We all know that we need the right customers to enhance a particular business and set the sales graph soaring. These customers are handpicked from the massive database of external sources.
It means that the source of the data is generated is highly crucial. This data plays an essential role in assisting the marketing and sales teams and enhancing the entire organization's decision-making process.
Thus, we have to be extra vigilant about the data sources for B2B.
This article focuses on the importance of B2B data sources and the benefits of utilizing the best B2B data providers.
What Is B2B Data?
Before diving into the importance of B2B data sources, let us first glimpse what B2B data and B2B database sources are.
B2B data is relevant information about other businesses. This data can be classified in the following way,
- Firmographic data (company name, industry, location, revenue, size, number of employees)
- Technographic data (stack list, stack count, integrations, features, tool and technology pros & cons)
- People or contact data (employee name, job title, experience, skills, education, public resume information)
- Intent data (website visits, product reviews, subscriptions, time spent on web pages)
B2B data is stored by businesses internally or purchased from B2B data providers. This data is used by the sales, marketing, and customer interaction teams to:
- Understand customers' needs better.
- Create an ideal customer profile (ICP).
- Enhance lead generation.
- Align sales, marketing, and customer success operations.
B2B Database Sources
B2B database sources contain information about potential customers and prospects. Based on the above categories, B2B database sources offer incredible and accurate insights to improve business operations.
Whether businesses plan to use internal or external data sources, this data needs to be filtered for efficient use.
Internal data sources require an excellent infrastructure and investment; thus, businesses are more inclined to source the data externally.
There are numerous benefits to B2B databases, but processes are also involved. For example, B2B databases require consistent maintenance, compliance reviews, and filtering. These processes are necessary to keep the databases error-free and provide authentic information.
Importance of B2B Data Sources
B2B data sources are crucial because they help businesses get a good view of other businesses. With the help of quality B2B data sources, businesses can make better decisions, generate opportunities, accelerate sales and weave incredible marketing strategies.
Let us have a detailed approach to the importance of B2B data sources for the sales, marketing, and customer interaction teams.
For Sales
Your sales team can work wonders when you have data sourced from the best B2B data providers (like Deck 7).
They have access to the most potential clients and prospects to design tailored solutions. It implies that they can understand the customer better and make informed decisions about the sales procedure for the particular product or service.
For Marketing
B2B marketing databases are optimal sources to create an ideal customer profile (ICP). With the best B2B data solutions, marketing teams can enhance lead quality, increase lead generation, and make data-driven decisions.
When the marketing team has access to the most accurate prospects, they can spend time and resources on the right customers.
For Customer Success
The B2B sales lead databases to have data about the complete lifecycle of the customer. Through this data, the customer interaction team knows when the customer takes quick decisions and when they slow down. . Therefore, this data sourcing for customer enhancement is very crucial.
It is essential to have quality B2B marketing data to align sales, marketing, and customer enhancement processes.
The Benefits of B2B Databases
Now that we have the basic idea of what B2B data is, its importance, and its types, let us consider the benefits of B2B databases from single and multiple sources.
Let's emphasize that B2B requires multiple data sources to cast a wide net of prospects. In addition, multiple data sources help B2B stay informed about the current trends, identify buying behaviors, and accelerate sales. Also, multiple data sourcing provides unprecedented insights about the buyer and their buying journey.
B2B businesses must utilize third-party data, intent data, and in-house data to get 360-degree benefits from the B2B database.
Whenever you have access to quality B2B databases, the following are the benefits that you will reap.
Get an in-Depth Analysis of the Data
Once you have multiple sources from a B2B data provider, you have access to in-depth, accurate, and complete information about the leads. This information helps you make faster decisions, engage prospects, and deliver the right services to the right audiences.
This in-depth data analysis also ensures that your sales team does not waste time, energy, and resources on the wrong customers. Finding and targeting your prospects gets easier with multiple B2B data solutions.
For example, LinkedIn contains a wealth of data. And it uses brand intelligence, human intelligence, advanced analytics, insight tools, and more to fuel its marketing strategies. It also allows B2B organizations to utilize LinkedIn data for more comprehensive and practical marketing efforts.
Boost Engagements with the Correct Strategies
All you need to do now is devise the right marketing strategy based on your understanding of what your prospect is looking for or their challenges.
Believe it or not, content marketing wins in every way. Whether it is emails, blogs, or creating content in any form to answer questions or focus on current trends, this strategy can lure customers.
According to 2018 Benchmarks, Budgets, and Trends—North America, Content Marketing Institute, 91% of B2B marketers agreed that they used content marketing as a major part of their marketing strategy.
So, when you have the data of who your audience is and what they need, all you have to do is weave a story around their challenges and provide them with the best solutions. This strategy will boost engagement and lead to the best conversion rates.
Accelerate the MQL to SQL Stages
Data management plays a vital role when it comes to the conversion of marketing qualified leads (MQL) to sales-qualified leads (SQL).
The importance of B2B data sources lies in sourcing the journey of the MQLs. The intent data lets you know the current status of the customer, but it is crucial to know if competitors are engaging the buyer in other attractive ways.
Thus, the best B2B data providers will provide integrated intent data to pinpoint the MQLs' sales journey. Once you have access to what, where, and when your customers are looking for, you can target them easily by tracking their activities.
Furthermore, these B2B marketing databases enable you to target customers at their most active times and on their preferred platforms. This, in turn, helps you accelerate the critical stage of conversion.
You Have Access to Intuitive Solutions
Having access to large amounts of data is an easy job, but having access to the correct, filtered, objective, and actionable information is what matters.
The suitable B2B data providers ease your tasks by providing intuitive solutions by sourcing data from various data warehouses.
Once you have your hands on the most accurate database of B2B, your teams can process faster, objectively, and are more likely to convert prospects into clients.
Boost Your Revenue Operations (RevOps)
RevOps is an emerging and important behavior in the B2B industry. It combines sales, marketing, customer success, and system operations into an end-to-end solution.
Therefore, the best quality B2B sales lead database and B2B marketing database generate smooth sailing and outstanding revenue operations.
When businesses use data effectively, it helps revenue teams meet performance targets as they have access to detailed information. This involves boosting sales leads, improving strategies, evaluating ICPs, increasing conversions, and building brand value.
Wrapping Up.
As B2B organizations move more and more towards digitalization, multiple data sources will continue to play a vital role.
The importance of B2B data sources will ensure that companies generate better revenue, business opportunities, quality leads, market trends, and more. B2B data sourcing will continue to be a critical basis for connecting with other businesses and generating more ROI.
Like, – Thomas H. Davenport, an American academic and author specializing in analytics, business process innovation, and knowledge management quotes,
"Every company has big data in its future, and every company will eventually be in the data business."
Frequently Asked Questions
What are the types of B2B data?
- Firmographic data (company name, industry, location, revenue, size, number of employees)
- Technographic data (stack list, stack count, integrations, features, tool and technology pros & cons)
- People or contact data (employee name, job title, experience, skills, education, public resume information)
- Intent data (website visits, product reviews, subscriptions, time spent on web pages)
What are the sources of B2B data sources?
B2B data can come from internal data-saving systems like CRMs or third-party data providers. B2B data providers have multiple data sources and provide accurate data to every business.
What are the benefits of B2B data sourcing?
- Understand customers' needs better.
- Create an ideal customer profile (ICP)
- Enhance lead generation
- Align your sales, marketing, and customer success operations.