Whether you’re planning for 2021 or making the most of your remaining budget this year, it’s always a good time to stay on top of your B2B data. According to TOPO, 60% of marketing and sales professionals have identified clean data as a top challenge. But getting the data quality you desire can be the hardest part.
Below we’ve compiled a guide to help you get the most from your data purchases, including expert advice, templates, tests, and evaluation tools. Make successful data decisions one of your top resolutions for the New Year.
1. Understand the data market
Whether it’s staying informed about the latest data market IPOs, or hearing what expert analysts say is coming next, be sure to seek out the latest information from trusted sources. Recently, industry analysts Eric Wittlake and Jeffrey L. Cohen shared various insights in TOPO’s 2020 Data Market Guide, including industry drivers, data-buying recommendations, and predictions for the future of the data space.
Before making another data purchase, you’ll want to also get clear on exactly where the data you’re about to buy is coming from and how it was gathered. This 3-part series Demystify The Origin Of Data: Part 1 How Vendors Gather Business Data is a good place to start. It describes the various ways data vendors collect and verify information, and what to look for when seeking out the highest quality data.
Industries and jobs are changing rapidly. Find out why refreshing your business data matters now more than ever.
2. Learn data lessons from others
A lot of teams are leveraging data in new ways. Jeff Marcoux, VP Of Marketing at TTEC, led his marketing and sales teams with a high-quality data approach to form a strong foundation for their go-to-market strategy. So far, Jeff’s team has achieved a lot, like a 317% increase in sales-accepted leads and a 592% increase in marketing-sourced leads.
Daniel Day, former Director of Account-Based Marketing at Snowflake, advises that building trust with your sales team, “is what allows us as account-based marketers to have free reign and not be beholden to traditional marketing metrics.” Day and his team used a data-driven approach to build models based on their fastest and largest deals, then tied it with intent data to stay up-to-date on who is researching their competitors.
America’s largest media corporation was faced with inefficient prospecting to a broad market segment, and needed a way to optimize their sales strategy and create a streamlined process. They were able to see great success, including prospecting 200x faster, with a high-quality sales intelligence integration directly into their CRM.
Jim Powell, Director of Sales at FedEx, on the other hand, took a close look at their current process and found a need to shift from making the customer fit their journey to a customer-centric strategy. His team tailors their customers’ experience based on data they can pull. Whether it’s a large customer or a smaller, younger customer, they want to be able to give them the right content and the right approach to help the customer become more successful. Learn more about his approach >>
CDO Roundtables are another great way to learn from data experts. Below is more information on the ones our team led:
Generating Business Value Through Data Quality
In this hour-long deep dive, hosted by our CEO, J.J. Kardwell, data leaders from today’s top brands including Microsoft and Coca-Cola come together to discuss B2B data-centric topics. Everything data is on the table, including today’s organizational challenges, how teams elevate their data quality and balance accessibility and risk, and how to ensure you have the highest quality data. Read the conversation recap here >>
Building Trust With High Quality Data
Another Data Leader Roundtable, hosted by EverString’s COO, Amit Rai, covered more real-world challenges that teams face when they merge multiple data sources together. Data executives from NetApp, Iron Mountain, and a division of Johnson & Johnson Pharmaceuticals discussed data strategies, and essential wishlist items for their data buying plans. See the details here >>
PRO TIP: Browse by job function to find data use cases, customer success stories, tools, resources, and advice to elevate your performance.
3. Calculate your data ROI
When you fuel your sales and marketing engines with better business data, you stand to gain more than you might think. With some standard metrics, you can calculate your return on investment (ROI), additional revenue potential, and how much you can save in your data budget.
So grab your current conversion rates, close rates, average deal size, and current data spend handy, and plug them into a tool like this ROI calculator to find out your potential results.
In the wake of the pandemic, learn how these marketers pivoted and ensured they did what was best for their teams in Secrets To Success From Data Driven Marketers.
4. Evaluate your data options
Once you start comparing vendors and solutions, there are some important data buying things to consider, including each vendor’s commitment to data quality, integration, and customer support options. If you’re not sure how to start vendor evaluations, this data procurement RFI template can help. If you’re not exactly sure how to start the process, this RFI template might help. In it, you’ll find the easiest way to send out a form that will get you the answers you need from each vendor during your process.
[pullquote] Find out how your data quality measures up against industry benchmarks with a comprehensive free data test >>
5. Make the case for better data
With knowledge on the current market, data solutions, and how to ensure it’s accurate, your next step is to make the case for better data to other decision-makers.
Some things to consider adding to your list of why-buys:
- The Importance of Data Confidence For Go-To-Market Success
- CEO/CMO letter template
- Two Recent Tech IPOs Signal Strong Validation For B2B Data Market