You want to buy B2B data for customer prospecting. But you’ve heard the horror stories — the hidden costs and bad data matches.
This post was updated January 12th, 2021
Where do you start? You get data-buying savvy, such as understanding data-purchasing basics and choosing the right vendor for your particular business. Let’s jump in.
What is purchase data?
Purchase data is the information you buy from a third-party data vendor to make prospecting for new customers more efficient and productive.
Why do companies buy data?
Businesses buy customer data to reduce the time spent lining up quality leads. With the right data, sales teams can identify and contact prospective buyers then close deals quickly.
How do you analyze purchase data?
A modern data provider will provide you with platform access to manage the data. Marketing and sales teams then push the data into their CRM to fill their pipeline with quality leads.
Where can I buy consumer data?
You can buy B2B purchase data from a data provider. B2B data providers may sell three data types for improving sales and marketing efforts: buyer intent, fit, and opportunity.
How much does it cost to buy consumer data?
The data cost will depend on the quality of the data. For certain, the data you purchase will fuel your business-growth engine. Therefore, working with a reputable vendor is essential.
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How To Get The Most Out Of Your B2B Data Purchase
1. Make Sure Your B2B Data Provider Understands Your Business and Your Goals
Are you looking to rent a list for a one-time mailing, or do you need to regularly update and append in-house lists to ensure accuracy and completeness?
A reliable data provider will take the time to review the needs of your organization carefully. They’ll craft a contract that suits both your short term and long term data goals.
DO AHEAD: Make a list of your requirements and communicate these to each vendor.
Once you are presented with a contract, carefully review the agreement before signing to ensure the offer meets your needs.
Do a deep dive into selecting a data provider: Your Guide to Choosing a Sales & Marketing B2B Data Provide
2. Determine What Services Your Price Includes
Be sure you fully understand what you’re paying for. Many times, vendors advertise a low cost per record to bait buyers.
Unbeknownst to the buyer, this will only cover the “basic” package. Once a deal is made, the vendor will tack on extra charges for additional selects, fields, or multiple users. Read the fine print of your contract, and don’t be afraid to ask questions. If something sounds fishy or isn’t inherently clear, speak up!
Comb through your contract for hidden costs and limitations, minimum purchase requirements, data expirations, setup fees, or rush charges.
Vendors are often more flexible with pricing for prospects they believe will become long-term customers; if you think you’ll use this service long term, speak up!
3. Pay For the Data You Actually Need
There is no sense in purchasing data your organization will never use. Before you make a purchase, ask the data provider whether they have a method for running their dataset against your existing customer/prospect list or a suppression file.
This process will uncover records that aren’t worth your organization’s investment, including duplicate and incomplete fields.
Often, this will come at an additional cost but can save your organization of money in the long run.
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4. Scrutinize the Vendor’s Customer Service Policies
Reliable data providers will often compensate you in some way for bad data that doesn’t live up to their accuracy and deliverability guarantees.
Find out if the dataset you’re buying is covered by these guarantees and what is required to prove a record is a duplicate, undeliverable or inaccurate. Agree in advance on how you’ll be compensated.
5. Ask For a Discount
Discounts come in many forms: volume (or long-term contract), pre-payment, new customer, bundled offers, and reduced rates on net new records after your first purchase.
Research the vendor’s other product options, too — they may be willing to offer a free trial or discount on one or more products to win your business.
Accelerate Prospecting With A B2B Data Purchase
Buying B2B data can be complicated. That said, use these tips as you research vendors and test run their data. Chances are, once you see the value of your data purchase, you’ll switch from skeptic to data believer.