization Options, Adequate Insights, Deliverability Guarantee, and the Cost Factor. Then only it will be worth going for.
Remember that you have to work closely with your data service provider. Also, if the data-providing company doesn’t provide excellent customer service, all your efforts mentioned above, will go in vain. Therefore, ensure to always pick a company that offers error-free customer service and support.
Finding the right B2B data provider for your brand is not an easy job at all. Choosing an efficient data partner can not only complement your marketing campaigns but also enables you to have huge success. One misstep can terribly affect your business goals. But, these 5 ways can help you do it with ease!