B2B marketing and sales strategies can only push a business to success with updated and accurate corporate data. It happens because more recent business data save time collecting information from undesirable audiences and helps communicate the pain points of prospective buyers. Unfortunately, too many data providers proclaim to be the best; finding the right one can take time and effort. This article highlights four questions to ask a B2B data provider before signing a deal with them.
1. What are their Sources of Data?
It is a critical question because all data collection must be from reliable sources. Top B2B data providers must strictly collect data from relevant sources like events, conferences, business meetups, etc. A business may lose a lot of money if the data is collected from an unauthorized site. Some of the data to focus on include;
- First-Party Intent Data
This data is gathered from the business’ website to observe the online activities of its B2B site visitors. These activities are linkable to technographic and firmographic information.
- Second-Party Intent Data
A business buys data collected by a different company from review sites to determine which companies checked products in their category.
- Third-Party Intent Data
This data is collected from online activities from an external website that the business does not know.
2. At What Level was the Offline Data Collected?
The level of onboarding data is different from the level of offline data collection. In many cases, the levels are different when there is a large database of consumer transactions on an individual level that cannot be used legally. Top B2B data providers broadly onboard data to target certain audiences to leverage this data. Doing so helps the provider protect the consumer privacy of the individual while relying on their purchase signals to represent a wider population.
3. What Processes do they use to Verify the Quality of Data?
Although this question is tough for most data providers, one must know more about their data verification methods. Many services use industry benchmarks to measure the available demographic data. However, there is no way to achieve a comprehensive data quality analysis because of the many data points to consider.
The other way to evaluate audiences is through surveys and comparing customer information to the data the provider already holds about the customer. If the data provider cannot verify the quality of the available data, consider using in-house statisticians to analyse the data critically. There are various case studies to consider during analysis, although most data can be faulty since only some tell their full story.
4. How Compliant is the Data?
A data provider with the cheapest quote is only sometimes the best. Businesses may end up paying a hefty price for their misfortunes if they fall for this trap. Businesses must ensure that their data supplier complies with industry regulations and do their due diligence to confirm the same.
It is critical to purchase consumer data for business purposes since data protection laws on consent are becoming more intricate. Buying cheap data can only lead to trouble with ICO, and the business may end up paying a fine or damaging the brand’s reputation. Ask more questions like:
- Are they registered with national and international regulators?
- Are they GDPR-compliant data providers
- Are they only collecting relevant data for legitimate business interests?
Always investigate the data provider on compliance to avoid penalties.
Ask as many questions as possible to ensure the business gets the best deal. The above questions highlight the crucial points one can use to make informed decisions. A provider that places value above everything will be delighted to answer these questions.
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