Key Business Benefits that Data Profiling offers for B2B Companies

Sales | 5 minutes to read

15th Nov, 2021

Data profiling is crucial for B2B enterprises to keep their database clean, complete, and accurate for better prospect mapping and lead nurturing. It helps businesses streamline their marketing campaigns, minimize costs, and improve conversion rates.

Snapshot

    • Data profiling allows for database segmentation which helps enterprises build personalized and targeted marketing communication

    • Data profiling boosts the accuracy of existing database by appending new and relevant information about different accounts

    • Continuously monitoring key decision makers within existing firmographic data and synthesizing real-time market signals can increase conversion rates

    Sales prospecting in any market or vertical begins with in-depth profiling of customer data. As B2B lead generation becomes sophisticated and B2B buyers more stringent in their choices, companies have realized the importance of keeping their customer database error-free. A strategic and comprehensive data profiling system can help B2B firms to make their marketing campaigns highly efficient. Effective data profiling allows for database segmentation that helps enterprises to personalize and strategize their marketing communication.

    A good quality database is fundamental to a successful B2B marketing campaign. Having a high-quality, contactable database allows businesses to send targeted messages to their prospects. A thoroughly profiled and targeted corporate database reduces marketing costs and increases response rates. Best database providers are increasingly leveraging AI and ML tools to extract critical customer attributes enabling segmentation with clear details. It helps brands build personalized journeys at every touchpoint and deliver appropriate messaging that drives value.

    Let’s look at some of the gains that a B2B enterprise can extract from having a structured data profiling system.

    #1 Boosts accuracy 

    One of the basic functions of data profiling is that it allows brands to deliver the relevant message to the right accounts. Data profiling helps businesses identify and segment customers based on technographic, firmographic, financials, and demographic insights. Businesses can seamlessly append new information to their existing database and build a highly accurate customer database. When a brand has created an accurate marketing list, it can build a targeted campaign to convert prospects into sales-ready leads.

    #2 Identifies duplication 

    As part of an integrated process, data profiling involves deploying data standardization, deduplication, and ongoing data validation programs for bulk verification of the existing database. Data profiling helps eliminate duplicate data within the existing marketing list and strengthens the lead pipeline. For example, repeat calls or emails to the same company or individual accounts can hurt the credibility and lead gen prospects. Hence, profiling allows businesses to scrub their database and remove duplicate leads regularly.

    #3 Updates and enrich old data

    Database profiling is required to continuously monitor relevant influencers and decision-makers within the existing firmographic data. It enables firms to extract net new entity and basic contact data from their ideal customer profile ecosystem. Having old data in the system with zero contactability can impede the success of marketing campaigns by holding up time and resources on irrelevant accounts. Hence it is important to seek help of a professional B2B contact database provider for end-to-end database management. Data profiling allows companies to double-check their marketing database and update them regularly for better lead forecasting. As part of the process, businesses can implement data enrichment mechanisms. It involves appending additional information to the existing account lists and keeping the records updated and refreshed to keep it relevant.

    #4 Accelerates lead nurturing efforts 

    For a sound lead nurturing program, it is essential to define an accurate target list. Data profiling helps businesses examine contactable and intent data from an existing source and summarize the information to make it complete and relevant. It helps extract some or all the missing information within a dataset, ensuring a smoother and faster lead nurturing process. Every new piece of customer information can make the marketing list more refined and accurate, leading to greater lead-to-opportunity conversion rates. Additional deeper insights about entities, including their firmographic, demographic, technographic, and historical financial data along with real-time synthesized market signals and buyer intent, can positively influence B2B lead generation efforts.

    #5 Minimizes marketing costs 

    Data profiling enables a B2B company to append new intelligence to their marketing list and make it more accurate as the profile grows. With an accurate and segmented database, companies can better target their customers, minimizing marketing costs otherwise spent on engaging wrong prospects. Also, eliminating redundant and outdated information from the B2B database allows sales & marketing teams to build targeted marketing materials and save costs and labour spent on reaching out to uninterested accounts. The time is ripe to leverage AI and ML-based tools to streamline repetitive database profiling tasks, speed up workflows and increase revenue faster with the help of a B2B database provider.

    Additionally, read our blog “5 Incredible Ways to Fine-Tune the Enterprise Customer Database for Sales Success” to get deeper insights into how customer database can be optimized to achieve b2b demand generation and sales success.

    Conclusion 

    While database profiling is necessary for B2B enterprises today, it is also crucial to understand that the process is not straightforward and throws unique challenges. Without in-depth profiling and segmentation, companies lose out on personalized marketing communication with their prospects. Nearly 50% of the marketing spends are wasted due to duplicate, outdated, and irrelevant data.

    However, enterprises can address these challenges with the help of a reliable B2B database provider that can deliver in-depth data profiling rendering information beyond contact details. Accurate customer profiling can improve customer response and maximize conversion rates. Additionally, it also helps enterprises sidestep performance-sapping issues in the sales cycle and missed opportunities, thereby improving the bottom line. Enterprises looking to buy database or build contactable database to power their B2B lead generation campaigns should prioritize next-gen tools that define the success of database marketing in 2021 and beyond.

    With changing market dynamics and effects of the covid-19 pandemic looming large, B2B enterprises are making a shift towards database marketing for expanding their demand gen and lead gen coverage. A considerable budget is being reallocated to power the database marketing campaigns. Hence, it is crucial for B2B enterprises to choose a b2b database provider that leverages technology-led tools to simplify the process of database management, including data profiling, validation, and enrichment. Download the whitepaper “Best-Fit Components to Transform Database into a Lead Machine” to know more. 

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