Why Building Your Own B2B Database Makes Good Business Sense

In order for B2B companies to stay competitive, they need data. Without data, companies will have a difficult time bringing current customers the products and services they need and want. They also will have a hard time converting prospects into customers.

While some businesses will buy data from third-party services, this can be expensive. Further, if you are able to purchase particular data, you can be sure that other companies are buying the same data. This makes that data less valuable because more people have access to it. Further, the businesses whose data is being sold may become weary of being contacted by multiple B2B companies.

In light of these facts, it make sense to build your own database. This can be down in a variety of ways. Here are three very effective ones:

1. Telemarketing. Every time that a telemarketer makes a call, a capture system can be put in place to make sure that you gather pertinent information. This information includes things like promotions, new hires, resignations, changes in contact information, etc. Basically, anything that allows your company to better target a particular business can be gathered through telemarketing.
2. Thought Leadership. When companies put out valuable content which includes a capture form, content can be exchanged for information about a business. Companies can then follow up with those businesses that meet the parameters of their target audience.
3. Through a CRM. When you build a customer and prospect database within a customer relationship management system (CRM) you can refresh information in this CRM when necessary. This process can be done in-house or contracted out. When data is refreshed through a CRM, you will be able to build a specific database with information on a business, including who has moved up, on or out of that business.

B2B companies that use high-quality, targeted data are able to connect with more of the right-type of businesses and achieve a higher number of well-qualified leads. While this data may not be easy to come by, it is well worth the time and investment.

Likewise, purchasing poor data, or the wrong data, will mean failed marketing campaigns. It also will mean that companies will not be able to gain traction with customers or prospects. Finally, it can severely damage a company’s reputation in in the marketplace.