A B2B marketing database is an essential component to the success of your business. A good B2B marketing database will help you target your customers better, increase customer retention and improve customer satisfaction. A bad one can have the opposite effect. Your business will be limited by your ability to have reliable data stored in your marketing database, so ensure yours is solid and up to date.
In this article, we will discuss what a B2B marketing database is, how it works and how you can create one for your business.
What is a B2B Marketing Database?
A B2B marketing database is a list of potential customers who may be interested in your products or services. It contains information such as their names, email addresses, phone numbers, job titles and company names. You usually get this information from publicly available sources but you can also purchase it from third-party vendors if you see fit.
The Importance of Reliable Data
B2B databases are an essential tool for marketers who want to reach specific businesses. However, many B2B databases contain inaccurate information about target businesses. This can cause problems for marketers who rely on them.
Here are some reasons why your company should rely on more reliable B2B databases:
Inaccurate information prevents you from reaching the right prospects. If you’re targeting the wrong companies, you’ll waste time and money on unqualified leads.
Inaccurate information means less qualified leads. When you’re sending out emails or making cold calls to people who aren’t interested in your products or services, they’re less likely to respond favourably to future communications from your company.
Inaccurate information makes it difficult to track results and make adjustments as needed. If all of your marketing efforts are based on inaccurate data, it’s difficult to tell which campaigns are working best or what else needs improvement in your marketing efforts overall.
Sales teams are often the ones responsible for managing B2B data, but that doesn’t mean it’s always a smooth process. Here’s how to make sure your team is doing all they can.
Good Practices to Keep in Mind
Here are some best practices for managing your B2B data:
Set standards
It’s important to set clear expectations around what constitutes “good” data. Having a standard will help eliminate bias or confusion and make sure that everyone understands how they should be working with the data. You might have different standards depending on what stage your company is in (for example, if you’re just starting out and only have one or two prospects) or if you’re a larger company where there are more people involved in the process.
Monitor the process
One way to ensure everyone follows the same standards is by monitoring how each person does their job — specifically, how they clean and organize their records, as well as how often they update them. This helps ensure that everyone has access to consistent information that’s easy to find when they need it most (ie: when they’re prospecting). It also allows you to identify opportunities where people might be able to improve their processes so that you can continue improving over time.
Continue to Grow Your List
The more prospects you have in your database, the better off your company will be — so it’s important to continually add new names. Not just any names, though. We want to make sure we have quality potential clients on our list, rather than a massive quantity of time-wasting misses.
Data Decay
Data decays and it needs to be updated. In the B2B space, email marketing databases degrade by more than 20% each year, so lists need to be updated every 3-5 years, depending on the nature of your business.
Data decay comes from either a lack of mechanisms for updating contact details (from name changes, promotions, etc.) in most companies or because companies don’t have a process for updating their lists regularly.
If you want to make sure that your leads are always up-to-date, consider using a third-party provider like Salesforce Marketing Cloud or Oracle Eloqua to access B2B marketing lists with fresh contacts. These platforms give you access to contact information from multiple sources so that you can find new leads without having to spend hours updating your database every week.
Third-Party Providers
Buying B2B Data from Third Party Providers
Buying B2B Data from Third Party Providers is a great way to get your business off of the ground. However, it can be difficult to find a good data provider who will provide you with high-quality data at reasonable prices. Many companies sell B2B data and each has different pricing structures and features, so finding the right one may require some research on your part.
The first thing you need to do when buying B2B data is determining what type of information you need. You will also want to consider how often the data is updated, how accurate it is and if there are any hidden fees involved with purchasing the data. If you have questions about these issues, contact customer service before making any purchases so that you have all of your questions answered before committing to purchase any type of B2B data from third-party providers.
Once you have determined what type of B2B data you need and whether or not it is available from a third-party provider, compare their pricing structures as well as their features to find the best deal for your business needs. You should also research any additional costs that might come along with buying this type of data, such as any setup fees or monthly maintenance charges.
Laws and Regulations
B2B database laws & regulations are a set of rules that govern the use of business lists. These lists contain information about businesses, such as contact information, location, and similar data. The law regulates how these lists can be used for commercial purposes.
The European Union’s General Data Protection Regulation (GDPR) is a big deal. It replaces the current 1995 Data Protection Directive and applies to all organizations that process the personal data of EU residents.
Although the GDPR was approved in 2016, it was officially implemented on May 25, 2018, with a two-year grace period for compliance. By May 25, 2020, all organizations had to be in full compliance with the new legal requirements or risk fines of up to €20 million.
The GDPR defines personal data as “any information relating to an identified or identifiable natural person” and applies to both B2B and B2C companies that collect or process data from individuals within the EU. The regulation defines how businesses must handle personal data collected from consumers, employees or other third parties.
Some of the key changes included;
- Increased transparency requirements for how businesses collect and use personal information;
- Stronger consent requirements for how businesses obtain consent from data subjects;
- New rights for data subjects including the right to access their information and request corrections;
- The right to erasure (the “right to be forgotten”);
In the United States, there are many different types of B2B databases and each state has its own rules for each type of database. For example, some states allow you to use a mailing list for marketing purposes only if you have permission from each individual on the list. Other states require you to obtain permission from anyone who might be affected by your marketing efforts.
Putting it All Together With Closely
Closely is a data-driven sales automation platform. It helps companies find new customers by collecting and managing their contact data. This is all done through a suite of products that include:
Client Profiles: Collect customer data in one place and create client profiles using more than 50 fields with over 900 possible combinations.
Geo-Targeting: Geo-targeting helps you reach your specific audience based on location, demographics and interests.
Fully Automated Sales Platform: Closely boasts a sales platform offering assistance at every stage of the sales process. From client acquisition to total automation of data migration and filing. Closely is your one-stop shop for all sales needs.
Run multiple LinkedIn or Email outreach campaigns on autopilot using Closely. Make use of analytics to see which campaign works best. Use personalization to make your messages tailored to each particular recipient.
Closely has a wealth of other features for B2B sales teams.
Check out how to generate hundred of leads on autopilot from LinkedIn:
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