Data is the energy that allows B2B enterprises' revenue engines to function properly, and the best B2B companies understand this very well. It is critical to the success of your brands. After all, business-to-business data is the foundation of your branding strategy. B2B brands are currently dealing with the issue of low ROI or bad campaign results. According to a recent Gartner study, poor data quality causes an average of $15 million in losses every year. LinkedIn also reported that at least 30% of all data decays each year. While there are several reasons for this, poor data is at the top of the list.
What Is B2B Data? An Overview
"What is B2B Data?" A B2B (business-to-business) database is a collection of information about companies and the decision-makers within those companies. This information can include contact details, company size, industry, revenue, job titles, email addresses, phone numbers, technographic, and firmographics and more. B2B databases are typically used for sales and marketing efforts, such as email and direct mail campaigns, as well as for market research. They can also be used to identify and target potential partners or suppliers. It comprises anything that qualifies someone as an excellent sales lead and information you can use to reach them. Businesses use B2B data to better analyze their competitors, make better decisions, develop new business possibilities, and help their marketing and sales teams. Companies also use this high-quality data to improve lead generation, increase business opportunities, and do better market research, among other things.
Keep in mind that there are different types of B2B Data that B2B data providers mix to allow their partners to become acquainted with their prospect information prior to the first touchpoint.
Beyond contact, demographic, technographic, chronographic, and firmographic data, B2B data can be separated into the following categories:
1. Intent data
2. Quantitative data
This data type encompasses any item of information with a number value. It is best employed for statistical analysis. Quantitative data is classified into two types:
Discrete data - information with a fixed number.
Continuous data - information that changes over time..
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Examples of Quantitative data in B2B include the number of employees employed by a company, the website's traffic or bounce rate, Email open or clickthrough rates, etc.
3. Fit data
This data type indicates whether a website user meets a specified set of criteria that would qualify them as valuable prospects. Data analytics solutions allow you to assess and examine the data trail left by all users (such as job titles, industry, and region) and score them.
4. Opportunity data
This sort of information, like fit data, focuses on spotting important occurrences that could lead to new business prospects. Promotions, product launches, funding, mergers, and acquisitions are just a few examples of when SDRs should make an offer.
How Do You Get B2B Data?
There are several ways that you can gather and store B2B data; however, the most effective and convenient way is to get it from a B2B data provider. Now you'll ask, "what is a B2B data provider?". To put it simply, A B2B data provider is a third-party organization that delivers on-demand data solutions based on your company's needs. They build a data repository by collecting, storing, refining, and managing information. This repository helps your organization by offering high-quality and accurate business data to fuel your sales and marketing campaigns and, ultimately, business growth.
Why do Businesses Need B2B Data Providers?
It shouldn't be a concern when you realize that with a B2B data supplier, you get access to extremely accurate, dependable, and full customer information without blowing up your budget. High-quality data enables you to make sound business decisions and gain important insights into your consumers and competition. Furthermore, you can use the data to plan your company's future growth. Here are some noteworthy advantages of working with a B2B data provider.
1. Customized Data Solutions
Every company has distinct business requirements. It is vital to ensure that the business data meets those requirements. B2B data providers understand your business demands and offer data solutions that meet them. You also have access to detailed information about your target clients and high-value accounts. These data insights aids in the optimization of your efforts and the improvement of campaign performance.
2. Data Accuracy
Data decay refers to the degradation of a B2B database's accuracy as a result of outdated, incomplete, or incorrect information. Data decays at a rate of 30% every year on average. This degradation costs firms millions of dollars each year.
B2B data vendors are continuously concerned with data sanitation and proving its value through a variety of methods. Top-tier data suppliers even use real-world teams to ensure the availability of their contacts.
3. Data Enrichment & Cleansing
Data enrichment and cleansing are essential components of data services. They ensure that you always have reliable and certified data at your disposal. B2B data suppliers not only give cleansed business data, but they also assess its relevance, quality, and dependability. They also make certain that your existing data is enriched, making it useful for focused customer engagement.
4. Follow industry standards
Prospects want to know how other businesses will use their data and what benefits they may derive from it. Working with a professional B2B data provider can greatly assist with current rules around contact data and security.
5. Improve sales conversions number
Partnering up with a B2B data provider gives you access to B2B data that can help improve sales conversions by providing valuable insights into target customers and their buying behaviors. This can help sales teams tailor their approach and messaging to better align with the needs and preferences of their prospects, which can increase the chances of closing a sale. Additionally, B2B data can also be used to identify potential leads, allowing sales teams to focus their efforts on the most promising prospects.
How To Find The Best B2B Data Providers: Best Tips & Tricks
Selecting the best data provider for your specific needs must adhere to only the best aspects, which we shall discuss right now.
The five most significant characteristics of B2B data providers are listed below to assist you in selecting the finest one for your organization.
1. Data Accuracy
The first and most significant criterion for selecting a data supplier is its credibility and where its information comes from.
The risk of employing unverified data from an untrustworthy vendor is too high, and the consequences can be severe, ranging from a drop in sales and client loss to serious reputation damage. The most important factor in determining a data provider's dependability is data accuracy. The most trustworthy B2B data providers are completely transparent about their datasets, as well as the sources and methods of information collection. Hence, make sure to conduct your own research on the data providers that are on your radar.
2. Company insights
A successful business development strategy begins with the development of a "buyer's personal" that includes every critical element about your future consumers, such as their interests, pain issues, and hidden motivators. A reputable company data vendor will supply you with minute details on the most critical areas of a firm's operations. Comprehensive financial information, for example, could assist you in appropriately assessing a merger and acquisition agreement or other investment opportunities.
3. Customization possibilities
Each organization has distinct data goals and requirements, as well as distinct data management methods. That is why it is customary for reputable B2B data vendors to offer adaptable products - a large and detailed, highly customizable database. Check the product's options to ensure they are compatible with your requirements.
The more filtering criteria the database has available, such as location, SIC code, firm size, revenue, digital insights, and others, the more probable you'll be able to use that data in different ways.
Of course, price is a major consideration for every business when making a final decision, but don't forget about total ROI and the relative value of achieving the previously outlined standards.
When negotiating the best price, keep in mind the goals that a specific product can help you achieve and evaluate it accordingly. It's typically more beneficial to spend a somewhat greater price for expanded capabilities and perspectives, so don't be too quick to judge by price.
5. Deliverability and accuracy guarantee
A high-quality and extensive database is a significant investment, and it is normal to want the data to be useful rather than wasting money on a meaningless set of numbers and letters. The final but not least aspect is that a reputable data source should have a guarantee that their product is accurate, increasing your chances of meeting your objectives.