An accurate, detailed, and well-maintained database is an existential need for B2B businesses. Unlike B2C, businesses selling to other businesses cannot rely on mass-marketing and impulsive sales strategies. Besides contact details, crucial insights on prospective businesses, such as funding, outsourcing budgets, and business requirements, are needed. Simultaneously, the individual details of purchase managers (and even MDs/CEOs in many cases) are required to create a rapport. Robust corporate databases with precision-based firmographic, demographic, technographic, and purchase intent insights can help businesses maximize their sales and marketing productivity.
Advantages of Building a Corporate Database
Building a high-quality corporate database is an arduous task. An entire team must be trained and engaged in the time-consuming research for months at a stretch. Even after the database has been compiled, there has to be scheduled maintenance (updating, cleansing, validating, formatting) to maintain usability. Many B2B businesses collaborate with professional database sellers and data management agencies to avoid these expenses and hassles. Whether built in-house or purchased from a reliable seller, here are the undisputed advantages of having a corporate database:-
1. Equips the Sales Team with Valuable Insights for Better Conversions– When sales executives have access to insightful data on potential client businesses, it helps them hit the bull’s eye. For instance, Has a new purchase manager been appointed recently? These little pointers can make a big impact on successful conversions.
2. Enhances Lead Quality and Enables Account-Based Marketing– B2B businesses are becoming increasingly judicious with their marketing resources rather than targeting high lead volumes. A robust B2B database enables marketers to study their ICP meticulously and target selective leads to generate maximum revenue.
3. Fosters Better CRM, Client Loyalty, and Retargeting– B2B brand value largely relies on lasting client relations and loyalty. A well-utilized CRM database will ensure that no client is lost to competitors. The right marketing automation can help target existing clients strategically to enhance relations and enable reselling.
4. Data-driven Forecasting Saves Time and Money– The right data is vital when a business intends to launch a new product/service or aims to expand into new markets/unfamiliar territories. Traditional market research has its limitations as it only depicts the current scenario. On the other hand, modern-day data analytics runs cutting-edge algorithms on databases to provide accurate trend forecasting. A high-quality database can save companies valuable time and money by steering the right business decisions.
Before the popularization of data-driven digital marketing, the B2B sector largely relied on traditional advertising and word-of-mouth. Field marketers were deployed to visit prospective client offices and meet the key decision-makers. This approach is outdated today, thanks to digital marketing agency avenues and high-precision corporate databases. Data-savvy businesses are now adept at digital demand generation, lead generation, and marketing automation. Data has enabled marketers to target high-value leads rather than having sales personnel respond to every random query. This monumental B2B data revolution is expected to intensify in the foreseeable years.