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As the world is becoming more data-driven, B2B businesses are also increasingly turning towards data suppliers to strengthen their commercial strategy. And there are numerous data suppliers to meet the demand - each with their unique strengths and limitations. But how do you navigate through a space where every provider promises you access to the hidden gold?
To help you make the right choice (and avoid wasting lots of money), we’ve compiled 7 questions that are good to ask before buying a data platform.
1. How fresh is the data?
Different types of data age differently. For example, people change jobs, phone numbers, or emails much more often than companies pivot focus. Loading your CRM with stale contact info may actually hurt productivity more than it helps, so make sure to ask about the age of their data.
2. Does the database contain the right kind of companies?
They may have millions of companies in their database, but how many of those companies are actually of interest to you? Instead, look at their coverage within your key market segments to determine the actual utility of the data.
| 91% of CRM data is incomplete according to Salesforce |
3. How good is their regional coverage?
If you are looking to expand across borders, what is the level of coverage in your target regions? Virtually all data providers have areas of strength and weakness in different locations around the world, make sure you choose the best one for you.
4. How was the sample list made?
When comparing the data quality of multiple providers (which we strongly recommend), ask for a data sample. If possible, pull the data from their platform yourself. Salespeople are known to groom your sample lists to perfection, but what you get after purchase is auto-generated and much less accurate.
| 70% of CRM data goes bad or becomes obsolete every year according to Salesforce |
5. How sure are you of your Ideal Customer Profile?
Data is only as good as your targeting. Getting perfect contact information for people who don’t need your products or services will only help you build extra bad pipeline. Choose a provider who can assist you in finding the best possible opportunities with data-based analysis.
6. Does the data platform support your internal processes?
Will you be accessing this platform in a centralized or decentralized fashion - is this a tool that your reps can safely use to help themselves, or are you potentially adding work
7. Does the data sync with your tool?
Out-of-the-box connectivity with your key systems can save you huge amounts of time and reduce human error at the same time.
Are we the one? Ocean.io is an intelligent data platform that finds you the best companies to go after, based on your own historical sales data. Interested to see how it works? Get a free sample here.
