Top 10 features of B2B data providers
In order to continuously prosper, successful businesses have always relied on information, knowledge about prospects, the market or competitors, as a critical pylon. However, the digital boom and the B2B data sector have shifted up some gears, which has, even more, accentuated the indispensability of data. Across multiple bulks of data available, a new challenge has risen, which is finding relevant, up-to-date and trustworthy information.
When planning on selecting a new data provider, quite a bunch of features should be considered, the reason why I’ve decided to compile this list of the most important factors to consider.
Data accuracy
Vendor trustworthiness is the most important criterion due to the involved risks of using unverified data. Relying on dubious providers can have drastic effects such as sales decrease and client loss as bad reputation settles in. Testing a particular vendor for accuracy of their data should not only be a direct process by asking sales reps for guarantees. It will require you to do some research beforehand on which sources are used and the ways involved.
Information completeness
Being accurate is important, but having little coverage can undermine the success of marketing efforts. Therefore, your choice should involve comprehending which regions, industries or other segments the data vendor focuses on. One of the most frequently encountered problems is the need to acquire data from several providers, turning out to be costly and cumbersome.
Instead of having data scattered all over the place, buying full access to one high-quality database enables you to centralize your information flow, covering the market of your interest and bolster the coordination of your departments.
Company insights
Going blind on a marketing strategy spells defeat. That is why today’s performant businesses have an additional step of creating the so-called buyer persona(s). It covers essential details about your perfect customers enabling businesses to fixate on their interests, pain points, and hidden motivating factors. The more information a data provider has on tap, the more accurate your buyer persona will be.
A broad range of capabilities
The same data can be used in distinct ways depending on the department that requests it. Yet, your teams might be interested in certain peculiarities that multiple databases can’t provide. Even when going over prominent vendors, you need to inquire about several issues: possible use-cases, the extent of filtering systems, accuracy, and monitoring capabilities.
Database usability
Company databases aim to augment several attributes of your sales, marketing, and production processes. Timely data enrichment is one of the basic automations that allow achieving this, consequently eliminating the need for handling manual data requests.
Distinguished B2B data vendors allow downloads in several formats, thus there is no worry of incompatibilities with certain CRM systems, or other marketing and sales automation tools. A database subscription means uninterrupted access to up-to-date B2B intelligence.
Expenses
Price can be a deterring factor for any enterprise when there is a final decision to be made. However, many get entangled in expenses rather than assessing ROI. When negotiating for a good deal, balance out the goals you can achieve versus the price to pay. If certain tools of a particular subscription seem useful, it can be a profitable endeavour to pay a higher amount for the advanced functionalities.
Datasets complexity
If your interests revolve around saving time and money alongside getting the most value, there is no merit in compiling a database of your own. The underlying infrastructure required to hold vast amounts of data is a grand and exhausting task. Businesses will benefit more from a centralized source that handles all matters of “treating” the intelligence and presenting it in an intuitive UI.
In contrast, a vendor’s dataset complexity is a representation of its net value. To meet such criteria the provider must derive their intelligence from multiple data sources, carefully verify and stream to a multifunctional interface. The customization of information sheets as well as the possibility to integrate and download in multiple formats only add to the overall worthiness.
Customisation possibilities
Prominent company directories have to implement as much flexibility as possible. The more filtering criteria, e.g. location, SIC code, company size, revenue, digital insights, and other the database has to offer, the more likely you’ll be able to use those data in multiple ways. In case the data provider uses a system of credits, you can save money by downloading datasets created according to your unique needs, and not the entire database.
Customer service
Company databases can reach high levels of complexity when you are unfamiliar with the tool at hand. Therefore, it is advisable to keep the level of customer service in mind when proceeding with the purchase. You will be interacting closely with your B2B intelligence provider down the line so decent representatives are the way to go.
Deliverability and accuracy guarantee
The final - yet not less important - test for a B2B database is its guarantee of accuracy and deliverability. Quality information is priced highly, and it should also be void of any obsoleteness or at least have measures to deal with it. Businesses wouldn’t want to spend money on useless sets of numbers and letters.
For example, Global Database guarantees up to 95% email deliverability rate, which is one of the highest among peers. Additionally, any inaccuracy is substituted free of charge.
High-end B2B company databases are used to accomplish several corporate goals at a good price to quality ratio. Chief among the desired achievements are - data acquisition and internal productivity maximisation, data costs and inconsistencies decrease, and tools consolidation and improvement over time. Decent data vendors will be able to fit those needs with a ready-to-use solution or “flexible” software.
Original article: Top 10 Features of B2B Data Providers