Businesses now more than ever rely on data to fuel growth and guide decision-making in the age of digital transformation. Third-party B2B data is useful because depending simply on first-party data may not be sufficient. According to a report by MarketsandMarkets, the global big data market is projected to grow from $23.1 billion in 2020 to $33.3 billion by 2025.
Businesses can take advantage of this and enter new markets while gaining a competitive edge. In this blog, we'll discuss best practices for utilizing third-party B2B data to its fullest, from determining your data requirements to selecting a trustworthy supplier and maintaining the data's integrity.
What is Third-Party B2B Data?
Third-party B2B data refers to data collected by outside sources that are not directly tied to a company's internal operations or data. This data may comprise behavioral data, intent data, firmographic and demographic data, and more. Outside sources of third-party B2B data can include a variety of providers such as data brokers, data exchanges, and data aggregators.
Demographic and firmographic data are specifics about a company's industry, size, location, and other relevant factors that can be used to inform marketing and sales strategies. Information about a potential customer's online behavior, such as web browsing history, email opens, and content consumption patterns is called behavioral data.
Another type of third-party B2B data that can be extremely valuable is intent data. This data provides insights into a potential customer's research and purchase intent based on keyword searches, downloads, and social media activity. Businesses can better understand their potential customers' needs and preferences using intent data, allowing them to tailor their marketing and sales strategies accordingly.
Tips to Make the Most of Third-Party Data
Sales and marketing teams should understand how to use the data correctly, which benefits the business and helps in making successful decisions. Here are the best practices when using third-party B2B data:
Tip 1: Identify Data Needs
To ensure you are investing in the correct data for your business, you must determine your data needs before using or acquiring third-party B2B data. Defining your data requirements involves choosing the precise data types that will help you reach your marketing and sales objectives and figuring out how to incorporate that data into your current systems.
While investing in incorrect data can be expensive and time-consuming, it is essential to determine your data needs. Buying false or irrelevant data might result in unsuccessful marketing and sales campaigns, which can ultimately hurt your company's expansion, reputation, and earnings.
Start by analyzing your current data infrastructure and any gaps that need to be filled in order to determine your data requirements. This may include reviewing your company's goals, consumer profile, and sales cycle. Choose the data types that will facilitate these actions and enhance your decision-making process.
Tip 2: Choose a Reputable Data Provider
Choosing a reputable data provider is crucial in ensuring that the data you receive is accurate and reliable. By partnering with a trusted data provider, you lower your chance of making investments in irrelevant or poor data and anticipate better growth for the business.
A trustworthy data supplier should deliver high-quality data that is sourced from reliable sources while upholding ethical and legal standards. They must offer trustworthy information and adhere to all applicable privacy regulations. You can properly manage your data by working with a reliable data supplier because you'll have access to their professional advice and support.
Criteria to choose a reputable data provider:
Data Quality - Look for samples of data to assess their source, completeness, freshness, and formatting. Consider the procedures for validating current, accurate, and pertinent data.
Transparency - The supplier should be open and honest about how data is gathered and processed while still following the essential privacy compliance guidelines.
Expertise - Seek suppliers with knowledge and experience in your industry or market segment. To improve data and increase its value to your company, look for extra services like data analytics, segmentation, modeling, and account mapping.
Customer Support - Look for customer support that is easily accessible and that can assist with onboarding, the data integration process, data interpretation, and other inquiries regarding data quality, source, format, and pricing.
Reputation and reviews - Examine the company's reputation, customer feedback, and reviews to learn more about its expertise and the quality of its services.
Tip 3: Integrate the Data
Enhancing the accuracy, relevance, and effectiveness of business decision-making requires the integration of third-party B2B data into already-existing systems. Businesses can collect data from numerous internal and external sources into a unified view that can be used to obtain insights, make wise decisions, or draw meaningful conclusions thanks to the integration process.
Tips on integrating data into existing systems:
Determine data needs - Locate data sources and types that are pertinent to operations, goals, and business choices. This should involve determining the areas where B2B data from a third party can enhance existing data.
Evaluate compatibility - Find out whether the data provider's API or manual data transfer options will better integrate the data into the existing systems, taking into account the data format, changes, and frequency.
Prepare for integration - By mapping data fields, defining validation processes, and setting up data storage infrastructure, prepare the current system to receive data from other parties.
Utilize data integration tools - Make use of software or solutions that can effectively integrate the data. These technologies could be cloud-based integration services, data integration tools, or extract-transform-load (ETL) systems that automate the integration process to minimize errors and improve the data.
Verify data quality - Quality control should be carried out following integration. To make sure the integrated data is current, verified, and relevant, it should be evaluated for completeness, redundancy, and accuracy at both the dataset and individual transaction levels.
Tip 4: Clean and Update Data Regularly
The success of any business depends on maintaining clean data. Clean data helps organizations make better decisions, ensures correctness, lowers errors, and increases return on investment. In order to produce accurate and valuable information for your organization, it is crucial to understand the importance of data quality and how to keep data clean.
Data quality is important because it guarantees that all information is accurate and current. Data errors can negatively impact business operations, resulting in lost opportunities, incorrect results interpretation, and poor judgments. Moreover, it enables firms to thoroughly examine data, gather information for strategic actions, and accurately evaluate significant patterns.
Tips to keep data clean:
Standardization - Ensure that all data is structured uniformly to ensure that the data's structure is the same.
Elimination of Duplicates - Elimination of redundant data, inaccurate entries, and out-of-date information. Provide a mechanism for the periodic revalidation or updating of data figures.
Regular Data Curation - Consistent data curation guarantees that data is accurate, full, consistent, and relevant. It is best to take active measures to improve business insights, identify problems with data, and clean it up.
Process automation - By automating data transmission, validation methods, and cleansing operations, you can keep your organization's data current and accurate while also improving visibility.
Data Security - Avoiding unauthorized access and making sure that all laws, rules, and regulations pertaining to data security are followed are of the utmost importance.
5 Ways to Use Third Part B2B Data
Third-party B2B data can offer insightful information that helps businesses better understand the interests and behavior of their customers, giving them a leg up when creating sales and marketing strategies that work. Here are a few techniques every B2B sales and marketing team should employ:
Customer Segmentation
Customer segments based on distinct factors, such as industry, firm size, region, and job title, can be created using third-party data. By employing third-party data, businesses can gain thorough insights into customer preferences, purchasing patterns, communication methods, and more. These useful measures assist efficient customer segmentation by gaining a deeper insight into the client base. Customers feel appreciated and linked to the company as a consequence of the customized marketing initiatives, which raise consumer satisfaction and loyalty.
Lead Generation
Businesses may target prospects actively looking for their goods and services using third-party B2B data, saving time and money. Businesses can improve their outreach and create more successful campaigns by identifying potential clients who are ready to buy (based on search and social behavior) or who were previously in the market. Also, organizations may target their efforts and locate high-quality leads that are likely to convert, resulting in exceptional ROI with the aid of third-party insights.
Marketing Strategy Optimization
Third-party B2B data can enhance marketing strategies by tracking customer behavior across multiple channels, determining which campaigns are more successful, and how to optimize current campaigns accordingly. The data offers insightful information about which marketing strategies successfully engage the audience and which ones require better. Businesses can enhance conversion rates, maximize ROI, and accomplish their overall marketing goals by implementing these changes.
Personalization
Third-party B2B data enables firms to go beyond personalization, which has grown to be a significant driver of customer engagement and loyalty. Businesses can personalize their messaging to meet each customer's unique demands by using data to customize messaging. When used to segment the audience and deliver highly relevant content, details like location, job title, and behavior across numerous platforms can help raise engagement and, in turn, conversion rates.
Targeting Similar Target Audiences
Third-party B2B data makes similar audience targeting, which has become a foundation of current marketing strategy, even more effective. Businesses can identify audiences with qualities similar to their existing customers using the insights gained from data, which increases the possibility of conversion. With the help of this technique, the company can increase its market penetration and find previously tough clients. Similar audience-targeting advertising campaigns are highly focused and resonate with the audience, increasing the likelihood of bringing in new customers and, ultimately, revenue.
Sales Analytics and Forecasting
By examining past data and trends, third-party B2B data can help predict future sales figures. Based on these insights, businesses can decide whether to allocate resources and run campaigns. It can help businesses uncover new product prospects, optimize pricing, and enhance supply chains for higher levels of customer satisfaction. Sales analytics can also offer useful insights about areas that need to be improved. Businesses can boost income and acquire a major competitive advantage using third-party B2B data.
Get Quality Third-Party Data from Nymblr
Your data supplier can change the game or leave your team grasping at thin air. It is crucial for organizations to collaborate with a data provider that may provide them an advantage over competitors.
Nymblr is an excellent tool that offers useful insights into your target audience's behavior, preferences, geography, and purchasing patterns. Thanks to this all-in-one B2B data source, businesses may easily reach their target markets, which provides reliable contact information for over 700 million decision-makers.
Nymblr's outbound sales automation solutions work with the specific needs of B2B sales teams, offering verified lead data for the most accomplished business people. This tool significantly boosts efficiency by saving sales teams countless hours of research and assisting them in finding decision-makers quickly.
The real-time email and contact validation tool that ensures accurate information is one of Nymblr's key features. As a result, by minimizing pointless interactions and concentrating on valuable leads, organizations can save time and resources.
What sets Nymblr apart from other data providers is its cost efficiency. The company offers affordable access to its vast database of up-to-date information like contact information, emails, social media accounts, corporate websites, and more. This ensures that businesses of all sizes can access the same valuable data and provides an excellent return on investment.
It is high time to consider Nymblr as your B2B data provider and use its quality-ensured data for the best of your business. Contact here to get more information and talk to our customer representative.