Information has always played a critical role in guaranteeing success for any business no matter who the object is: prospects, market, competitors. Today, with COVID-19 pandemic affecting global trade and businesses, new ways to cope and survive are needed, and therefore information’s value has everything but decayed. For proper planning, amidst piles of bulk data you ought to choose the right B2B intelligence making it paramount that you conduct a feature check-list.
For this post, I’ve decided to compile a list of 10 features, which I deem the most important. I hope these serve you as tips and will give you more confidence when applying to data providers for solutions for your business.
The foremost feature that you should immediately turn your eyes to is data trustworthiness. Using unfiltered data spawned from unreliable sources result in decreases in sales, losing clients and severe reputation damage.
Is it possible to test vendors for accuracy? Not directly. It is advised though that you research a bit about the sources and ways employed to collect information both through the internet and asking support representatives. Note that data inaccuracy is unavoidable due to several factors, but a general guideline is 90%+ confidence indicator.
Next in line is concluding on the coverage of the vendor’s database. High specialized data sets of a single region are useful in the minority of cases, and widespread information with no real depth is too generic.
Purchasing information from different sources for various departments often results in inconsistency and higher costs. The solution is acquiring full access to databases that assure coverage criteria befitting your business.
Having a well thought-out identification process of a buyer’s persona is no trade secret by now. Thusly, businesses can better align their product with their customer’s interests, pain points and hidden motivating factors.
High-caliber company data vendors spare no details when compiling different aspects of a company’s activity. For instance, financial insights prove useful for performing a due diligence check on a potential M&A transaction, or bring to the surface underlying issues. Compay intelligence can help you personalize a deal or demo as to prove your ability to alleviate prospect’s pain points.
Broad range of capabilities
The true practicality of data, be it from the same or different sources, lies in its capability to be used in different applications depending on the imposed goal. Therefore it is a provider’s responsibility that their product facilitates accessibility, filtering, accurate data display, predictive analytics, notification and tracking tools.
A primary goal of acquiring a company database is to ease the process of collecting information and bolster sales, marketing, and production activities. Replacing manual data collection procedure by automatic data enrichment is achievable because of the automation factor that comes into play.
Prominent B2B data vendors provide the possibility of downloading datasets in various formats and exporting to CRM systems. Usually via an API integration, access should funnel up-to-date information to all the tools at your disposal within the terms of your subscription.
The final choice, more often than not, is affected by the price of provided data sets. But neglecting business opportunities without looking at the return on such an investment and the relative value against the previously described requirements is not a winning move either.
When bargaining the best bang for your buck, think of the set-in goals for your particular project. A slight increase in the final price is well worth it if the additional functionality makes up for it.
If squeezing out the most value is one of the primary goals of your business, then there should be no need to address multiple data sources. The best bet is finding an all-in-one provider that can serve all the departments of your organisation without having to invest additional resources in training personnel to use different platforms.
Data vendors strive to make a common practice out of providing flexible products. Make sure that the options on display benefit you in the best way possible.
The deeper the pool of filtering criteria: SIC code, company size, ownership structure, revenue, web technology used and others, the more applications can be funnelled with such data. If the data vendor uses a system of credits, you can lessen the amount required by downloading custom datasets shaped by your unique needs.
Another important point is the customer service level. Usually, company databases are quite complex and at the beginning you may need to be in touch with a representative until your employees get around to be comfortable with all the options on tap. If you learn that a provider does not meet all requirements regarding the product and customization possibilities of the platform, look further.
Deliverability and accuracy guarantee
A quality database is more than just a simple purchase, it’s a serious investment. Therefore it is natural to expect the best returns instead of useless numbers and letters. The last but not least feature a good vendor should display is a guarantee for their product’s accuracy thus useful for whatever goals you’ve set on the long run.
All in all
The main goals you should pursue in your attempt to find a good company data provider are to the point — internal productivity maximisation along with costs’ decrease. A reliable company data provider has to fit those goals by any means possible either by a ready-to-use solution or a customisable product. After checking off every feature to the best of its implementation only then the vendor becomes a worthy investment that will pay off in the future.