In the B2B sales and marketing landscape, the requirement for accurate, high-quality data is crucial for success. However, sourcing the right type of data to achieve your commercial objectives is not always as straight forward as you might think. The reality is that there is no silver bullet, and it all depends on what the data is being used for...
There is no one-size-fits-all solution. Every business has different data needs, depending on a variety of aspects, including; desired target audience, Ideal Customer Profile (ICP), and specific market dynamics.
Due to these variable needs, procuring an accurate B2B database can be a complex and nuanced task that requires clear business objectives. Therefore, it makes sense to ensure that your sales and marketing teams have access to the most accurate, comprehensive, and reputable B2B data sources.
In this article, we will explore the best sources of marketing and sales data in 2024, and address challenges such as data decay, legislative requirements, and the necessity to maximise the return on any data investments.
Why There is No One-Size-Fits-All Data Solution
When it comes to sourcing B2B sales and marketing data, different businesses have different requirements. For example, a company selling simple, horizontal solutions to small and medium-sized enterprises (SMEs) will naturally need broader data coverage. At the other end of the spectrum, a business offering complex, high-ticket solutions to global enterprises will require a smaller but detailed pool of potential accounts, with more in-depth and thorough information.
In this instance, the distinction between coverage and depth is key. If you are targeting a broad base of SMEs, prioritising volume, having as many potential leads as possible would be more suitable, even if the data is less detailed.
On the other hand, when targeting large, global enterprises with intricate sales cycles, depth and precision would naturally take precedence.
At this level, any inaccurate data can be extremely costly, for example a single mis-spelled contact name for a C-Suite prospect, can lose credibility in an instant.
Specialist data for this type of company is also good for drilling down into departmental heads as these are contacts who are often leading projects below the C-suite.
Understanding your specific ICP will help you naturally gravitate towards the right data provider, or a combination of providers, to meet your data needs.
Types of B2B Sales & Marketing Data Providers
Broadly speaking, there are several types of B2B data providers. Each type offers different varieties of data, making them more suitable to different use cases.
1. BROADLINE DATA PROVIDERS
Broadline data providers, such as Companies House (CH), Market Location (ML), and Dun & Bradstreet (D&B), offer broad corporate coverage. These sources are ideal for identifying your total addressable market (TAM) and provide useful company-level data, such as company size, SIC codes, and basic financials but are usually less relevant if you require in-depth segmentation or depth of contacts.
Pros:
- Extensive corporate coverage, ideal for corporate TAM identification.- Useful for general business information like revenue and industry classification.
- Reliable for top-level contacts such as CEO, MD, or FD.
Cons:
- Limited in-depth contact information, often restricted to top-level executive or shareholders.
- Generic email addresses, often without mobile numbers or direct emails.
- Only basic company segmentation data points.
Broadline data sources are ideal for companies that are focused on high volume, transactional sales, where a single point of contact may suffice. In these instances, you want to cast the net wide and far, rather than a deep dive ABM style approach, drilling down into the organisational structure.
2. FINANCIAL DATA PROVIDERS
Financial data providers like Experian and Creditsafe, specialise in offering financial insights into companies. They are especially useful when understanding a company's creditworthiness or growth potential which can be critical to your sales strategy.
Pros:
- Provides crucial financial information, perfect for evaluating risk and growth potential.
- Can help in refining your corporate TAM and filtering out financially unstable companies.
Cons:
- Limited contact information, often derived from annual reports, which may be outdated.
- Typically lacks personal contact details like direct emails or mobile numbers.
Financial data is particularly useful when selling into industries where financial stability is a key decision-making factor, and it can augment other data sources for a more complete sales strategy.
3. SPECIALIST DATA PROVIDERS
Specialist data providers may focus on specific verticals (e.g. retail, technology, or fleet management), specific personas (e.g. Finance, Marketing, or IT), or deployed technologies (e.g. companies using specific tech stacks). These providers typically offer a smaller universe of records, but with more focus and higher accuracy.
Pros:
- Highly targeted data, ideal for drilling down into operational roles beyond just C-suite.- Higher accuracy as data is typically tele-validated.
- Includes additional relevant data for segmentation, such as fleet size, tech stack, or store counts.
Cons:
- Offers a smaller pool of records that may not meet the needs of businesses requiring a broader coverage.- Typically, more expensive due to the level of precision and research provided.
For mid-market and enterprise sales teams that require high accuracy B2B sales and marketing data with specific segmentation, specialist data can be invaluable. If your business targets high-ticket sales, then knowing roles including and beyond the C-suite (such as IT Directors, Finance Directors, Sales & Marketing Directors, or Procurement Heads), is key to data-driven B2B marketing success.
4. TECH PLATFORMS (COGNISM, LUSHA, ZOOM INFO, APOLLO)
Tech platforms such as Cognism, Lusha, Zoom Info, and Apollo are popular for generating B2B contact data. These platforms offer comprehensive contact databases, often including direct emails and phone numbers, across various roles.
Pros:
- Strong coverage of contact details, including mobile numbers and personal emails.- Wide variety of contact roles from operational to C-suite.
- Easy integration into CRM systems.
Cons:
- Inconsistent account coverage, making these platforms less ideal for building a full TAM.
- Data quality can vary significantly, with some risk in using personal (non-corporate) details.
- Contact personas can often be taken from web and desk research, such as from LinkedIn, meaning that if contacts have not updated their profile, it is likely out of date.
5. BUILT DATA
Built data refers to bespoke datasets, created through custom research, tailored to your ICP. This approach offers the highest levels of accuracy and reliable B2B marketing data, though it comes at a cost.
Pros:
- Custom-built for precision targeting, offering the highest accuracy.- Becomes your proprietary data or your own IP, providing a competitive advantage.
- Ideal for account-based marketing (ABM) and high-value campaigns.
- No license restrictions or on-going licensing costs.
Cons:
- High cost compared to buying ‘off-the-shelf’ data.
Built data is perfect in scenarios where precision is critical—such as ABM campaigns targeting key accounts. For sales teams selling high-ticket solutions, accuracy and depth in data are crucial.
Combining Data Sources for Optimal Results
Very few data sources are a perfect fit for every use case, which is why businesses often combine different data sources. It is important to know that every data type has its place. Here we look at how to create an effective mix:
Broadline Data: Suitable for SME sales teams that need volume rather than precision.
Specialist Data: Best for mid-market and enterprise teams requiring deeper contacts in specific segments.
Built Data: Ideal for high-value campaigns and data-driven B2B marketing strategies targeting large enterprises.
By combining these sources, businesses can balance volume and precision, ensuring that both SME and enterprise sales teams are well equipped with the best B2B sales data for their specific needs.
The Challenge of Data Decay
The business world continues to experience high levels of job-to-job movements, which has been a growing trend since the pandemic. Recent data from the Office for National Statistics (ONS) shows that workers are increasingly mobile, changing roles more frequently in pursuit of better pay or job satisfaction.
While exact numbers for this year have not yet been published, the post-covid pattern reported in 2022 & 2023, where job-moves were at an all-time high, has not showed any sign of slowing down.
Therefore, one of the biggest ongoing challenges is the rapid decay of B2B sales and marketing data. Research has shown that contact data can decay at a rate of 2.1% per month, translating to roughly 25% of your data becoming obsolete within a year. Considering the volume of job moves and company changes since the pandemic, ensuring your B2B sales and marketing data is regularly maintained and updated is essential.
Regularly refreshing your data, and working with B2B data providers that refresh and verify their data, is critical to maintaining data accuracy and improving your sales and marketing performance.
Sourcing Data for International Markets: Navigating Legal Requirements
When sourcing B2B contact data for international markets, businesses face the challenge of navigating data privacy laws such as GDPR in Europe or CCPA in the US. Compliance is crucial, particularly when handling personally identifiable data, as violations can lead to substantial fines.
Additionally, certain countries enforce additional local legislation that must be adhered to, which impacts on how you obtain, store, process, and transfer data. Partnering with global B2B data providers that are compliant with regional regulations ensures that your international data efforts remain legally compliant.
Conclusion
It is essential that businesses take a strategic approach to sourcing and managing their B2B sales and marketing data. Whether you need broader coverage for SME selling or a deeper dive into accounts for global enterprise deals, selecting the right data source, or a combination of sources, is critical to your success.
By understanding the pros and cons of various B2B marketing data sources, you can develop a data strategy that aligns with your business objectives, manages data decay, and maximise the efficiency of your sales and marketing efforts.
The key to success is not in striving for perfect data, but in finding the B2B contact data source that offers the best fit for your current needs.
GCL has been an established data provider for over 30 years, holding accurate data for various contact roles and market segments around the globe.
If you currently have data requirements or would like to get some insight into how we can benefit your B2B sales data capacity, feel free to contact us on 0121 452 2020 or email us at info@gclb2b.com.
