The Ultimate Guide to B2B Data 2021
What is B2B data?
B2B is shorthand for “Business to Business”, and it generally refers to who you sell your product to. If your company sells a product or service to other businesses, you’re a B2B company.
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B2B Data consists basically of all business related data. Whether it’s firmographics, techno graphical information or other type of company data like ESG, it offers a wide perspective on other organizations and has a large variety of use cases. Companies use B2B Data often to reach out to other businesses and pitch their services/products. B2B data analytics support your customer acquisition and retention. It can help your business identify new sales leads and get in touch with them.
Who uses B2B data and for what use cases?
Let’s say you want to reach out to companies who are retail companies and in those companies, you want to reach out to the purchase managers. Prospecting for new buyers is one of the biggest challenges that face manufacturers. Data can help you, but sourcing B2B insights is hard to do in a time and cost efficient way. This is where you would use a B2B database provider.
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Many sales and marketing people find it difficult to accurately target – or engage with – their ideal buyers. Data can help you to understand your audience and prospects better. This will help you to prioritize and plan your outreach campaigns for better results.
For example, a custom B2B sales data provider can provide you a list of specific sales triggers based on intent or technographic data that allow you to see if your prospects are at this point in time interested in a product such as yours. With so many innovations in the business world, B2B Data is crucial to the results and productivity of marketing and sales teams. It can help with a range of activities such as prospecting-using a range of filters to create lists of contacts your sales team can use; and cold reach- providing your sales team with up-to-date, accurate data that can be used to get in touch with people who look like great leads for your business; and account based marketing- good B2B Data is the fuel for successful ABM campaigns.
Information on a company’s spending on tech can be used to qualify prospects before you engage with them.
The advantages are huge. The old-style methods of hunting down new business are obsolete. A lot of businesses still operate in “safe” mode, where they sell to who they’ve sold to in the past and try to squeeze in a little bit of prospecting effort on the side. Sales hardly increase.
With the help from data-driven knowledge, you can easily outperform the old school prospecting and reliance on repeat business model that many businesses are still relying on today.
What is B2B data enrichment?
Customers looking to buy data online want value for their money. B2B data enrichment refers to the process of adding more layers to the existing data to make it more valuable. The benefits of B2B data enrichment include better segmentation and targeting, more sales opportunities, increased conversion rates, and effective nurturing of leads. Some B2B data providers in the market today specialize in offering B2B data enrichment tools. B2B data enrichment facilitates more efficient marketing processes and sales, and consequently purchases of B2B data have increase over the past few years. Enriched B2B data helps marketers to make more sales, drive better content, and have more leads.
What are typical B2B data types?
There are different types of B2B Data you could use depending on your target accounts; your product; medium for lead generation; etc. Some of the different types of B2B data include: accounts data, technographics data, firmographics data, intent data, engagement data and contact data.
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Let’s take a look at each of these in turn:
Firmographic data - Firmographic data is types of information that can be used to categorize organizations, such as geographic area, number of clients, type of organization, industry, technologies used and so on. The data is used to segment organizations into meaningful categories.
Technographic data - refers to information about a company’s technographic profile and its use. Technographics is the profiling of target accounts based on the technology they use. It works at bringing depth to prospect profiles that are based on firmographics and is generally used by B2B sales/marketing teams to complete their understanding about their clients, prospects, and competitors.
Intent data - B2B intent data provides insight into a web user’s purchase intent; allowing you to identify if and when a prospect is actively considering, or looking to purchase your (or similar) products or solutions, enabling informed, timely campaign decisions.
Contact data – As well as lnowing the important facts about how a company operates, you need to know who the decision makers are so that you can get in touch with people who can actually make an impact with you. Contact data enables you to achieve precisely this.
Engagement data - Measures the response sour messaging is recieving from your audience; social media likes and shares, time spent on your webpage, bounce and exit rates, etc…
Accounts data - B2B data is the key ingredient to targeting the right people in the right accounts. Your company depends on accurate, up-to-date business marketing data. Account-based marketing uses personalized and highly tailored campaigns to generate leads. It is based on the assumption that B2B buying decisions are usually made by a select group of people rather than a single person.
Contact data - are lists of companies, including e-mail addresses of the contact persons working at those companies, that are used by other companies to get in contact with those other businesses to sell their products & services.
What is B2B data exchange?
B2B data vendors have created means with which channel partners can exchange data to increase their efficiency, improve operational performance, and build stronger relationships. Under B2B data exchange, IT organizations can define transformations and processes to allow business users to customize these processes according to sources and partners. B2B data exchange therefore enables the integration of data from several businesses. Commercial B2B datasets from different enterprises are integrated and managed within the IT organization’s firewall. Some of the standard B2B connectivity protocols include APIs, FTP, databases, web services, and email. B2B data exchange’s primary role is to allow data exchange among partners and enable collaborations.
What is B2B data analytics?
B2B marketing analytics has three main components: dashboards, lenses and datasets. These components build on each other. Datasets address the content, lenses address perspective, and dashboards address presentation. All three components should be customized according to the clients’ needs. B2B data analytics offers clarity in visualizing and organizing data. Accurate reporting plays a massive role in the marketing and sales strategy. Therefore, data analytics focuses on data hygiene, advanced visualizations, full automation, and improved data monitoring accuracy. The increase in the amount of users buying B2B data online is greatly influenced by the increased use of data analytics.
How is B2B sales using Big Data?
Real-time B2B data can be easily acquired through the engagement of big data. B2B sales utilize big data to secure B2B businesses’ success through sharing and collaboration of big data to enhance customer engagement and experience. While B2B marketing goals have remained more or less through the years, B2B marketing practises have considerably changed to become more customer-centric and efficient. The use of a unified marketing system is vital to establish B2B customer demographics. The unified marketing framework connects a business sales and marketing department with other online marketplace structures to improve big data sharing and collaboration. B2B business systems such as sales enablement, order management, ERP, PIM, POS, and CMS should be linked to form a B2B network to make sense of the big data.
How is B2B data typically collected?
B2B data collection starts with collecting what you already know and then finding the right sources to supplement it. Your internal data comes from your billing systems and CRM tools. Businesses can then purchase external datasets, to enrich their existing knowledge to create in depth insights about their potential customers.
It’s important to define an end-goal as this will define the B2B Data you require. If your goal is to use your B2B database as a source for new, quality, qualified leads, you will need different B2B Data than if your goal is to understand credit scores. Once you know what B2B Data you require, you will be in a position to supplement your existing data with that supplied by a relevant B2B Data provider.
External data providers work with the latest technologies to collect vast amounts of raw data for your needs. They implement technological solutions on the web to measure your prospects technological stack and buyers readiness. They have robots scraping the web for interesting insights from social media, company registries, and others.
Who are B2B data append services?
B2B data reliability directly influences the cost of data. B2B data appending mainly refers to ensuring that historical B2B data is kept updated. Data expires fast and so must be continuously updated. B2B data gaps can be closed through data appending services. Reliable data positively influences the price of B2B data because of the enormous demand for up-to-date data. There are online tools available from B2B data providers that can be used to fill in missing data or correct wrong data. There are different tools available depending on the B2B data appending needs. Personal data, such as emails and social media accounts data, is the most dynamic. Appending B2B data is instrumental in keeping clients whose contacts may have changed.
What is B2B data integration?
Reliable B2B data platforms lead to customer loyalty and consequently, B2B data subscriptions. The automation of information from business communication and processes between many different organizations is referred to as B2B integration. B2B integration’s main benefit is the effective trading and working between businesses and business partners, businesses and customers, and businesses and suppliers. Companies’ complex electronic data exchanges and B2B processes can be integrated using B2B integration platforms to form a single gateway. The B2B integration platform gathers source application data and translates it to standard format before sending it via an appropriate protocol to different business partners. Business integration software is available on hosted cloud services.
How to assess the quality of B2B data?
Having good quality B2B Data is essential for a business. One of the best ways to ensure your company is purchasing good B2B Data is to buy from a reputable source. A good B2B provider will be GDPR Compliant and has many happy customers. Ask your data provider to provide you with a list of reference customers with their contact information.
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A reliable data vendor will ensure the B2B data is regularly cleaned, validated, and updated to improve your ROI and make sure everything is up to date. You can also consider asking the provider for a sample set you can use to test the data in its intended environment before putting your name on a contract.
How is B2B data typically priced?
In-house systems or outsourced providers are the two main models for acquiring B2B Data. In the first system, the company would need to purchase raw data and train a team or else hire a freelancer to cleanse it. This is a time-consuming method. Sourcing, cleansing, validating, and storing your B2B Data takes a lot of work and can become costly.
Depending on the data type and its use case some of the more common pricing models we see in the market include:
- Monthly subscriptions to real time databases
- One time payments for larger historical datasets
- Custom quotes for larger enterprises with special needs
Most companies prefer to rely on automated B2B data solutions and have their sales team’s time better spent having conversations with qualified leads and closing new business. B2B data service providers enable your team to save time prospecting, and spend more of their time closing deals. Using a B2B Data supplier will provide your team with accurate, up-to-date, and GDPR-ready data.
What are the common challenges when buying B2B data?
One of the common challenges of B2B Data is storing it. Storing B2B Data in a secure, GDPR-compliant way is more important today than ever. Companies are at risk of data breaches and need to ensure their B2B data is stored securely.
Ensuring accurate up-to-date data is another challenge. Many organizations have challenges with email deliverability. In addition to this, much of the data in the average B2B databases is considered inaccurate. Email databases decay by over time. Regular data validation will help you reduce bad matches. If you have low engagement rates, high email bounce rates, or are using old contact lists, then data validation will improve those.
Does GDPR apply to B2B data?
Data is protected by European law: general data protection regulation (GDPR). GDPR applies to B2B data. GDPR applies whenever personal data is being processed. Personal data refers to any information that can be used to identify a person. Examples of personal data include personal email addresses, IP addresses, phone numbers, and any information that can be used to identify a person directly or indirectly. GDPR provides guidelines to be followed by businesses when handling personal data. Marketing and B2B sales teams are the most affected sections by the GDPR on personal data. GDPR non-compliance by commercial B2B dataset platforms can lead to sanctions, payment of liability damages, or suspension.
What to ask B2B data providers?
- How is the B2B data collected?
- Does the B2B data system remove inaccurate data (e.g. out of date job titles) and remove duplicates that already exist in your database?
- Does the B2B data system validate the emails using relevant tools?
- Does the B2B data system have integrative tools, provide insights into your customers, provide access to valuable sales triggers etc?
We hope our overview of B2B data has shed some light on the B2B data type that will be useful for you!
Be sure to check out the list of B2B data providers on Datarade for help finding the right B2B data for you.
Who are the best B2B Data providers?
Finding the right B2B Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular B2B Data providers that you might want to buy B2B Data from are BoldData, Krill Technologies, Span Global Services, Every Market Media, and Thomson Data.
Where can I buy B2B Data?
Data providers and vendors listed on Datarade sell B2B Data products and samples. Popular B2B Data products and datasets available on our platform are B2B Leads Data | B2B Contact Data | B2B Lead Generation | Data scraping by GBSN Research, Business People Data (B2B Contacts) by FrescoData, and B2B Email List by Thomson Data.
How can I get B2B Data?
You can get B2B Data via a range of delivery methods - the right one for you depends on your use case. For example, historical B2B Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time B2B Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to B2B Data?
B2B Data is similar to Environmental Data, Energy Data, Real Estate Data, Geospatial Data, and Commerce Data. These data categories are commonly used for Account-Based Marketing (ABM) and B2B Data analytics.