Buy or build? The Pros and Cons of Buying a B2B Database

Introduction to B2B databases

B2B databases are essential tools for companies wishing to connect with other companies. There are many techniques to reach potential customers, sms campaigns, emailing, telemarketing, marketing automation, newsletters, cold calling. 

However, this all depends on the lead files in the database. These databases contain the contact details of other companies, including email addresses, email addresses, mobile or landline numbers and geographic location. With a B2B database , businesses can generate leads, grow their customer base, and increase sales. However, one question remains: is it better to buy or create a B2B database? In this article, we’ll look at the pros and cons of both options.

What is a B2B database?

A B2B database is a collection of contact information for businesses. This database usually includes company name, contact person name, email address, phone number and physical address. Some databases may also contain additional information such as company size, industry and revenue. This information is used by companies for marketing and sales purposes.

Advantages of a B2B database

One of the main benefits of using a B2B database is that it helps companies generate leads. By having a contact list of other businesses, businesses can contact potential customers and introduce them to their products or services. Additionally, B2B databases can help companies grow their customer base. By targeting businesses that may be interested in their products or services, businesses can increase their sales. Having millions of contacts in your database is an objective, but you have to ensure the quality of your prospects. Verification of customer data is essential, the recipients, the email database, the email addresses,

Another advantage of using a B2B database is that it saves time. The creation of customer files takes a lot of time. Instead of spending hours researching potential customers, businesses can use a B2B database to find contact information for businesses in their target market. They can thus concentrate their efforts on sales rather than on research. The qualification of files having already been carried out, you can go directly to prospecting. 

Advantages and disadvantages of buying a B2B database

Many companies opt for file purchase, others choose file rental. Businesses have the option of purchasing a pre-built B2B database. This option has many advantages. First of all, it saves time. Companies can have access to a large number of contacts without having to spend time researching and building a database from scratch. Also, buying a B2B database can be profitable. You have ready-to-use prospecting files directly at your disposal. 

Building a database from scratch can be costly for your marketing campaign, especially if businesses need to hire a team to do the work. Without its databases, you still have to target, segment, do the whole segmentation process, define potential customers, qualify prospects, find email addresses and align marketing actions with company objectives. Carrying out commercial prospecting with a customer database in hand becomes easier and saves more time.  

However, purchasing cross-company files also has some disadvantages. First, it may not be tailored to the specific needs of the business. A pre-established database may include contacts that are irrelevant to the business or missing important contacts. Additionally, there is a risk of buying a low quality or outdated database which means prospects are not qualified for your prospecting campaign. 

Whether for a B2b or b2c campaign, it is important to make a list of your qualified prospects, and to collect as much information as possible about your customers. Your customer files must be as complete and relevant as possible. Failure to do so can result in wasted time and money, as companies may spend resources contacting companies that are no longer in business. What is quite common is that companies store customer data in an excel format and updates are rare. CRM software makes it possible to properly manage and keep customer information up to date. 

Indeed, they are supposed to contain large files. Depending on your sector of activity, buying files, renting files or building your own b2b database, the objective is always to sell more, you must consider all the options based on the profitability of each prospecting method considered. Choose a multi-channel strategy to optimize the results of your sales prospecting. Use SoContact prospecting software to help you create your b2b database. Do not forget reminders and above all provide after-sales services to build loyalty. 

Factors to Consider Before Purchasing a B2B Database

Before purchasing a business-to-business database, businesses should consider several factors. First, they must consider the quality of the database. Verifying email addresses should be part of your actions. The same is true for telephone contacts. It is important to ensure that the database is up to date and accurate. In direct marketing campaigns, it is important to ensure that your segmentation criteria are well defined in advance. You can thus check whether the databases to be purchased correspond to the profile of your potential customers. In other words, are they qualified customers for your commercial prospecting. Also, companies need to consider the size of the database. A smaller database may be more affordable, but it may also have a limited number of contacts. Finally, companies need to consider cost. While purchasing a pre-built database can be cost-effective, businesses need to ensure that they are getting what they pay for.

How to choose a reliable B2B database provider?

If businesses decide to purchase a prebuilt B2B database, it is important to choose a reliable vendor. Several factors should be considered when choosing a supplier. First, businesses should look for a vendor that offers a high-quality database. This means that the database must be accurate, up-to-date and adapted to the needs of the company. The data controller should be able to explain to you the quality of the database you are considering purchasing. 

Also, companies should look for a supplier that offers good value for money. This means that the provider must offer a reasonably priced database that includes a large number of contacts. Finally, businesses should look for a vendor that provides good customer service. This means that the provider must be responsive to requests and offer support when needed. In order to increase your turnover, to have a high conversion rate or a positive return on investment, it is important to list the marketing actions to be put in place in order to see how to use the customer database wisely. . 

Use SoContact for marketing lead generation . 

The pros and cons of creating your own B2B database

Another option for companies is to create their own B2B database. This option has several advantages. First, companies can tailor the database to their specific needs. This means they can include contacts that are relevant to their business and exclude those that are not. Additionally, companies can ensure that the database is accurate and up-to-date.

However, creating a B2B database from scratch also has some drawbacks. First of all, it can take a long time. Creating a database from scratch requires research and data entry, which can be time consuming. Also, it can be expensive. Hiring a team to create a database can be expensive, especially if companies need to hire experts to ensure data accuracy. Awareness of the impact of data enrichment on the results of prospecting campaigns encourages managers to take careful care of contact files or customer lists. 

Tips for building a B2B database from scratch

If businesses decide to create their own B2B database, there are several tips that can help them get there. First, businesses must start by identifying their target market. This is to identify the types of businesses that may be interested in their products or services. Once they have identified their target market, they can start researching and building a list of potential contacts.

Additionally, companies must ensure that the database is accurate and up-to-date. This means that they should check contact information regularly and remove any outdated or incorrect information. Finally, companies should consider using a data management system to organize and maintain the database whether for retail customers or large account customers. 

Conclusion

In conclusion, buying and building a B2B database has advantages and disadvantages. While purchasing a prebuilt database can be cost-effective and time-saving, businesses should ensure they choose a reliable vendor and consider the quality and size of the database. Building a database from scratch can be tailored to specific business needs, but it can be time-consuming and expensive. Whichever approach is taken, it is important to ensure that the database is accurate and up-to-date to maximize its effectiveness. Direct marketing campaigns require the most a reliable marketing database, the results are concrete and measurable over the long term. 

Entrepreneurs  to start optimizing your customer prospecting use SoContact.