Legacy vs. Modern Industry Classification

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In this video, I’ll break down the difference between legacy and modern industry classification.

A Legacy Data Provider will provide grouped industry information, meaning two companies in a similar industry but with two very distinct product offerings will appear the same in your database. This issue stems from having broad industry classifications.

A Modern Data Provider constantly refreshes data so you get the most accurate and up-to-date account and contact data. They can go a level deeper by scraping company websites for keywords to determine the true industry classification.

Check out the video below to learn more.

Video Transcript:

“Hey everybody, Matt Amundson here with another Modern Data Tip.

So today we’re going to talk about industry classification.

So, here’s two companies as an example:

Salesforce and Workday.

A Legacy Data Provider is going to lump them together, and say that they’re both software companies. And they are both software companies, but we all know that they are two very different businesses.

So a Modern Data Provider is actually going to go by their websites and scrape keywords and understand how those businesses describe themselves. So a Modern Data Provider can go another level deeper and say “Yes it’s a software company, but they sell CRM. Yes it’s a software company, but they sell HCM.”

And that can help you do a much better job, of segmenting and prioritizing for selling.”

Related: Learn about EverString’s modern data in the World’s Best B2B Data Guide.

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