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5 Questions to Ask to Ensure the Worth of Your B2B Data Purchase

In today’s world, data is increasingly driving marketing, sales, and other business matters. For business success, you want to gather data that is accurate, timely, and relevant to your organisation’s concerns. However, when looking for a data collector and supplier, you need to be extra discerning. Any data you buy that doesn’t fit the qualities you hope for is lost money.

To find data that best fits your interests, ask yourself, and your prospective supplier the following questions:

1. Do you understand the inner workings of your business and your goals?

If either you or your supplier can’t answer this question straightforwardly, you risk buying expensive data that would only be a waste of your time and money. You must determine which specific parts, processes, or departments of your business would involve and use data, marketing, for instance. More than merely completeness and timeliness of data, you need data that is relevant to your needs. The convenience of regular updates would be useless if you don’t need a specific type of data in the first place. Sit down with the concerned departments and ask them the types of data they need. Use the list of requirements as a guide when looking for your data supplier.

The data supplier you choose should have the ability to gather or supply the types of data identified in your list. They should coordinate with your concerned departments to get what they need. At the same time, the prospective supplier should harmonise your companies overarching and long-term goals with their data gathering objectives. Ask for a draft contract and review the terms.

2. What services does the data package price include?

Many businesses tend to look for cheap data, which is not a total surprise, but also not advised.
You must read the terms of your contract and review what you’ll be paying for. As a marketing gimmick, unscrupulous data suppliers deliberately conceal or mislead potential clients by claiming low costs per data acquisition or record. Once they’ve struck a deal with their clients, these suppliers would then place onerous charges for features their partners don’t needor reveal hidden charges for crucial features.

A reputable data supplier won’t treat you as a means of merely making money, but as their partners in progress. They should be transparent on the breakdown of the quote and list down other features you may want as merely optional. Expect that they will try to persuade you to take those bonus features, but all of these should be done in good faith. Don’t be afraid to clarify your concerns, such as hidden costs, minimum purchase requirements, data expiration, rush delivery charges, support services, limitations, and service fees, such as delivery and setup fees.

3. Ask questions about compliance and do your due diligence. Look at price vs quality and ensure the balance is right. 

Don’t fall into the trap of always looking for the cheapest quote; it may be cheaper to purchase, but at what cost?
You need to ensure that the supplier and their data is compliant with industry legislation and must be able to show that you have performed your due diligence. This is even more important if you also purchase consumer data for your business, as the data protection laws surrounding consent are much more complex.
It’s a false economy to purchase cheap data, only to find yourself in trouble with the ICO which could result in both brand damage and large fines.
Even if a cheaper supplier is compliant, its worth testing first before continuing with a larger purchase. The words quality and cheap don’t usually fit in a sentence together, so be wary of ultra-cheap data as your ROI may well be better on more expensive data with higher contact and sales rates.

 

4. What are the supplier’s customer service policies?

Most businesses expect data suppliers to provide some form of long-term support, on top of the data itself. Ask the prospective suppliers of their accuracy and timeliness guarantees and compare them across different suppliers. The guarantees should be specific and explicit as to what they plan to do. Also, negotiate with the supplier on the way you should be compensated for any trouble; what is their returns policy?

5. Is there a discount?

Cheaper data isn’t always better, but that doesn’t mean you should avoid discounts whenever possible. If you are entering into a long-term contract of 12 months or more, your vendor would likely give you a discount even if you didn’t ask. Other data discount options include; orders with prepayments, new customers, bulk volume deals, and bundled offers. Some providers may even offer a free of charge or half price test.

If you’re looking for a B2B data supplier to help you set up your campaigns, get in touch with us today!
We’re happy to create a solution that works for your business.