Criteria for Choosing the Right Database Provider for your Business
A high-quality B2B database is essential for all businesses selling to other companies regardless of the industry or company profile. The primary reason is that selling to other companies is way more complex than selling directly to customers. As the sales cycle is multi-layered and takes much longer, marketers require vital information to pursue and nurture leads.
This requirement goes beyond contact details to include company details (industry, size, location) and prospect details (designation, department, tenure). Hence, choosing one of the best database providers is a crucial decision directly affecting B2B business performance. It is critical to follow a particular set of criteria to select the right provider. Let’s take a look.
Data Analytics Inputs:
As per the best database providers, B2B corporate databases today are virtually incomplete without data analytics. Analyzing significant trends and patterns in the data is only possible with well-formulated algorithms—these help in thoroughly understanding the customer journey to optimize sales and marketing strategies. Analytics is also essential for whitespace discovery to figure out the unsaid and unmet needs of the target audience.
Results Achieved for Other B2B Clients:
While narrowing down upon database vendors, it is vital to view their prowess from the digital demand and lead generation lens. Before initiating any tie-up, businesses should ask for case studies on how their databases have facilitated higher sales for clients. The critical digital demand generation KPIs to evaluate are Closing Percentages, Sales Velocity, Customer Lifetime Value, and ROI.
On-Demand and Refined Data:
The quality and extent of data refining come down to the exact prospect information required. This differs from business to business, based on the current marketing requirements. Some marketers need the previous interaction details and how they knew about the business. Others are keen on knowing the funding details, technical details, competitor details, business growth, expansion details, etc. The service provider should be wholly capable of catering to these on-demand data refinements based on the marketing team’s requirements.
Legitimate Database Sources and Privacy Compliance:
It doesn’t matter if the prospect data is acquired from search engines, social media, online directories, or company directories. Ensuring that the compilation process adheres to the latest privacy regulations is a must. No data must be collected from search users, social media users, or website visitors without their consent.
Data Cleaning, Enrichment, and Validation Services
Ensuring that the right prospects are targeted during its demand generation campaign is necessary for B2B businesses. It is, therefore, essential to choose the proper database subscription with periodic cleaning and validation services. The higher the accuracy and enrichment of the B2B database, the higher the marketing response rate will be.
Conclusion
B2B marketing is becoming increasingly competitive. The crux of successful B2B marketing is striking while the iron is hot. This refers to communicating the right marketing messages to the right prospects at the right time. A qualified data analytics team can help businesses formulate robust sales and marketing strategies. Also, with a customized, pre-screened prospects database, the outreach campaigns will have maximum market penetration, receptiveness, and high ROI.
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