B2B data is the driving force for every business’ marketing campaign. Sakina Najmi, Sandvik’s VP of global marketing, stated, “Testing and experimentation culture really works when you’re doing something new and big. Then, when it works, scale it.” While this is a valid fact, existing B2B data prevents experimentation by providing valid information.
So, businesses working with B2B data companies have improved lead generation, enhanced market research, and more business opportunities. Besides, B2B data fuels marketing and push new marketing processes for small companies.
Undoubtedly, working with B2B data providers has tremendous benefits for enterprises. However, the greatest question is, how do these companies vet data companies? Here’s a 5-step guide to help businesses find the best B2B data providers.
Finding the Best B2B Data Provider: What Companies Must Do
Businesses need high-quality data to close business deals faster. So, when looking for a partner to fuel marketing and advertising techniques, consider doing the following:
Clear Articulation of Goals and Needs
Several data companies exist in the market. As such, business owners must clarify what they need from the data. Failure to do so leads to challenges in finding a suitable partner, especially one that meets the business needs.
Make it clear if the data must:
Cover targeted customers to create an ideal customer profile
- Provide new contacts for businesses to expand their database
- Have demographic and other insights to feed a company’s marketing team
The list is endless since companies have different needs. Thus, companies must choose data companies that appeal to their needs and do what’s necessary to find solutions.
Evaluate the Data Provider Based on Key Factors
An exhaustive research process helps business owners learn how data companies conduct research and the values they uphold. Undeniably, a data partner must be responsible and use legal data collection methods instead of dubious data sources.
On top of that, small companies need different data from what they have. So if the provider’s data is similar to or of lower quality than the company’s, it is invaluable. It is also the perfect time to ask about the provider’s terms and conditions. Hidden terms lead to confusion and disagreements in the future, so small companies must seek transparency in such relationships.
Data Quality and Coverage
B2B data companies that uphold data quality over quantity stand out from the rest. On top of that, the data’s coverage plays a significant role in the success of businesses. Critical questions to ask data providers include:
- What is the accuracy of the data like? (95% data quality is the most preferred)
- Is the data verified by humans or machines?
- How often does the provider update the database?
- Does the provider offer customised data?
- Are there automatic and manual data cleaning options?
Companies get the services they pay for, but that does not mean they should refrain from negotiating or requesting additional benefits. Of course, this does not mean paying low prices for data. Inarguably, the best, high-quality data costs more than low-quality data. So, small companies must take time to do thorough research and match the price to the services received.
The best companies have trial or demo plans to assure clients of the benefits of the data they provide. If the client approves, they will have no issue paying the quoted price. Still, businesses must avoid the following:
- Making hasty decisions
- Making important decisions without doing thorough research
- Reading reviews from unreliable sites
- Assuming that data providers give what the business needs without asking
- Overlooking discounts and offers
Provision of Real-Time Data
Static databases have zero benefits for companies. Gone are the days when businesses bought these databases. Today, small businesses need real-time data that does not deteriorate or change. Besides, data needs regular updating, so it benefits business operations.
Businesses should work with companies with the right tools. These tools identify changes immediately and alert sales teams to make the relevant changes.
Why Use a B2B Data Provider?
Some business owners argue that data is publicly available. However, sales teams cannot achieve the same results as data providers because these companies have the following capabilities:
- Data providers have the infrastructure
- These companies have enough experience
- Data companies enrich data
This guide will help businesses find the best B2B data providers. By asking the right questions, small businesses get the best partners. In turn, they receive high-quality data to use to boost business operations.