In a B2B setting, it is nearly impossible to deliver on your commitments if you are unable to understand your client’s requirements and capabilities. Similarly, it would be difficult to expect your sales team to acquire new clients if the database does not contain good prospect data. Studies have shown that around 56% of marketers are dissatisfied with the consumer data provided. Today data can act as a decisive factor when it comes to generating revenue and building a clientele. Here’s where a good data vendor can intervene to differentiate between a weak lead pipeline and a good one.
Let us start by understanding what Firmographic Data actually is.
The information used to categorize an organization into a particular group for different purposes is called firmographic data. For example, an organization can be categorized by geography, the type of organization, the total number of clients, the industry that it belongs to, technologies used and so forth.
The firmographic data can be used to acquire a competitive advantage, make personalized marketing campaigns, and create innovative products and services for a target audience.
How Is Firmographic Data Sourced?
The major source of firmographic data is from the public. It is collected daily by several company websites, white paper reports, tax declarations, company registers etc. This situation occurs because it is mandatory for a newly created company to provide the legal body of its country of setup with basic firmographic information such as an address, legal status and annual revenue.
Many companies opt out of setting a data team in-house, to collect, analyse and govern data. For most obvious reasons, it is time-consuming, can boost your expenses and eventually waste a resource’s time and effort. This is why organizations opt for a firmographic data vendor that can provide reliable, accurate and up-to-date data to solve these issues.
What To Keep In Mind While Choosing A Firmographic Data Vendor?
With so many players in the market, it could be difficult to select the right firmographic data vendor. Many factors come into play such as that the vendor should be reliable so that you don’t end up wasting a lot of time validating the data yourself. That is why a trustworthy vendor is a key aspect of the puzzle when it comes to enriching your business with good and accurate data. Here are a few aspects you should consider when researching different firmographic data vendors.
It is crucial to know the source of data of your vendor. As an organisation, you have to ensure that the data received by your vendor is fit to be used for your business. For example, if you are collecting data for the EU (European Union) geography, you need to verify whether the data collected is GDPR-compliant or similar legislation in some other region. Many vendors mention the compliance that they follow on their website, if not mentioned, contact them directly to find out how they source their data.
Studies have shown that around 20% of the data becomes obsolete every year. This means that you have to know how your data vendor cleans, cares and maintains the datasets. For example, many data giants update around 140 million and above records each month, which ensures accurate and fresh data.
Data-as-a-service companies like any other company vary in their size and structure. Hence the capabilities that they possess also differs. Some of the data vendors focus on a particular niche market or industries and others such as IBM and InData Labs deal in a broader database, covering most of the marketing using multiple sources. So it depends on you which kind of vendor and data will be a perfect fit for your business.
This goes without saying that your data vendor should be able to send your required database in a format that is convenient for your organization. This helps the data to be circulated in your organization without any hassle and it eventually maximizes efficiency. For example, if your data vendor provides data in the format of CSV or JSON to your preferred storage or sends it via a web link. This takes away the issues of access and format inconsistency.
Frequently Asked Questions While Selecting A Data Vendor
It is advised to get on a call with the data vendor before purchasing a dataset. This saves time and allows you to find suitable data vendors that your organization needs. Below is a list of questions you can ask a data vendor before finalizing them.
There are many firmographic data vendors available in the market and choosing the best could be difficult at times. You should look for data relevancy, quality and accuracy as the prime factors for selection. Data is very important if you are planning to scale your business activities or create an integrated database. Lead generation and customer acquisition become a smooth process when high-quality data is collected by a trustworthy and good firmographic data vendor.
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