Unless you’ve been living under a rock for the past decade, you know the importance of data. Moreover, any B2B marketing person knows that data is one of the most essential components to business growth. If you’ve been in the B2B industry, you’ve most probably experienced how crucial it is to have your database in perfect shape. Since your database consists of information related to clients, prospects, and leads, it is invaluable. Moreover, it is an incredibly powerful medium that you use to help drive sales, make informed business decisions and ultimately increase your ROI.
Many people assume that data maintenance is an easy task that doesn’t require intensive investment in terms of time and expertise. However, this is a gross misconception. In reality, maintaining a database is not a simple task. It requires a lot of specialized knowledge, skill, and experience.
In the previous article, I explained how crucial it is to maintain data relevancy, consistency, and normalization for a successful B2B business. These concepts are all part of overall data hygiene.
Types of B2B Database
As I explained earlier, data is the central focus that drives all other business operations. Additionally, the average business organization today understands the importance of data. Accordingly, data collection is actively pursued via all possible channels and forms. Unfortunately, the data received in such a manner is seldom universally organized or error-free. Information acquired in this form is usually very cluttered and riddled with discrepancies.
The principal issue with raw data is that it is unsorted and unformatted. Although it can be sorted and formatted to match the destination database, it is a process that demands caliber and skill to perform it. Furthermore, an ideal B2B database is one that contains efficiently sorted, complete records; formatted and highly relevant to the particular company’s profile.
Firstly, it is necessary to acknowledge how difficult maintaining a database can be. Efficiently nurturing a database is not an easy task. Hence, most B2B companies hire data service providers with the aim of achieving a well-maintained database. This is a smart way of going about things, especially if the company hires an able team. However, this choice proves fatal if the service provider doesn’t live up to expectations.
B2B Data Classification
B2B data can roughly be classified into the following categories-
B2B Lead Lists
B2B Email Lists
MQL Leads lists
B2B Client Lists
B2B Opt-in Lists
Most B2B companies collect data available in these five types. Usually, this data is procured either from data vendors or the organization itself manages and builds the database. Moreover, building your own B2B database is the best practice to implement. However, you would need to invest and maintain a dedicated department in your B2B company for this to happen. Although it is not impossible, this is quite a time and resource-consuming exercise.
Before we delve into the best solutions for your B2B Company’s ideal database, let’s look into B2B data a little more closely.
Types of B2B Data
B2B Leads List
B2B businesses tend to collect data about their perspective or probable clients. Normally, such data is collected in tandem with their social media engagement, referrals, and other platforms. Most of all, as the demand-and-supply chain has to run smoothly, there isn’t enough time to invest in it. This is one of the main reasons that most B2B companies prefer to buy their data from data vendors.
First things first, buying data lists aren’t the worst thing on the planet for your business. However, if we talk about overall data quality, bought data is seriously lacking. Moreover, if the acquired data is not relevant and up-to-date, it doesn’t add value to the target database that is maintained by your company. As a result, it is necessary to take into account factors like the data vendor’s track record, overall data quality, etc.
A full-blown and rewarding B2B Database is achieved when you minutely monitor the incoming data quality. Luckily, this is not as resource-consuming as collecting and managing data can be.
B2B Email List
Emails are the easiest contact detail to obtain. Moreover, such email communication is also known to have a significantly higher ROI than any other form of marketing communication for the B2B industry. Basically, email lists are the premium contact detail any B2B company can possess in order to get in touch with a maximum about of clients or leads.
MQL Leads List
It goes without saying that such MQL lists are a wealth of information for any B2B company. MQLs are usually people who are just a few steps away from purchasing your products or availing your services. Once they are sufficiently nurtured and primed via relevant marketing and advertising communication, they are highly likely to become buyers. B2B businesses invest hefty amounts in buying MQL lists. The fact that leads from such databases do not require cumbersome nurturing or marketing investment in order to buy, makes such a list very valuable.
B2B companies buy these lists depending on the guarantees and promises put forth by data-vending firms. But when B2B companies integrate these records into their B2B database without testing, the quality of the existing database starts degrading.
The same phenomenon holds true even for client lists and opt-in lists that B2B firms tend to source from such data vendors. In short, if you’re serious about growing your B2B business, having a healthy database stocked with bankable, relevant leads and clients is the way to go. Compromising data quality is not an option if increased revenue is the goal.
The Issue with Buying Data
So, is there a solution to this ever-present data-irrelevancy issue?
Why Data Accuracy Issues Exist
The Solution to Keeping Your B2B Database Relevant
The best possible solution for a relevant and up-to-date database is to buy the information that is freshly unearthed and mined based on your organization’s specific requirements. This simple step will solve the majority of your problems related to outdated data. When you buy data that is mined or cleaned using automated processes, you simply add fuel to the fire. Since automated processes cannot possibly be 100% accurate in their end result, you’re only adding to the problem of data inaccuracy.
A majority of data vendors, data mining services, and data cleaning companies resort to automated processes to supply you with the information you need. To counter this issue of data mined or cleaned using automated techniques, you must try Manual data cleaning, data mining, and data enrichment services. Where automated processes lack, manual technique give you the added reassurance of checks conducted using a human being’s innate logical reasoning skills.
There are not many firms offering these sorts of manually powered services as this process is quite cumbersome and time-consuming. With that being said, it helps you achieve improved sales and ROI and in the long run, enhances your B2B database. Your sales efforts and resources thus invested will fetch you more favorable deals when you have a highly accurate and relevant B2B database.
Automated Data Mining/Cleaning vs. Manual Technique
The automated process, as the name suggests, is performed using automated tools such as scripts and software. Any data that requires cleansing is passed through the script or software. Duplicate, irrelevant or incomplete records are then matched against a pre-set standard of records, and discrepancies are corrected. Moreover, records that aren’t completely fitting the prescribed standards are promptly purged as a result of the automated process and only data deemed relevant by the system survives at the end of the process. The same process is applicable in the case of data mining or research.
As you can guess, the speed of data cleaning or mining will be great while deploying automated scripts and software. However, you are sacrificing accuracy for this speediness. The fact of the matter is that automated data processes yield an accuracy of only about 65%-75% at most.
Why Manual Data Cleaning Is Better
On the contrary, the manual process includes human intervention when cleaning or mining data. Real, breathing human beings dig out relevant data information for every record in your database. Moreover. they manually research the internet and other resources to find relevant information. Additionally, every record or contact thus examined goes through a series of manual verification against trusted professional and social networks as well as trustworthy data hosts. As a matter of fact, only when all the relevant info about a record is cross-verified, the entry is appended either to your B2B database or the lead/prospect/client list.
This extra effort and re-checking steps ensure that data processed using manual technique has an accuracy rate as high as 98%-99%! An accurate B2B database with such a high rate of accuracy is something that many B2B companies strive for. Accordingly, the higher is the data accuracy rate; the higher will be your conversion rate as well as the more improved ROI your B2B business attains.
BizProspex- Your Ideal Manual Data Services Partner
Although manual data processing can be a lengthy and tiring process, the results speak for themselves. Not many companies are equipped with the resources required for carrying out manual data processes. At least, not in an efficient and effective manner.
BizProspex is the only company providing these manual data services at very affordable rates. Moreover, it is the only company based in the USA that provides manual data mining, cleaning, and CRM cleaning services. Our services come with data accuracy rates of 98%-99%. We’ve been in this business for well over six years, and this experience has left us with the right mix of skills. This experience helps us deliver exceptional results. We have over 350 satisfied clients, many of who are return clients. BizProspex even has a full-time professional data researchers’ team consisting of 30 experts.
How We Are Different
At BizProspex we offer customized free trials for up to 100 leads. We also have to offer our B2B clients a ‘120% Money-Back Guarantee’. Our team will refund 100% of your money if you are not satisfied with our work. Additionally, we’ll match 20% of the cost for any inconveniences or delays caused. That’s how confident we are in our ability to deliver you the data solutions you need!
B2BProspex is yet another venture of ours where we serve you with back office, data entry services, e-commerce support, and email list preparation. Our full suite of services is available for you to test for free. However, there is no obligation to hire us if you don’t feel satisfied with the quality of our work. You can get in touch with us if you need any assistance with your B2B data projects or back office and data entry operations.
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You can surely have real insight into the B2B industry and B2B best practices by visiting my previous articles listed below-