Data collection is an integral part of facilitating B2B marketing. Marketers usually upload the contact details (and other necessary information) about potential and existing clients. CRM and sales teams are also involved in customer database building, depending on the organization. Yet, most B2B businesses today face an overwhelming need to purchase databases. Why is that?
Collaborating with a certified B2B database provider boosts the marketing activities’ scale, volume, and reach. It accelerates both demand generation and lead generation strategies for sustained business growth. However, buying a customer database requires considerable planning and research. Businesses must adopt a comprehensive screening process to choose the correct B2B data vendor. This post outlines a few crucial points that organizations can consider to make an informed decision before buying a customer database:
Buy Database Directly from Database Specialists:
A firsthand database specialist is a certified team of data analysts who have compiled the database independently. Remember, a database management company is always transparent and upfront about its data collection methods, sources, and credibility. In all likelihood, they will also offer AI-driven database updates and periodic database cleaning services. Hence, any collaboration with them will never be limited to a one-time database purchase. Businesses can rely on them for data integrity, usability, updates, validation, etc. However, second-party and third-party data vendors entice organizations with cheaper databases, but there is usually no provision to adjudge and maintain the data usability in the long run.
Enquire About Database Circulation and Viability:
Acquiring a list of widely circulated B2B prospects in the market is futile. For successful digital demand generation and subsequent lead generation efforts, the exclusivity of the contact lists matters. The higher the number of businesses contacting the same set of prospects, the higher the chances of them not responding to the communication. Hence, while speaking to data service providers, organizations should always inquire about the exclusivity of the sold database.
Comprehensively Study the Target Audience:
From the purchase motivations of the key clientele to their preferences, perceptions, interests, and budget, it is crucial to study these aspects thoroughly. Organizations should establish the demographic and psychographic profile of the target audience. Hence, before buying the database, businesses can communicate these specific requirements to the prospective database sellers. The higher the element of customization and advanced database filters per the ICP specifications, the better it is. So, the least circulated, most exclusive, and customized B2B database will yield the highest ROI.
Establish the Frequency of Database Updates and Validation:
Digital demand generation is heavily reliant on reaching out to the right prospects at the right time. Time is the essence in most B2B purchases. With tenders, contracts, and purchase orders released at specific times of the year, there is limited time to pursue leads. Amidst the massive competition and narrow opportunity window, the last thing businesses want is outdated data points. Even the most accurate database is bound to undergo some decay with time. Hence, the database purchase must always be accompanied by a contractual obligation of regular data updates and validation. Also, enquire about the updating methods, in terms of whether they are manual, semi-automated, or fully automated. Complete AI-driven data updates are the most efficient, error-free, and consistent in the long run.
Assess the Functionality of the Database Software:
Most specialized database service providers also provide data analysis software. It is far more useful to opt for full-fledged data analytics services instead of just purchasing a B2B contacts list. However, before the purchase, always check the features and functionality of the software. Can it be integrated with the current digital demand generation software? Does it have in-built features for report generation, trends forecasting, segmentation, KPI measurements, and so on? These are some important questions to ponder before database and data analytics collaboration.
Conclusion
Ensure that the database service provider understands the business module, client profile, products/services, and marketing priorities. Before going ahead with a database management contract, they must know the exact specifications of qualified prospects. Furthermore, the scale/volume of data a business requires must be categorically outlined in the contract. Ethical data sourcing, data security, and privacy compliance are also crucial aspects that should be discussed and documented before purchase.
