Avention Media

What is B2B Data – Your Ultimate Guide for 2024

Data is at the core of all decision-making and strategies in any business. Hence, having the right data to ensure accuracy in your business processes is important. It is even more significant regarding operations in the B2B sector.

Almost 41% of B2B businesses conduct their marketing activities through an in-house team. To ensure that these efforts do not go to waste, companies require highly accurate B2B data. A reliable database fortifies your sales and marketing initiatives, driving business growth.

In this blog, we will explore B2B data and how businesses can benefit from it. We will also explore the various types of B2B data, the right usage, where to find reliable databases, and more.

What Is B2B Data?

B2B data refers to the relevant information a business gathers about other companies to enable B2B interactions. Organized B2B data includes information that may offer insights into the features, behavior, and requirements of various businesses.

With this information, marketers can launch targeted marketing campaigns, execute sales processes and enable strategic decision-making.

B2B data may cover information related to company name, contact details, and company demographics. For companies operating in the B2B sector, advanced B2B data can generate business opportunities, acquire more leads, and enhance market research. Moreover, you can use this data to identify your target audience, explore market trends, and personalize B2B communication.  

Types of B2B Data – What Kind Do You Need?

 

Types Of B2B DataWe know what is B2B data, but your sales and marketing teams will need different kinds of B2B data depending on their set goals.

Let us explore the various types of B2B data that can empower your sales and marketing strategies.

Demographic Data

Demographic data refers to your target audience’s various personal and geographical attributes. This may include information like:

  • Name
  • Gender
  • Location
  • Phone number
  • Email address
  • Physical address
  • Ethnicity
  • Employment History

Demographic data helps you understand your target market composition. You can identify potential customers and develop tailored marketing and sales strategies accordingly.

Firmographic data

Firmographic data provides insights into the organizational structure of your target business accounts. This will include company-specific details such as:

  • Industry type
  • Company location
  • Financial health data
  • Revenue
  • Employee count
  • Organizational hierarchy
  • Growth trends
  • Key decision-makers
  • Customer strength

In the B2B sphere, firmographic marketing helps initiate prospect segmentation. You can categorize prospects into smaller groups to adopt a more targeted approach. This drives personalization in sales and marketing to boost engagement and conversions.

Event and Change Data

Event and change data entails information about ongoing events and changes in the targeted organizations. These changes create opportunities for your sales and marketing teams. Some of these events can be:

  • A company appointing a new business head
  • A company acquiring a new round of funding
  • Growth in a company’s employee count
  • The company launching a new department or team
  • An organization hiring someone who matches your ideal customer profile
  • A business launching a new product or feature

Staying updated with event and change data allows you to pitch your offers at the right moment to increase success probability.

Technographic Data

Technographic data provides information on the various tools and technologies used by businesses. It may include the company’s software and hardware, IT infrastructure, and digital capabilities.

This type of B2B data allows you to understand your target organization’s technological landscape. It helps identify opportunities for compatibility and integration and develop personalized marketing strategies based on technology preferences.

Technographic data will benefit you if you provide IT solutions, as you can suggest new tools for their leads.

Intent Data

Intent data highlights a business’s online behavior, which indicates its interest in purchasing a product or service. It entails information like:

  • Website visits
  • Search queries
  • Social media engagement and interactions
  • Content consumption

With this data, you can personalize your campaigns and focus more on your audience’s pain points. Your sales and marketing teams can significantly benefit as they can target their leads when researching products or making buying decisions.

Qualitative Data

Qualitative data is acquired directly from the prospects and customers. You can acquire qualitative data from various sources:

  • One-on-one interviews with customers
  • Case studies
  • Focus group meetings
  • Questionnaires
  • Customer surveys

It offers insights into user sentiments and behavioral patterns and helps you analyze prospects’ expectations to improve your offerings.

Quantitative Data

Quantitative data entails critical numbers of a business, such as its employee count, turnovers, website traffic, conversion rate, bounce rate, click-through rate, and more. This data type is useful for statistical analysis so you can make data-backed decisions.

Benefits of B2B Data

Benifits Of B2B Data

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A solid B2B strategy with reliable B2B data can help your sales and marketing teams make informed decisions. This strategy presents several benefits for both.

For the sales team

Using authentic B2B data, your sales team can effectively develop a sales strategy that helps them drive conversions and generate revenue. It allows them to

  • Develop personalized sales pitches addressing prospects’ pain points
  • Gain valuable insights into product sentiments to adjust their sales strategies
  • Contact qualified leads and boost their reach
  • Utilize relevant insights to enhance outbound sales techniques

For the marketing team

B2B data solutions help your marketing team to identify ideal prospects and build effective campaigns. Using B2B data, your marketing team can:

  • Increase its campaign reach by identifying ideal customers
  • Build detailed buyer personas
  • Explore new markets after a complete assessment of the target audience
  • Develop ABM campaigns to increase audience match rates on various advertisement platforms
  • Use market triggers to target prospective buyers at the right time

How Can You Use B2B Data for Business Growth?

Well-segmented B2B data can help you with lead generation, demand generation, outbound sales, TAM identification, ICP development, and account-based marketing.

Here is a more detailed insight into each of these use cases.

Lead generation

Lead generation is a comparatively longer process that takes up a major chunk of your marketing budget. So, you need to acquire a validated B2B database to get the highest ROI.

Reliable B2B data helps you define your target audience, their expectations, and pain points. You can utilize these insights to optimize your outreach campaigns across different channels. It will help you:

  • Boost B2B brand awareness
  • Identify prospects genuinely interested in your offerings

Demand Generation

Demand generation refers to inducing curiosity about your products or services in the market. This approach focuses on reaching your target audience and invoking their interest in your offerings.

Using B2B data strategically, you can increase brand presence with promotional campaigns across different platforms. It will help boost brand visibility among your target prospects.

Outbound Sales

Outbound sales refer to the process in the sales funnel where your sales team contacts the prospects. It introduces your brand to the prospect. You can then use customized pitches to convince them to purchase your products or services, adding them to your sales pipeline.

Implementing outbound sales strategies is impossible without a trustworthy B2B contact database. With verified B2B contact data, such as email or phone numbers, you can reach your target audience through their preferred channel.

ICP Development

The ideal customer profile is an estimated evaluation of your targeted customers, a crucial process that defines your perfect client. For instance, for a company that manufactures medical equipment, its ideal customer profile will include healthcare organizations and hospitals. So, these businesses can solely focus on building a healthcare email list to boost their outreach efforts.

The most significant purpose of developing an ICP is to launch targeted marketing and sales campaigns. This way, you can concentrate on businesses requiring your products or services. It also lets you use marketing resources prudently to acquire higher ROI.

Demographic B2B data helps you with effective ICP development.

 Account-Based Marketing

Account Based Marketing

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In account-based marketing, you ideally eliminate unresponsive leads and only focus on high-value accounts with a higher chance of purchasing your products. ABM marketing includes effective collaboration between your sales and marketing teams to target these accounts with personalized communication and content according to their buying stage.

According to a Forrester resort, around 75% of businesses agree that ABM helped them engage with the right buyers. Paying attention to these special accounts helps you receive positive engagement and higher ROI.

Well-researched B2B data helps you categorize high-value accounts from the rest to support your ABM efforts.

TAM Identification

With total addressable market (TAM) identification, you can identify the number of users in your target market who will benefit from their products or services. It is the product of the total users who can benefit from your product and the price they are willing to pay for those products.

TAM identification is crucial to the initial market research. Critical B2B data about your target audience provide insights into prospect needs and requirements, helping you determine the TAM.

B2B Data Collection- How Do Businesses Source Information?

B2B data sources can be classified into two groups- internal data and third-party data. Your company acquires internal data, whereas third-party data comes from external sites or data vendors.

Internal Data

Internal data refers to information collected by your in-office team. One way to do this is to use gated content or survey forms to collect prospect information for the database.

The most significant benefit of internal data is its accuracy and reliability, as it is acquired directly from the source. You can be sure that the data in hand is about people who are interested in your offerings and wish to receive your promotional messages.

External Third-Party Websites

The Internet has everything, and some sites are dedicated to business research. You can explore these websites for demographic information about your target organizations. This may include insights into revenue, profit, employee strength, organizational hierarchy, and more.

This data is hosted in the public domain and can be used for market research and identifying trends.

Dedicated Data Vendors

For a more precise and valuable collection of B2B data, you can connect with professional B2B database providers.  These providers offer pre-packaged authentic databases categorized to suit your target audience and contain updated prospect information.

Businesses lose around 20% of their revenue due to bad quality data that affects their sales and marketing campaigns.

So, it would be best to have an experienced and trusted data vendor support your outreach initiatives.

How to Reach a B2B Audience?

In the B2B area, reaching your audience requires a thorough insight into your target prospects and using it to optimize your campaigns. Here’s how you can reach your B2B audience-

Developing an ICP

Build an ICP by analyzing the attributes of your best customers. Observe their pattern and behavior to identify what drives them to make a purchase.

Creating a Target Account List

Using your ICP as a reference, build a target account list. It will be a vast database, but you can condense it further by grouping customers based on your revenue goals.

Segmenting Target Audience

Segment your target account list to identify the right prospects who will resonate with your product. Then, they use personalized campaigns across the channels they prefer.

B2B Data Challenges

While B2B data challenges may vary according to B2B data types, common challenges include data decay, disparate data sources, lack of accurate information, and incomplete and duplicate data.

Data Decay

Data decay can hamper decision-making in businesses, especially in data-driven organizations. B2B contact data decays the fastest and creates a gap between organizations and their prospects, impacting outreach efforts.

Businesses must periodically enrich their database with verified and updated information.

Incomplete Data

With a plethora of data sources available, effective data collection and storage becomes challenging and creates gaps in customer data.

Moreover, a wide range of data is available, such as customer intent, financial data, conversion rates, demographic information, and more. Missing key information while organizing a vast amount of data is highly likely.

Entirely or partially missing information restricts the insights we acquire from the B2B database and affects data-driven marketing and operations.

Duplicate Data

Data duplicity happens when records unintentionally share features with other existing records in the database. The presence of duplicate data in the B2B database may often lead to incorrect counts or over-counting. It can affect the results while aggregating data, giving incorrect values while developing reports. It also impacts outreach efforts and creates confusion.

Data Inaccuracy

Overflowing data can often indicate inaccurate information in the database. This issue frequently begins with the collection process because businesses acquire data from multiple sources.

The lack of a standardized data collection process can make data analysis challenging for marketers, restricting their ability to gather actionable insights.

Data Stored in Silos

Data silos are a major challenge for B2B enterprises handling customer and corporate databases. It is an unavoidable setback, especially in the complex business arenas of current times.

The information stored in separate databases that don’t integrate and communicate with each other creates data silos. The lack of a single centralized data source for all departments affects strategy implementation and execution, cross-functional collaborations, and insights into customer needs.

To overcome these common B2B challenges, you must collaborate with a data vendor that offers reliable and authentic B2B data solutions. Let’s see how you can do that.

How to Find the Right B2B Data Provider?

Here are a few things you can consider while exploring B2B data providers:

Real-time data

Ensure the B2B data provider offers regular replenishment and real-time data to support your marketing and sales campaign requirements.

A static database deteriorates and becomes irrelevant very soon. Some database providers update their lists but add data in bulk once a week or month. So, you may not have the correct data when you need it. That’s why real-time data is necessary.

Sales Triggers

A database with sales triggers will be a valuable resource for your sales and marketing efforts and offer a steady inflow of sales-ready leads.

Updated Algorithms

Check if the database provider uses algorithms relevant to today’s economy. Their financial data models should offer fresh and reliable insights.

For instance, if the provider uses a pre-pandemic financial data model, the prediction will not be trustworthy for industries affected by the pandemic.

Compliance with Data Protection Regulations

GDPR is a key data law. Adherence to GDPR indicates that your data will be acquired from reliable and legal sources and will be 100% updated.

Similarly, it would be best to look for other certifications, such as CCPA, CAN-SPAM, etc., when choosing a B2B database provider.

The Bottom Line

B2B data is crucial to any business, enhancing its sales and marketing efforts for higher growth. That’s why it is essential to understand B2B data.

Utilizing the different types of B2B data effectively can provide a significant competitive advantage to businesses. This includes intent, demographic, technographic, firmographic, chronographic, qualitative, and quantitative data.

These reliable datasets help organizations make informed business decisions and launch targeted efforts for higher business success.

However, ensure that the B2B data providers you choose offer reliable B2B data solutions that help you overcome common challenges like duplicated data, data accuracy, and inconsistency.

Choose a provider like Avention Media that equips you with an authentic database that offers real-time data and complies with all major data privacy laws.

FAQs

How can a user assess the quality of B2B data?

The best way to evaluate the quality of B2B data is to analyze the reliability of the sources from which it is acquired. Data collected from trustworthy and legitimate sources will be more accurate and valuable to your sales and marketing strategies.

What is B2B data in business?

B2B data refers to valuable information about your target businesses that can enhance B2B interactions for business growth.

How do I create a B2B prospect list?

The first step to building a B2B prospect list is to define your ideal customer. Research your target audience well and segment your list based on specific criteria. Refine the list to segregate and prioritize the prospects with the highest chances of conversions.

 



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