Let’s explore some of the most critical aspects of B2B Data, making it one of the most sought-after growth attributes of leading Fortune brands globally.
What is B2B Data?
B2B data is all the crucial information and insights regarding other businesses. It has details of individual contacts across platforms and businesses across locations that are used for various targeted marketing drives and sales initiatives. These activities can include market research, lead generation, outbound sales, demand generation, and creating the right target customer personas.
The core construct of B2B data includes details such as the name, email, phone number, location, and company details. The scope however doesn’t end here. Depending on the campaign’s objective, the B2B data can be segmented into various attributes.
Segments of B2B data for campaign success include:
- Company data – information regarding the company’s attributes (firmographics, technographics, intent data)
- Prospect data – information about potential customers who have shown interest in the product/service
- Contact data – includes details such as name, phone number, address, email, social media handle, etc.)
- Behavioral intent – all information that highlights the prospect’s interest to buy
Accurate B2B data can help organizations reach the right audience at the right time by segmenting them under various clusters that help in personalizing marketing messages. By leveraging relevant data, brands can identify the right prospects understand what they truly need, and personalize customer experiences.
What are the types of B2B data?
Types of B2B data refers to the various categories under which the B2B data can be segmented into, such as behavioral intent, technographic data, firmographic data, demographic data, and more. This information helps brands contact prospects for various sales and marketing initiatives.
Below are the types of B2B Data –
- Demographic Data
- Firmographic Data
- Technographic Data
- Cronograpic Data
- Intent Data
- Qualitative Data
- Quantitative Data
1. Demographic data
No matter what the nature of the campaign is, demographic data is a must for all campaigns. This B2B data is related to all the basic personal and geographical attributes of the individual including name, gender, telephone, email address, location, skills, employment history, income, and ethnicity.
2. Firmographic data
Firmographic data entails information about companies and businesses. It provides data points such as the company name, location, size, industry, revenue insights, and more. This data category is detrimental to campaigns focused on industry-based campaigns.
3. Technographic data
Technographic data is also referred to as technographic segmentation. It entails details of the technology the company/employee uses. Technographic data points include company name, tech stack analysis, features, integrations, hardware, software, applications, and more.
4. Chronographic data
Chronographic data can highlight the most important milestones of a business and when they occur. Chronographic data can help alert the sales and marketing teams to identify opportunities that are of immense value and when the prospects and customers are most likely to purchase their products or services. Often referred to as sales triggers, these include company location moves, company funding, acquisition, IPO, job hiring drives, and event appearances.
5. Intent data
Intent data highlights the prospects’ online behavior. These insights are mission-critical for growth-focused brands that are looking to gain a 360-degree view of their prospect behavior and personalize their campaigns to address the most pressing pain points of their prospects. A goldmine for sales and marketing professionals, intent data allows them to target prospects while researching products and arriving at purchase decisions. The data points include details about recent acquisitions, services, purchased products, and search information including page views, downloads, and subscriptions.
6. Quantitative data
This refers to data that entails information with any numerical value that is best used for statistical analysis. It includes both discrete data (information with a fixed number) and continuous data (information that varies over time). Data points include number of employees in a company, bounce rate, website traffic, click-throughs, email opens, CTR, turnover details, and more.
7. Qualitative data
This form of B2B data can be recorded and gathered but is non-numerical. Qualitative data is critical for customer-first brands looking to gain insights into the prospect behavior. Data points include one-on-one interviews, case studies, focus group meetings, questionnaires, customer surveys, and studies. It helps brands and marketers better understand their customers’ emotions.
What is an example of B2B data?
Given the nature of campaigns and the objectives each one is set to drive, brands choose data that aligns with their mission purpose. That being said no two data sets are alike, for instance, intent data procured from vendor A can include information regarding the previous purchase history, when the product or service was purchased, and the amount that was spent on the purchase. However, purchase intent data from vendor B might just have the previous purchase history and nothing beyond that. It is thereby important that you are specific and crystal clear about the type of B2B data you need for your campaigns and the overall objective of the campaign.
With the right prospect insights, you can double up the scope of your business faster. With 296M
+ B2B contacts in our data repository; we have access to the most sought-after accurate B2B profiles globally.
Why is B2B Data Important?
Well, try communicating with potential prospects online in the absence of an accurate B2B database. Impossible, isn’t it? This is how important a B2B data repository is to a brand. It is the foundation of all mission-critical business communications that help you connect, collaborate, and influence your prospects to drive the desired purchase behavior.
Sales professionals and marketers use B2B contact data points to:
- Identify high-propensity customer profiles
- Target accounts, prospects, and qualified leads
- Increase campaign efficiency
- Enhance personalization
- Improve conversion rates
- Enhance customer journey
What is the difference between B2B and B2C Data?
B2B data or Business-to-Business data refers to information about other businesses. However, B2C data or Business-to-customer data refers to all the information about the prospective customer. Here’s an overview of B2B Vs B2C Data:
|Lower Volume, High Price
|Higher Volume, Lower Price
|Longer Sales Cycle
|Shorter Sales Cycle
How accurate is B2B Data?
Most research conducted to confirm B2B data quality suggests that close to 70% of B2B data is obsolete, incomplete, or inaccurate. What’s worse? The B2B data providers you entrust to resolve your data woes often fail to deliver more than 50% accuracy. Alarming, sure it is!
Just as no two data records are like, a data repository that once scored 95% on accuracy and relevance won’t stay that way, at least for more than 90 days or even less. Why so? Your data vendor is not to blame, but the nature of data is very dynamic.
Data keeps changing and evolving from time to time. An employee for instance has moved companies, switched profiles, or perhaps relocated, or changed his contact number. All of this and more contributes to data decay and this is an involuntary process. To ensure data accuracy and relevance, brands must stay vested in a robust data management process as an ongoing process.
With the right insights added to your data repository, you can
- Boost competitive advantage
- Increase customer acquisition and retention
- Maximize overall customer experience
Without the right contact data in place, you miss great opportunities for your competition to easily secure your spot. It’s not worth your time and brand investment, or is it? Seek high-quality data, run a relevance check within 40 days, and discover how you can propel your growth leaps ahead of the competition.
Let’s look at some of the attributes of a high-quality B2B dataset that can act like your checklist while you consider purchasing one for your business.
What are the Attributes of a High-Quality B2B Dataset?
A high-quality B2B dataset for brands of all types across industries is the measure of the data based on a series of factors such as accuracy, recency, relevance completeness, compliance, and comprehensiveness.
Data accuracy how well the data reflects all key aspects of the database. While measuring data accuracy check for the sources the data is procured from and all the verification processes that were applied to ensure complete data accuracy.
Data keeps changing constantly and there are a lot of factors like job change, relocation, and promotions that impact data. This calls for brands to ensure that the data is updated constantly Businesses can incur heavy losses due to outdated data, which calls for brands to ensure that their data remains relevant across time.
Data completeness is an essential factor to consider while procuring a high-performing B2B dataset. It refers to all the critical components that contribute to its completeness. When important values or records are missing it gets extremely challenging to derive any value out of it. This is one component of the data quality framework that has a direct impact on data accuracy and validity.
Is it worth risking your brand credibility with non-compliant data that can cause irreparable damage to your business? Non-compliant data is poor quality data that can lead brands into legal troubles, and monetary fines that put the company’s reputation at stake. To ensure optimal campaign performance and experience measurable returns seek complaint B2B data even if it comes at a higher cost.
Data comprehensiveness determines how impactful your data is when it comes to accomplishing your business outcomes. When business data gives a comprehensive overview of prospective customers and their markets, you can effortlessly increase measurable returns from your multi-channel campaigns.
Where does B2B data come from?
B2B data can be sourced from 2 sources, internally and externally. Internal data refers to data that is gathered from within the brand. External data is gathered from various third-party entities that are involved in procuring data. Acquiring, storing, and maintaining data requires a lot of data quality management protocols to be met, thereby business heads and decision-makers prefer to outsource their data requirements to trusted third-party data vendors.
Data vendors gather data from
- B2B data platforms
- HR sites
- Government websites
- Market research platforms
- News Articles
- Email Signatures
- Lead Generation Tools
- Data Vendors
- Social Media Handles
However what one needs to pay close attention to is that the B2B data procured is comprehensive, compliant, recent, accurate, and relevant.
What is B2B Data Used For?
B2B Data is used for a variety of purposes, including customer communications, lead generation, demand generation, outbound sales, targeted multichannel campaigns, nurturing campaigns, and more. Let’s take a look at a few of the most important use cases of B2B data.
Sales & Marketing Efficiency
Imagine reaching out to a prospect without any details of what are their most pressing concerns. You know you are shooting in the dark hoping that the prospect seems vested in your offering. This is how critical a high-quality dataset is for result-focused brands. It helps sales and marketing teams get a comprehensive overview of their potential prospects to create highly personalized multi-channel campaigns with a laser-sharp focus on results.
An ideal customer profile (ICP) is an overview of the ideal business or customer type that you want to target. Brands that align with your ICP are essential to boost your ROI as they are profiles that are most likely to buy from you, stay loyal to your brand in the long run, and also refer you to other businesses.
The best quality B2B data facilitates marketing, sales, and customer success functions to integrate and work collectively toward maximizing leads and sales conversions. When business data is used efficiently, it assists organizations in meeting their sales targets by improving conversion rates.
Analysis & Research
High-quality B2B data gives a comprehensive overview of your business prospects. These insights enable sales and marketing teams to conduct an in-depth analysis of their prospects and understand what they are truly looking to accomplish. With these intent-rich insights, businesses can align and personalize their marketing communication and sales efforts to improve lead quality and increase conversions.
Increase Customer Trust
When you understand what your customers truly need begin to trust you completely. Remember to keep away from sounding too salesy, focus on value instead. When they are confident that you are genuine they will remain loyal to your brand in the long run.
Optimize Resources Better
With the right and accurate data you can get your message across to the right prospects without having incur heavy campaign costs that come from using obsolete data.
High-quality B2B data has a series of business benefits. Customer acquisition, retention, creating positive customer experiences, understanding customer intent, and more, these are all critical to your brand perception and performance. Onboard a trusted B2B solutions data partner that can help you maximize your reach and scope as a brand. The right B2B dataset can take you leaps ahead of the competition and have a profound impact on your business success.