In this video, I’ll break down the differences between “Legacy” data vendors and “Modern” data platforms. The primary differences between the two are in the types of data they provide and the methods they use to collect data.
Legacy data providers deliver firmographic data including location, number of employees, revenue and contacts. Since this data is collected by people in call centers it is static, delivering a past-state of the business since it’s unclear when this data was collected.
Modern data providers deliver the same firmographic data but because the data is consistently updated using artificial intelligence, it represents a present-state of the business. Modern data providers also deliver future-state business data by using machine learning to create indicators that look at a variety of factors to determine a company’s propensity to grow, shrink, require funding etc. as well as intent data to understand when they are preparing to buy a solution.
“Hey everybody, Matt Amundson here with another Modern Data tip.
So there’s two types of data companies out there. There’s legacy and modern data providers.
Legacy data providers are giving you firmographic data, contact data, but their data is static because they use call centers and it’s not updated very frequently.
A modern data provider’s giving you the same firmographics and contacts but also new data types like technographics, using data science to create signals that are specific to your business, giving you intent data to tell you when your prospects are in market for a product or service like what you sell, and the data is live because it’s using AI to essentially evolve as companies evolve and inform you with what those changes are updated into your CRM.
So when you’re thinking about what data provider to go with, make a T-chart and decide whether that provider is a legacy or a modern data provider.”
Related: See how the best revenue teams use the world’s best account data.