Navigating the Changing Landscape of Data Collection

A company's focus shouldn't only center on generating leads and closing deals. Instead, you should evaluate and understand your customers' experience throughout the relationship.

In 2023, marketers are shifting their focus from retention to a balance of retention and acquisition. They are collecting more new contacts and refining first-party data strategies to create more relevant outreach. This shift comes as large corporations like Google and Apple are changing the rules and regulations surrounding third-party data collection.

B2B practitioners are realizing the importance of building personal connections, identifying key stakeholders, and collecting prospective buyer behavior data to generate fuel account- and contact-level insights.

According to the 2023 Database Strategies & Contact Acquisition Benchmark Survey, 69% of practitioners plan to increase their investment in their database strategies to achieve these objectives. The survey indicates that marketers are focused on collecting as many new contacts as possible while refining first-party data strategies to create more relevant outreach.

To do this, practitioners are allocating more of their budget to the enrichment of data through better insights to personalize content and messaging (56%) and better insights to increase customer retention and loyalty (61%). Despite marketers having the necessary contacts identified, nearly half (47%) are still struggling to collect account-level data on prospects, particularly with collecting email addresses, mobile/SMS numbers, and work phone numbers.

As such, marketers need to generate more info about buyer behavior by improving the health of their database to close these gaps in the contact information they collect.

Practitioners are increasingly relying on third-party providers to maintain database quality. The preference for in-house cleansing has decreased, and the use of third-party validation has increased sharply, with nearly half of the practitioners relying on it in 2022. The biggest challenges practitioners face in maintaining data quality include old/outdated data, lack of time/resources to implement an effective cleansing process, legacy technology issues/limitations, lack of data on current customers, and siloed data.

Respondents indicated that the most effective tactics for acquiring prospect and customer information include:

  • Website-based registration forms (57%)
  • Subscription databases (43%)
  • In-person events and trade shows (39%)
  • Web directories (37%)
  • Co-registration on partner websites (35%)

B2B practitioners are looking for a database system that is accurate, comprehensive, and up-to-date. They want a system that is easy to use, can be customized to meet their needs and includes features like data cleaning and validation.

Kompass EasyBusiness is that solution.

EasyBusiness offers a comprehensive and up-to-date database with information on over 60 million companies worldwide, making it an ideal solution for companies looking to acquire accurate data on their prospects and customers. The database includes a wide range of information, such as company names, addresses, phone numbers, email addresses, key contacts, company size, industry classification, financial data, and more. It offers high-quality data that is regularly updated and validated, providing accurate and reliable information for businesses.

It also allows users to filter and search for companies based on over 60 different criteria, such as industry, location, and company size. With EasyBusiness, you also get the ability to create custom lists, search and filter options, and integration with CRM systems. It also offers multilingual support and the ability to download and export data in various formats. Additionally, Kompass offers various add-on services such as direct marketing and lead generation to further support business growth.

 

Talk to our team today and learn more about how EasyBusiness can fuel your sales and marketing process.

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