Understanding the Basics of Modern Data

What is modern B2B data?

Modern data is an intelligent and structured representation of the massive volume of data generated each day in today’s digital world of business. With advanced machine learning under the hood, a modern data platform collects personalized and highly accurate business insights, which sales and marketing teams can turn into action—resulting in a shorter sales pipeline and higher ROI.

Think of this way: modern data is to sales and marketing teams what Google Maps is to a family road trip. Sure, you can plan a route the old-fashioned way using a paper map, hoping traffic surges or accidents don’t force a detour. But why would you, when using the real-time data can get to your destination so much faster?

Modern sales and marketing teams need to move faster, too. Their success depends on how quickly they can reach their next best accounts. They need to avoid traffic jams (like tying up sales reps on dead-end leads) and detours (like investing marketing budget in campaigns that don’t convert). To do that, they need accurate, “living” data that offers valuable insights about target accounts.

That’s modern B2B account data: a complex set of indicators that help sales and marketing teams focus their resources. It’s collected automatically from any and all data sources, enriched through machine learning, and continuously updated to provide accurate information such as:

  • Firmographics – Firmographic data is like demographics, but for a company rather than a person. It reveals information like company size, location, revenue, and industry.
  • Technographics – Technographic data provides insight into a company’s technology stack, as well as their intent to buy further tech solutions.
  • Contact Data – Contact data is just what it sounds like: data that reveals information about an account’s locations, email addresses and mobile coordinates.
  • Fit Data (Data Science) – Modern fit data uses applied data science to score how well a target’s needs align with a company’s offering.
  • Intent Data – Modern intent data reveals which prospects are doing heightened research around a particular product or industry, indicating a motivation to buy. Layered with fit data, intent data can dramatically boost conversion rates.

“It’s pretty straightforward, the key to b2b sales and marketing today is to make data-driven decisions on who to target, when to engage, and what is the most relevant message.”

—Craig Rosenberg, Chief Analyst, TOPO

How modern data outpaces legacy data

Legacy data is a paper roadmap. It offers basic, often outdated information and requires a lot of effort on behalf of the buyer in order to be useful.

In B2B sales and marketing, legacy data usually contains baseline firmographics like company size, location, and contacts. It’s often collected manually by staff in a call center, which means it’s static; the best it can do is provide a “past state” picture of an account, frozen in time.

Modern data includes—and far exceeds—firmographic and contact data. A strong modern data-set typically includes dozens of intersecting columns, such as:

  • Marketing, culture and social sophistication
  • Funding strength
  • Creditworthiness
  • Number of investors
  • Strength of sales
  • Technology and marketing spend
  • Employee growth
  • Comparison against Fortune 500, Nasdaq, and Dow Jones companies
  • + dozens more

Modern data is useful because it’s detailed, and it’s relevant because it’s living. It abandons the traditional call center in favor of high-capacity machine learning, which aggregates thousands of unique company signals as fast as a team of one million human workers.

This means that modern data buyers receive a “present state” picture of target accounts, which is what makes modern data such a powerful accelerant for competitive sales and marketing teams. They aren’t just looking back at what their accounts used to look like; they’re looking forward using indicators that answer questions like: Is a particular company a good fit? Is it expected to grow? Shrink? Seek new funding? What does this account look like today, and what will it probably look like tomorrow?

Using modern data to gather more information about target accounts, and prioritizing those accounts based on such present-day and future-state indicators, means sales and marketing teams can narrow their total addressable market and concentrate their focus only on accounts that are likeliest to pay off.

“EverString provides accurate firmographic and technographic data about the vast majority of companies in their database and allows us to refine and filter that list by literally hundreds of data points.”

—Raheel Alam, Salesforce Administrator, BombBomb

Good modeling relies on clean, modern data

The way that modern data is collected, cleaned and updated is modern, too.

Working at the capacity of over a million humans, leading modern data engines use machine learning and artificial intelligence to provision and structure account data on a continuously refreshing cycle.

The data itself, once it’s been collected and cleaned, provides a sophisticated present-day picture of target accounts. To be truly actionable, though, it requires a layer of modern data science.

This is where the same advanced technology that continuously collects and cleans modern data works double-time. Data acquisition is one half of its docket; the other half is modeling.

Modeling begins with an advanced interpretation of a company’s ideal target account, based on data aggregated from its own past successes. What do these successes have in common? What type of company tends to make a purchase, and from what industry? Where are these customers located? How large are they? Based on dozens of these indicators, the machine learning engine inside a modern data platform develops a high-fit account model, and uses that model to identify and prioritize accounts that should be prospects but aren’t yet in the sales and marketing team’s pipeline.

This means that sales and marketing teams can focus on accounts that are likely to make a purchase. With fewer accounts in their pipeline and a unique, data-driven story attached to each one, sales and marketing teams can optimize their strategy; they can pivot from an “en masse” campaign approach to one driven by micro-segmentation and sophisticated account-based outreach, for better results and a higher overall ROI.

Fit + Intent: The ultimate power of modern data

Identifying high-fit accounts through modeling helps sales and marketing teams outmaneuver competitors who are slowed down by more traditional methodologies. The real power of modern data, though, is at the intersection of fit data and another important modern indicator: intent.

Intent data measures an account’s likelihood of making a purchase by monitoring behavior on third-party platforms like Business Insider or Forbes, where more and more B2B buyers initiate their search for a new product or service. That’s what makes modern intent data a critical part of a company’s competitive sales strategy: it doesn’t wait for prospects to come and engage—it goes looking for them, and measures their engagement using sophisticated indicators.

A prospect who scores high on intent is a strong bet. A prospect who scores high on intent and is a good fit for a company’s offering? Golden. That’s a prospect who’s likely to spend more, who already knows why they need your product or service, and who will move more quickly through the sales cycle.

Using modern B2B data to determine fit and intent scores is the new rocket fuel for competitive sales and marketing teams.

The EverString approach to modern data

As the leader in marketing and sales intelligence software, EverString offers a modern data platform with a one-two punch: it combines clean, reliable modern data with machine-driven applied data science to score accounts on a variety of indicators.

Using the platform, sales and marketing teams can instantly identify and prioritize high-fit prospects who are surging on intent, giving them the insight they need to outpace the competition and close more deals, faster.

Ready to see how EverString’s modern data platform can help your sales and marketing teams? Contact us for a free demo.