Gone are the days when business decisions were merely based on intuition and assumptions. Today, data drives business decisions. B2B data forms the core of every sales and marketing strategy and has truly empowered organizations to embrace the data-driven approach to customer engagement, awareness and marketing communication. B2B data providers are proving to a great aid for modern business strategies.
In order to stay ahead of the curve, you should be able to leverage business data to outperform your competition. B2B data providers help you simplify this process. There are various B2B data services that will help you up your game.
Through this blog, we will look into the various business benefits of partnering with a B2B data provider and more importantly, the red flags to avoid while choosing one.
Table of Contents
Critical Factors to Consider While Selecting a B2B Data Provider
To gather B2B data that is reliable, accurate, actionable and measurable, organizations rely on data providers. However, it is important to partner with the vendor that understands your business needs and can deliver customized data solutions for better outcomes. Here are five red flags that you must avoid while choosing a B2B data provider.
Highly Inaccurate Data
Inaccurate data is a big no when it comes to marketing campaigns. B2B data typically degrades at the rate of around 15% in a month. It’s important to ensure you have the updated, accurate and reliable datasets. The accuracy of the data can be easily judged by finding the answers to these questions.
- How accurate is the data?
- What are the data sources?
- How often is the data updated?
- Is the data GDPR-compliant?
You might like to read: The Importance of High-Quality B2B Data for Organizations
Less or No Data Customization Options
Personalized campaigns will prove to be the game-changer. The business objectives, requirements and challenges of every organization are different. It is important to customize the data solutions according to your business needs and target audience. Before partnering with a vendor, understand the customization options that they offer and how they will align with your business goals and cater to your target audience. Look for answers to these questions.
- Does the vendor provide data according to the geographies?
- What are the different customization options available?
- Can they provide data in specific formats?
- Can they enrich, eliminate or update data fields on demand?
Incomplete Data
Incomplete data is no data. Even if one data value is missing from your database, it can impact your campaign performance. This makes it crucial to ensure the B2B data provider has complete information that you need according to your business goals. You can ask the following questions to ensure the completeness of the data.
- How do they detect information gaps?
- How do they fill the data gaps?
- Are all the fields complete and verified?
You might like to read: The Cost of Bad Data and Its Impact on Your B2B Sales & Marketing
Low Deliverability Rate
For data to work its magic, it should be used at the right time, in the right way. Organizations expect the data to work once they invest in it. For the success of any campaign, it is important to reach the right audience. Often, sales and marketing teams face the issues of non-deliverability, especially for email marketing campaigns. This can adversely impact your business goals. Before investing in data solutions, find answers to these questions.
- What is the deliverability guarantee?
- What is the average deliverability rate?
- What is the action plan if there is a failure in message delivery?
High Service Costs
The cost of services you avail will have direct impact on your business ROI. You want to find the most cost-efficient option without having to compromise on the quality of data services. Ask the vendor these questions.
- What are the available purchasing plans?
- Do they offer premium plans?
- What plan will help you reach your business goals faster?
B2B Data Services and Solutions
Custom Data Solutions
B2B custom data solutions help sales and marketing teams to optimize their outreach by creating a granular segment of prospects and contacts that are relevant to the company’s products and services. The other benefits of custom data solutions include almost zero audience targeting errors, shortened sales cycles, and improved business outcomes.
B2B data providers also provides you with intricate details of your target customers and high-value accounts. These insights further enhance your campaign performance and yield better results.
Data Enrichment Services
Data enrichment services help you avoid data decaying and enable easy access to responsive and high-quality data. These services enrich your data, making it valuable for segmentation and targeted customer engagement. This helps you draw precise customer insights and channel your marketing efforts effectively.
Data enrichment services help you eliminate redundant data, enhance ABM strategies, promote accurate data-driven decision making and deliver better customer service.
CRM Data Cleansing Services
Data cleansing refers to identifying corrupt data and deleting or updating it. It also provides an organizational-level oversight for data management. Effective CRM data cleansing process can prove to be highly beneficial.
CRM data cleansing services help you validate your B2B data lists, data relevance, improve customer acquisition efforts, streamline business operations and boost revenues. They also ensure data hygiene and constantly test the CRM data quality.
Database Quality Management
In the data-driven era, data keeps growing, and customer information continuously changes. Data needs utmost attention in sales & marketing and customer engagement campaigns, where relationships matter the most. Data quality management solutions have become imperative for successful campaigns.
Since the quality of data records is vital to business performance, single view of the customer now becomes a determining factor for advanced decision-making and accelerating sales & marketing efforts.
AI-Powered Data Solutions
The advent of AI, RPA, Machine Learning, and Cloud technologies have opened intriguing new possibilities in data management and B2B marketing. With the emergence of automation and AI in data management, numerous repetitive and mundane tasks are now a lot more accurate and devoid of human errors.
AI-powered data solutions assess and address the complex enterprise data challenges efficiently. These solutions deliver a perfect balance between human intelligence and advanced technologies to enable data-driven marketing.
Benefits of Partnering with B2B Data providers
B2B data providers give you access to a reliable, accurate and complete information that helps you make informed decisions. You draw valuable insights on markets, customers and competitors and design your business strategies for the future. By partnering with a B2B data provider, you can:
Make Data-driven Business Decisions
Decisions that are backed by data insights help you achieve the desired results. B2B data services enable you to make data-driven decisions and not just have an assumption-based strategy. Reliable and accurate data provides information about customer expectations that help you design business strategies that will cater to those expectations.
Detect New Business Opportunities
Business data can help you analyze your previous strategies and detect the untapped markets. Customer data will help you understand the buying behavior and characteristics of the audience. This will further help you create an Ideal Customer Profile and target new, relevant audience group and expand your business reach.
Become Cost-Efficient
Deploying an internal team of data experts to gather, segregate, manage, analyze and store huge volumes of business data might not always be the brightest of ideas. You not only end up spending more but also assign your resources, compromising on other business operations. B2B data providers provide all the information you need in quick time, helping you save cost and resources.
Accelerate MQL to SQL Conversion
Buyer intent data solutions offer insights into the current state of the lead journey. They help you predict the probability of a lead converting into sales. By personalizing the communication and engaging with the prospects at the time when they are most active, through the communication medium they prefer, you can accelerate MQL to SQL conversions.
Improve Business Processes
Accurate data solutions improve your sales and marketing campaign performance. Organizations rely on data insights to make informed business decisions and create a roadmap to achieve desired outcomes based on data analysis. This helps you set an effective framework for business processes.
Final Word
The success of sales and marketing campaigns depends on how well you cater to customer needs and expectations. B2B data providers are a great source of business data that will help you understand your customers better and improve lead conversions. The business benefits of data services are reflected through cost optimization, better campaign results and increased business revenues.
As customer expectations and market demands continue to evolve, organizations should actively partner with bespoke B2B data providers to enhance their sales and marketing campaigns.
