16th Mar, 2022
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- The B2B vendor landscape has changed from providing simply the contact information to delivering end-to-end sales outreach solutions
- Enterprises looking to buy database from the best B2B database provider must evaluate their data accuracy and match it with overall business requirements
- Some of the necessary competencies to look for in a data vendor are whitespace discovery, data validation, profiling, and governance
Data is a big investment for businesses, especially in the B2B segment, where getting high-quality customer data is as precious as gold. After all, contact and account data is the fuel that powers an enterprise’s revenue generation to run smoothly. Without customer data, the demand generation teams won’t be able to identify, target, and connect with their target audience and accounts. And it is for the same reason that every B2B company relies on the competencies of third-party vendors to buy database that is accurate and legally compliant.
What began as a vendor landscape that primarily provided contact information of B2B professionals has evolved considerably to offer marketing and sales teams with end-to-end prospecting solutions. With so much potential, leveraging the best B2B database providers to support a firm’s revenue goal is common. However, many companies fail to thoroughly evaluate these database vendors while hunting for the best-fit contact data for their business. In order to boost productivity and maximize ROI, organizations should understand a prospective B2B database provider’s data quality, inventory, and its compatibility with the sales workflows and processes.
How to choose the best B2B database providers?
Data collection and management is one of the crucial components in almost all modern businesses. However, maintaining an in-house data management function is costly and inefficient. Therefore, enterprises need to hire database service providers to obtain new contact data, update their existing database, automate B2B data maintenance, and maintain data compliance. Companies must make sure that their chosen B2B database provider offers the following capabilities:
In today’s age of information overload, the task of whitespace discovery and database consolidation becomes crucial to look under the hood. Companies must leverage technology solutions to discover customers’ unspoken, unmet needs and uncover new business opportunities. Businesses must ensure that their database provider offers tech-enabled services to assimilate volumes of information, remove clutter, and tap into the hidden insights of their customer ecosystem. Whitespace discovery helps surface emerging trends, unexpected insights, changing technographic data, and more. Such untampered and fresh insights can help businesses quickly change their marketing strategy and stay ahead of their competitors.
Using advanced analytics, companies can integrate the collected data to create accurate buyer personas, conduct buyer journey mapping, and segment potential customers. Furthermore, with white space discovery, businesses can discover new customer segments, dive deep into the existing customer’s purchase journey and identify upsell and cross-sell opportunities.
Learn how Denaveâs whitespace discovery model generated a pipeline worth more than a million for a global PC vendor. Check out the full database success story!
Beyond understanding how data providers source and verify their incoming data, the chief concern that an enterprise must address is how vendors document updates to professional and company profiles. Companies must evaluate whether the B2B database providers offer in-depth data profiling services to capture net new entity and contact data from their ideal customer profile ecosystem. Sales prospecting in any business begins with in-depth customer and corporate data profiling. As B2B lead generation becomes sophisticated and the buyers more stringent in their preferences, companies must recognize the importance of keeping their database error-free. A comprehensive data profiling system will track, segment, and continuously refresh key decision-makers and influencers within their existing databases.
A reputable B2B contact database provider segments data on multiple factors that drive purchase decisions. At the first layer, they conduct basic data profiling on entity level (vertical size, location, etc.) and contact level (job title, department, level, work email, etc.) In the next level, vendors must extract advanced technographic, firmographics, demographics, market signals, intent data, financial information, and more.
Another consideration that companies must look after while searching for the best b2b database providers is their ability to provide automated data validation services. A vendor’s ability to deliver accurate contact and account information boils down to the process through which the data is aggregated, organized, and integrated into their system. Reputable b2b database service providers should provide transparency into sources, checks, and balances around their validation processes.
The best B2B database providers must be able to resolve some key data validation challenges for organizations, including lack of automation, data silos, and the absence of data standardization practices. Data is a volatile element subject to decay and inconsistency. Enterprises must evaluate that a profile within a vendor’s database includes all the key details required for sales outreach, viz., direct dial numbers, and email addresses.
Issues of data privacy and legal compliance are always foremost in many buyers’ minds. New guidelines and laws are being issued every year globally to protect the privacy of users and curtail the misuse of data. Additionally, with the announcement of Google’s cookie-cutter policy, user consent has become paramount for data-first organizations. Therefore, enterprises would now want to work with a vendor that adheres to international regulations like GDPR, CCPA, etc.
Companies must examine every vendor’s data collection and verification process. It is important to understand how they source, validate, manage, and sell their data. Data governance should be a priority before companies buy database from a vendor and integrate those with their CRMs and sales stacks.
The accuracy, reliability, and productivity of human-verified data are much higher. Enterprises need human verification to plug the data-quality gaps in their database and configure it better for their sales outreach campaigns. Companies must ask for ready-to-market contact data that is human-verified to check and weed out DND/DNC or anti-spam filter opted by the accounts.
Selecting a B2B database service provider is a crucial business decision for every enterprise. After all, data is the central component around which revolves all day-to-day B2B demand generation and sales strategies. The ultimate objective of finding a B2B data vendor is to help sales teams close deals quickly and effectively. Vendors need a carefully thought-out strategy to evaluate the offerings of different database service providers and select the right one for their business.
At Denave, we regularly update our 50+ million contact points using our networks and human-verify them in real-time to provide businesses with the most accurate, contactable, and relevant data across industries worldwide. Contact us to know more.