When it comes to choosing a data provider to supply your business-to-business (B2B) data you are pretty much spoilt for choice.
However, too much choice can sometimes make it all the more difficult to make a decision. Although no one can afford to make a bad decision, don’t put the decision-making off for fear of making the wrong one. This is especially true if your current data supplier simply isn’t cutting it. It makes sense, now more than ever before, to get out there and find a data supplier that does deliver.
The right data supplier can deliver more than cost savings; they should be able to deliver real value and return on investment.
Work out what you want
One of the best ways to approach your choice of data supplier is to work on your brief. This is where you look at your existing data assets and identify what gaps, issues or requirements you have. You need to confirm what exactly it is you are expecting from your data supplier and what business data and extra services you need.
Write down your wish list and think about the issues you have experienced in the past. This is so you can use this insight to find out how a different data supplier would have approached things. Remember, the better the brief, the better the answers – helping you to make a more informed decision at the end.
Where to find a business data supplier
Like with any service or product you use, word of mouth, referrals or testimonials from already satisfied clients are really helpful and give you the confidence that you are selecting the best data suppliers to take to the next stage.
Take the time to talk to other businesses and do your research. A quick business data’ search in Google will identify a wide range of suppliers for you to check out. Associations, including the Direct Marketing Association (DMA), are also a good source of information. Take a look at their website at www.dma.org.uk as it lists suppliers of business data and could make a good starting point.
Trade publications such as B2B Marketing are also a great source of information on potential data suppliers.
Ask questions
Include questions in the brief you send out or ask them direct when you meet or talk. Meeting face-to-face will give you a better feel for the supplier and how well you could work together.
This is especially important if you have a specific need i.e. you sell a specialist service to a very niche marketplace. You need to make sure that your future data supplier is able to provide you with relevant business data. If not, are they able to get it? It is important that they make it easy for you to contact the right decision makers within your chosen sector.
With regards to what questions to ask, it really depends on what exactly your brief is.
However, here are 10 questions to get you started:
1. What data on businesses do you have? You want to know how much data they have i.e. number of businesses and type of businesses, the level of individual contact/decision maker information they have and sort of information they provide. For example, named decision makers, email addresses, web addresses, number of employees etc.
2. How do you get this information i.e. where does it come from? Here, it is useful to find out whether they own their own data and how they gather it. For example, information gathered by phone is often more up-to-date as the data can be validated and checked over the phone. The supplier may also use this opportunity to ask other questions and add this information into their business database
3. How up-to-date and accurate is your information? You need to make sure that the information provided to you is as up-to-date as possible so the more frequent the information is checked the better. Find out when it was last checked and find out how they check it
4. Who uses your data? It is always useful to know who else uses the data and what they say about it
5. What’s your goneaway rate? A goneaway is when a mailing (for example) is returned back to you because the person it has been addressed to is no longer there. The average goneaway rate is between 3-6 per cent. Remember, no list is perfect as business data changes at a very fast rate. However, the lower the goneaway rate the better. Ask if you get your money back on goneaways. In addition, find out what they do with goneaways i.e. do they try and contact the goneaway so they can update the information in their database?
6. In what format do you supply business data? You need to make sure that it is supplied in the best format for your needs
7. Is there a minimum order? Some suppliers only accept orders of a certain value or size. So, if you’re not talking large volumes you are better off with a supplier that doesn’t demand a minimum order
8. What do you charge? You need to find out what the cost is per business record. The cost will depend typically on what level of information you have requested. As a guide, the average cost for basic information, including name of contact, company name and business address is £100 per thousand records
9. Will you provide me with a free trial? Many suppliers will give you a free test of their business data so you can try it out first before you buy
10. What support can you provide me with? If you are new to using business data supplied by a third party it is important that you get a helping hand.
