Part 2: Is Buying The Haystack Really The Best Way To Find The Needle?

Over 5.5 million businesses are operating in the UK, making it a challenge to cut through the unfamiliar terminology and multitude of options for purchasing data. Part 1 looked at the first steps to navigating the wilderness of buying business to business (B2B) data, in Part 2 we’ll get you to your destination, not the biggest haystack, but the purchase of high quality, targeted business data.

needle-in-haystack

So, you’ve decided who to target and you’ve eliminated irrelevant businesses, now to approach a data provider.

Equip yourself with these five key questions:

    1. How is the data kept as up to date as possible? Check how frequently its updated and can be delivered.
    2. How is the data validated? e.g. Do they run processes on a regular basis to make sure the telephone numbers work and aren’t on the Corporate Telephone Preference Service? (CTPS)
  • What data fields will I actually receive? This is an important one, as you may have specific details that you need such as turnover, but are they included as standard?

 

    1. Can you provide a breakdown of the data before I purchase? e.g. By industry sectors and employee sizes.
  • Can I see a sample so I know what to expect when I receive the data?

 

And make sure you don’t get caught out with these two:

  1. Check if the volume you’ve been quoted is for multiple contacts per site/company or one contact per site/company. Depending on your needs, you may want twenty contacts at one company or may only want one!
  2. Specify the type of people you want to speak to and be realistic e.g. you may want ‘event managers’ but there may only be six of them within your criteria. Instead be prepared to opt for key words within job titles or ‘functions’ which determine the responsibilities of a contact. If you wanted to target 10,000 companies but there are only 5,000 that are a ‘good fit’ – don’t be tempted to stretch to 10,000 by purchasing irrelevant information. The idea is to make more revenue from less effort and less spend.

Find your pot of data gold

Many companies find that around 70% of their revenue comes from as few as 20% of their customers. If you follow the steps in this blog, you’ll make a smart purchase and find your pots of proverbial gold in the wilderness.

Explore our source of B2B data, Business Universe. Its capabilities for refining the data are unrivalled, providing the most targeted and profitable lists.

 

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