Maximise your ROI when Purchasing B2B Data
Data is a key asset of any business. If you properly research suppliers and invest wisely, it can dramatically affect your company’s financial success and rate of growth.
However, if you’re not informed of the details or available options around your purchase, bad data can quickly turn into an expensive mistake.
Here’s our top tips to prevent your B2B data purchase coming back to bite you:
1. Write a clear and detailed data brief.
This may include specific geography, industry, contact information, fields such as job title, seniority, contact channel (post, phone, email), size of company, how many contacts per company and anything else to help specify the data selections to your target audience.
Every supplier should provide a detailed breakdown included in the count so you can select everything that is relevant.
2. Check your supplier understands your organisation and exactly what you are trying to achieve.
Are you wishing to update and extend in-house lists on a regular basis to ensure they are complete and accurate? Or do you need to rent a list for a one-off mailing for some quick results?
A reliable data provider will carefully review the needs of your business and create a contract that suits both your short term and long-term data objectives. Write a list of your requirements and communicate these to each potential supplier. Once they send you a contract, review it with care before signing to ensure their offer meets your needs.
3. Clarify which services your quote includes.
Check and double check you understand exactly what you’re paying for. Suppliers frequently try to catch your attention by advertising a low cost per record. However, this usually only covers the “basic” package. Once a deal is done, the supplier can tack on additional charges for extra selects, fields, or users.
Read the fine print of your contract and there’s no such thing as a silly question so ask them! If something sounds too good to be true or isn’t completely clear, say so! Comb through your contract for any limitations or hidden costs such as data expirations, delivery/set up fees or minimum purchase requirements.
Hint: Suppliers are often more flexible when it comes to pricing with potential clients who they believe will become long-term customers. So, if you think you’ll be using this service again in the future, tell them!
4. Don’t buy more data than you need.
It makes no sense to spend money on purchasing data your company will never use. First of all, ask the data supplier whether they have a process for deduping their dataset against your existing customer/prospect list or a suppression file.
This process will show records, such as duplicates and incomplete fields, that are not worth your investment. This will often come at an additional cost but has the potential to save you precious time and money in the long run.
5. Verify the data provider’s customer service policies.
Reliable data providers may offer compensation at some degree for poor data that doesn’t match their accuracy and deliverability rates. Find out if the data you’re purchasing is covered by these guarantees and exactly what is required to prove a record is a duplicate, undeliverable or inaccurate.
Agree in advance on how you’ll be compensated.
6. Request a discount.
Discount packages come in many forms: volume of data, length of contract, upfront payment, new customer, bundled offers, reduced rates on new records after your first purchase etc. Also, check out what other product options are available – they may be willing to offer a free trial or package deal to win your business.
Buying data can be a minefield. Datasets sourced through high quality providers get strong results in campaigns. Keep these tips in mind to get the most return from your data purchase.