How To Use B2B Data To Grow Your Business

By James Schulze

This article discusses opportunities and challenges in using B2B data. It also touches on how companies can effectively use B2B contact data and select the best data partners.

An increasing number of businesses are turning to B2B contact data to jump start their sales process. Data sets are becoming more valuable than ever before and companies are even more sophisticated and strategic in the way they use these data. So what are some of the recent trends in B2B data space?

Notable B2B data trends

In using B2B data, businesses are: 

• Placing a greater emphasis on B2B data quality – By nature of the B2B market and the fact that the average job tenure is shortening to just under four years, people are constantly changing roles and employers. This can diminish B2B data quality. Some studies estimate that approximately 30% of your B2B contact data becomes outdated annually. More companies are recognizing that this can negatively impact their conversion rates and marketing ROI. They are seeking ways to continuously validate and enhance their B2B data to ensure it is updated, accurate and complete.

• Creating more personalized outreaches – Beyond basic contact information, companies are also looking for B2B data that gives them more context about a contact’s behaviors and interests. Identifying and having a deeper understanding of key decision-makers in each prospective account is highly valuable. Rather than running a campaign for the masses, they are conducting tailored account-based marketing (ABM) campaigns. They are gaining clarity on the ideal contacts as well as the best messaging and timing to convert them into customers.  

• Recognizing that B2B customers prefer an omnichannel experience – According to a McKinsey study, B2B customers use an average of 10 different interaction channels when making purchases. B2B data sets that are too narrow in contact information may lead to missed opportunities. Companies are investing in data sets that provide extensive ways to connect with B2B customers, including business phone, cell phone, email, physical address, mailing address, LinkedIn URL, and more.

• Using automation and analytics to make B2B data even more valuable – Companies are bringing B2B data into their marketing tech stacks, so CRM, email marketing, analytics, and ad platform tools can all use the same data and work seamlessly together. They are feeding B2B data into work flows, ensuring the sales and marketing team follows the desired cadence in connecting with B2B prospects. Automated messages are sent when customers reach a pre-set threshold. Some companies are also using artificial intelligence (AI) and machine learning (ML) models with B2B contact data to help them score and segment targeted prospects.

Challenges in using B2B data

While the benefits of using B2B data are exciting, companies also need to have a plan for dealing with these common challenges:

• Keeping data fresh, accurate, and complete – Acquiring B2B data is the first step, but companies must also be prepared to invest in cleansing and updating these data. Establishing a regular maintenance process with data appends and validations is critical to the success of your B2B marketing efforts. 
• Ensuring compliance in telemarketing, texting, and email campaigns – There are some regulations that govern B2B data collection, storage, and usage. Companies will want to seek GDPR and CAN-SPAM compliant data for their telemarketing, texting, and email campaigns. GDPR is an EU law that requires a business to get explicit consent to collect or use someone’s data, to explain how the data will be used, to offer people an opt-out, and to keep data secure. CAN-SPAM is a US law that governs commercial email marketing. To be compliant, companies must avoid using deceptive subject lines or headers. Ads or promotions must be clearly identified as such. Emails must include only valid physical addresses and a clear way to unsubscribe.
• Guaranteeing deliverability in direct mail campaigns – Direct mail campaigns can only be effective if they reach their target audience. Companies will want to ensure their B2B contact data contains mailing addresses validated by the National Change of Address (NCOA) and Proprietary Change of Address (PCOA) databases. NCOA is maintained by the U.S. Postal Service (USPS) and contains businesses that have moved and filed change-of-address forms with the USPS. PCOA uses non-USPS sources such as credit bureaus, magazine subscriptions, and utilities to identify additional businesses that have moved. The address data in your B2B database should also be CAS-validated, which means cleansed and formatted according to USPS rules. Not only will your direct mail have higher deliverability rates, but your company may also receive postal discounts.
• Fully integrating the data into a complex tech stack – If you’re like many companies, your B2B data may sit in separate “silos” in your tech stack or even on the hard drives of your sales team’s computers. Fully integrating your B2B data across your marketing tech stack will take time, but it will make a huge difference in seamlessly marketing to your B2B prospects.

How to use B2B data to grow your business

So, in light of these opportunities and challenges, how can companies grow their B2B businesses? Some strategies include:

1. Targeting the highest potential contacts – Profile the types of businesses you’d like to target. What industry, size and other factors define your best customers? And, who are the key decision-makers in these companies? What functional roles, titles, and other characteristics describe the people you’d most like to reach in the sales process? Use this profile to obtain a curated list of B2B contacts that makes sense for your business.
2. Appending and validating data on your own lists – In addition to buying lists, many companies have compiled their own contact lists from prospect inquiries, referrals, tradeshows, and other events. Seek out services that can validate your current contact data and append data to fill in any gaps. Determine the process and timing of any future cleansing efforts for both first-party and third-party data.
3. Adding consumer data linked to each business contact  – Consider buying B2B contact data that also contains consumer data for each B2B contact. These data points could include demographics, interests, charitable causes, purchasing behaviors, and more. This will allow you to strengthen your targeting efforts and messaging.
4. Entering B2B contact data into your CRM – Start by entering your newly purchased data into your CRM. While the ultimate goal may be to fully integrate the data with your entire tech stack, it is most important to start using it in your CRM and automated work flows. Help your salespeople stay on track with the desired sales outreach and follow-up cadences and get some immediate wins.
5. Aligning with a reputable data provider – A quality data provider should be able to answer your most important questions, such as:

• How long have they been in business? Experience matters.
• Do they have data that fits the profile of your target B2B prospects? Strong data providers are resourceful and can find a solution that fully meets your needs.
• Does their data provide the right contact information for your campaign? Whether you’re looking to run telemarketing, texting, email, direct mail, or digital marketing campaigns, you’ll need the right connectivity data. More is more, in this aspect.
• Do they have other value-added data beyond contact information? Additional data about each contact could be helpful in honing in on your target audience.
• How often are the data updated? What are their deliverability rates? This information should be readily available and confirmed.
• Do they provide data append and validation services? These services give you the benefits of a one-stop shop in making the most of your B2B data.
• Can their data easily fit within your CRM and tech stack? Solid data providers are up to date on CRM systems and emerging technologies. 

If you would like more information on how you can grow your sales with B2B data and data services, give The Leads Warehouse a call at 1-800-884-8371 or visit our website at https://theleadswarehouse.com.