In the rapidly evolving landscape of B2B marketing and sales, data plays a pivotal role. Understanding this: What is B2B data, and how do you effectively leverage it? can make all the difference in the success of your business.
B2B data is information that facilitates business-to-business interactions, covering company demographics, behavioral patterns, and sales data. It's primarily used for targeted marketing, strategic planning, and customer engagement. To optimize B2B data in 2023, companies should focus on regular data cleaning, leverage analytics for accurate insights, and adhere to strict data privacy standards.
In this guide, we’ll explore the world of B2B data, covering its types, uses, and tips for data enrichment in 2023.
So keep reading!
What Is B2B Data?
Before delving into the intricacies of B2B data, let’s start with the basics.
B2B, or Business-to-Business, refers to transactions between businesses rather than between a business and individual consumers (B2C).
B2B data, therefore, pertains to the information collected about businesses, their operations, and the interactions they have with other companies.
In other words, B2B data helps B2B companies, especially their sales, marketing, and revenue teams. It’s data that they can use to improve their business operations.
B2B data consists of various types of information about businesses that can be useful for other businesses, like SaaS sales.
These are:
- Contact names,
- Company names,
- Contact and business information (email addresses, phone numbers),
- Industry classifications,
- Job title
- Company size,
- Financial data,
- Purchasing patterns.
Collecting these data points is crucial for B2B lead generation and B2B marketing strategy.
Without them, it becomes much harder, or even impossible, to find and connect with potential customers.
How Do You Get B2B Data?
Obtaining B2B data involves various methods, and it’s essential to choose the right approach for your needs.
Here are some common ways to acquire B2B data:
1. In-House Data Collection:
B2B companies can collect data through their own interactions with customers, leads, and prospects.
This includes data from customer relationship management (CRM) systems and internal databases.
2. Purchase Data:
There are B2B data providers and third-party data enrichment services that sell databases with detailed business information. You can buy data lists tailored to your specific needs.
These professional enrichment tools can identify and capture potential customers’ information, helping you build your database of B2B leads.
They get the data from two types of sources:
- Public sources: These are freely available sources like websites, social profiles, and news articles.
- Private sources: These are sources that require subscription, permission, or payment, such as paywalled websites, financial & market intelligence, and DaaS providers.
Pro Tip:
If you want to boost your sales team’s performance by gathering B2B sales data quickly and easily, it’s a good idea to invest in one of the reliable B2B data enrichment tools.
CUFinder is a great option for B2B companies who want high-quality, compliant data. Their software helps B2B sales and marketing teams:
- Access a global database of business profiles and companies
- Run targeted outbound campaigns for your Ideal Customer Profile (ICP)
- Keep your CRM data up-to-date by enriching it
- Ensure GDPR compliance by using data that meets the required standards.
3. Data Scraping:
Data scraping involves using automated tools to extract information from websites, directories, or social media platforms.
However, it’s crucial to ensure compliance with data privacy regulations when using this method.
4. Use Online Directories:
Online business directories like Yellow Pages, Yelp, or industry-specific platforms can be valuable sources of B2B data. You can search for businesses based on your criteria.
5. Company Websites:
Many businesses have websites that provide valuable information. Look for contact details, company size, product or service offerings, and any other relevant data.
6. Industry Associations:
Industry-specific associations often maintain directories of businesses within that industry. These directories can be a great source of targeted B2B data.
7. Trade Shows and Events:
Attending trade shows, conferences, or industry events can provide opportunities to collect business data. Many companies showcase their products and services at these events.
8. Networking and Referrals:
Building a network of business contacts can lead to valuable data. Sometimes, other professionals can introduce you to potential B2B connections.
9. Social Media:
Platforms like X, LinkedIn, and Facebook can also be used to find and connect with businesses. Some companies share valuable information on their social media profiles.
Why Should You Use Data for B2B Sales?
Data is the lifeblood of modern B2B sales strategy.
Here are some compelling reasons why businesses should harness the power of data in their B2B sales efforts:
1. Improved Targeting:
B2B data enables you to identify and target your ideal customers with precision. This ensures that your marketing and sales efforts are more likely to yield results.
2. Enhanced Personalization:
Personalized outreach is a key driver of successful B2B sales.
Data allows you to tailor your messages and offerings to the unique needs and pain points of your potential customers.
3. Better Lead Qualification:
Data helps you separate high-quality leads from those that are less likely to convert.
This saves time and resources by focusing your efforts on B2B leads with the highest potential.
4. Data Analysis Performance:
This involves tracking and analyzing sales and marketing data to evaluate and improve individual or team performance.
5. Better Lead & Demand Generation:
It assists in finding and contacting potential customers, including their direct contact details.
On top of that, it encompasses marketing activities that attract new buyers to your brand, such as content marketing, email marketing, and paid online advertising.
6. Improved Outbound Sales:
It involves contacting and engaging with potential customers through various means like cold calling, emails, social media, or networking.
Benefits of B2B Data for Sales Teams
B2B data is a valuable asset for sales teams. Here are some of the key benefits it provides:
1. Efficient Prospecting:
B2B data enables sales teams to identify and prioritize prospects who are more likely to convert, resulting in higher conversion rates.
2. Lead Nurturing:
With data, sales teams can create targeted lead nurturing campaigns that keep potential customers engaged and moving through the sales funnel.
3. Improved Sales Pitch:
Data helps salespeople tailor their pitches to the specific needs and pain points of each prospect, increasing the chances of closing deals.
Benefits of B2B Data for Marketing Teams
B2B data is equally valuable for B2B marketing teams. Here’s how it benefits marketing efforts:
1. Precision in Campaigns:
Marketing teams can use B2B data to segment their audience and deliver highly targeted campaigns, maximizing the return on investment (ROI).
2. Content Personalization:
Personalized content based on B2B data can boost engagement and build stronger relationships with prospects and customers.
3. Data-Driven Decision-Making:
B2B data provides valuable insights that can inform marketing strategies and tactics, helping teams make data-driven decisions.
What Are the Seven Types of B2B Data?
B2B data comes in various forms, each serving a specific purpose. Here are seven common types of B2B data:
1. Firmographic Data:
This includes information about a company’s size, industry, location, and revenue. Firmographics help in segmenting and targeting businesses effectively.
2. Technographic Data:
Technographic data reveals the technology stack used by a company, providing insights into their technology needs and preferences.
3. Demographic Data:
Similar to firmographics, demographic data focuses on the characteristics of key decision-makers within a company, such as their job titles, roles, and responsibilities.
4. Contact Data:
Contact data includes information about key personnel within a business, including their names, email addresses, phone numbers, and social media profiles.
5. Behavioral Data:
Behavioral data tracks how businesses interact with your website, emails, and other digital touchpoints. It helps in understanding their engagement and interests.
6. Historical Data:
Historical data provides insights into past interactions and purchases, helping you tailor your approach to meet a business’s specific needs.
7. Intent Data:
Intent data identifies businesses that are actively researching or showing interest in products or services similar to what you offer, making them prime targets for outreach.
How to Enhance, Refresh and Clean Your B2B Database?
Maintaining a clean and accurate B2B database is essential for effective marketing and sales outreach.
Here are some tips on how to enhance, refresh, and clean your B2B database:
1. Data Enrichment Services:
Utilize data enrichment services to append missing information, such as contact details, firmographics, and technographics, to your existing database.
2. Regular Data Cleansing:
Clean your database regularly to remove outdated or inaccurate information. This ensures that you are working with the most up-to-date data.
3. Duplicate Elimination:
Identify and remove duplicate records to avoid confusion and ensure that your communications are streamlined.
4. Data Validation:
Implement validation processes to ensure that the data you collect is accurate and complete from the outset.
5. Segmentation:
Use your enriched and cleaned data to segment your audience effectively. This allows for more targeted marketing and sales campaigns.
6. Automation:
Consider using automation tools and software to streamline the data enrichment and cleaning processes, saving time and resources.
Conclusion
Let’s come back to the first question: what is B2B data? B2B data will be a crucial asset for businesses in 2023. It empowers sales and marketing teams to target the right customers, personalize their outreach, and make data-driven decisions.
By understanding the types of B2B data available and following best practices for data enrichment and maintenance, businesses can gain a competitive edge in the B2B landscape.
Whether you’re a B2B marketing strategist, a buyer’s guide enthusiast, or a digital marketing professional, harnessing the power of B2B data is essential for success in today’s business world.