In the world of B2B sales accurate data sits at top priority. No matter how well thought-out and effective your marketing strategy may be, if you can’t connect with your prospects, your revenue is as good as stagnant; never mind the time wasted on trying to reach potential customers via changed phone numbers and emails – all because of obsolete data.
In this day and age, it is absolutely vital to have a reliable B2B data provider in order to drive sales efficiently, enrich your contact list and get ahead of competitors.
But how do you choose a trustworthy B2B data provider? There are various factors that should be kept in mind. Compiled in this article are key features that one should consider when deciding on a data vendor.
1. Data accuracy
When it comes to choosing the right B2B solution, the first logical thing to question is the accuracy of the information provided by said platform. It can’t be stressed enough how much unreliable data sinks your sales, as well as taints your reputation and results in lost clients.
What can you do to guarantee a high degree of data trustworthiness? Although it isn’t possible to test individual providers for data accuracy, what you can do is research the sources where the data is gathered from and the applied methods of acquiring said data.
You can find this out on your own on the internet or by contacting a customer support representative for the vendor.
Even though there is no way to get verified, 100% error-free data, aiming for around 90% or more is ideal.
Data in its raw essence can be reformatted and reapplied from one platform to another, depending on what insights one needs to cover and what goals you’re trying to achieve. Considering this, a data provider is inherently obligated to ensure filtering, data accessibility and leveraging, accurate visual representation, predictive analytics, a push notification analytics tools as well as tracking capabilities.
3. Information extensiveness
Alongside data accuracy, data coverage is a huge determining factor of a B2B vendor relative to its usefulness and benefit to your business. You don’t want your data to be mismatched across different regions with varying accuracy and depth, and you don’t want your data to be hyper-specific but only concerning one region. General incomplete data spanning a larger area is of no use, either.
The data vendor you choose has to have sufficient global coverage with provided information on a broad range of aspects of the customer journey that allow you to analyze trends, predict future behavior and make well-informed, data-driven decisions.
4. Business insights
In order to understand and live up to your customer’s needs and wants, you have to view and evaluate certain factors of the buyer’s motivation for a purchase, their pain points and interests. What makes them want to buy this specific product, and how can you modify it to best fit your customer profile?
This is where well-rounded data vendors with an all-encompassing grasp of company activity come into play. Use this information to your advantage and crystallise the best offer that addresses their current pain points.
Deep insights are overwhelmingly useful, as you can apply them to personalize your deals and present your solutions with confidence, reassured that you're coming up with a solution for their specific needs.
5. Database breadth
Ideally you should strive to find a platform that supports the workflow of all the departments of your company, without the need to resort to additional platforms for the required data.
Opt for a dataset with varied data categories of appropriate detail and thoroughness; avoid spending time and resources adjusting your team to a multitude of scattered databases and teaching your personnel how to use them without any real need to.
Many people are put off from purchasing a potentially reliable and efficient B2B data vendor upon finding out the price. However, it should be noted that even though there should be some
boundaries set for a reasonable price, a slightly high cost shouldn’t deter you from reaching your business’s full potential.
Remember, there’s no cheaping out when it comes to high-quality data. If you have the right tool at your disposal, the ROI you’re going to achieve is crazy high. Spending more for a solid dataset will be worth it in the future, when you experience exponential sales growth, as it has been shown to be the case for a multitude of companies.
7. Database practicality
The whole idea of a data vendor is to streamline the process of data collection and equip the sales team with all possible conveniences in this task. Adding automation into the mix through automated data enrichment rather than manual information gathering speeds workflow up significantly, as well as leads boosts efficiency, and therefore results in more sales.
Reputable B2B data vendors are expected to provide its users with the possibility to export data to CRM software systems and give the option to download the data set in multiple formats. An API integration is commonly used to enrich CRM data.
8. Customization options & filtering intricacy
A data vendor’s core goal is to provide data in sufficient amounts with a satisfactory degree of sophistication and depth that best fits your business.
The more multifaceted and thorough the data classification and filtering criteria the tool provides (SIC and NAICS codes, company size, web solutions used, ownership structure, income and more), the more high-quality prospects you’re going to generate and qualify via application funneling to best match your ICP.
You can download custom datasets to reduce the required amount of credits in case the vendor uses a system of credits.
9. Quality guarantee
If you’re making a serious commitment like purchasing a data vendor that could make or break your business, it is only rational to await the best return for your money. In order for you to use the provided data smarter and get the most fruitful results, the vendor has to display an accuracy guarantee for their information services, otherwise you’re risking your business’s budget and long-term success.
It is also best to pick out B2B vendors that explicitly state their compliance, as well as data quality and completeness. Look for providers that are transparent about their data sourcing, its origin and adhesion to data protection laws.
10. Customer service
An adequate level of customer service and consulting is essential to be able to navigate a new provider platform and get your team accustomed to the tool and all its functionalities; meaning you may need the guidance of a representative relatively often at first.
Considering this, it should be ensured that the B2B solution offers an easy-to-contact support system who is well equipped to answer any of your arising questions about their product. If through this guided tool walkthrough it is revealed that the platform’s customization possibilities do not match your standard, the sourcing method is unreliable or any other unappealing details, you know it’s time to keep looking for another, better-fitting vendor.
A final word
Your goals when investing in a company data provider should be increased team productivity, accurate data accumulation for high-quality prospects, sales and revenue growth and cost efficiency. Therefore, it is absolutely vital that your B2B data solution corresponds to your unique needs, so you are sure that you’re making a justified financial & executive decision that will prove its usefulness for your business in the future.
Be it achievable through a default solution or a customizable preference, there should always be a way to adjust the operation of the system to align with your organization’s objectives and area of specialization.
Now that you’re familiar with the key features of a company data vendor, it should be far easier to determine the right one for you and compare similar ones for the most important criteria.
Source: How to Choose a B2B Data Provider in 2022? (leadrocks.io)