In this article, we'll explore key considerations for purchasing data, including data enrichment, data sources, best contact data, and affordable options. We also provide some summaries on the average costs of contact data so that you don't get stumped and overpay!
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When it comes to data for your GTM teams and sales team, not all offerings are created equal. Different vendors pull data from various sources, and some data comes at a premium due to its scarcity or uniqueness. In this article, we'll explore key considerations for purchasing data, including data enrichment, data sources, best contact data, and affordable options. We also provide some summaries on the average costs of contact data so that you don't get stumped and overpay!
1. Quality Over Quantity: Understanding Data Sources
Quality should always take precedence over quantity when it comes to data. Does the SDR want a 100 numbers at a 40% accuracy? or 50 at a 90% accuracy?
Consider the sources from which your data providers pull their information. Premium data may come from exclusive sources, providing insights that are difficult to obtain elsewhere. Understanding the origin of your data is essential for ensuring its accuracy and relevance to your business needs.
When buying any form of data from a provider ask "where" and "how" questions about the source, the reliability, the accuracy rate, how regularly it's updated and where is all this info displayed.
2. Partnerships and Value-Added Services
Many data providers offer partnerships and value-added services, such as data enrichment add-ons. However, businesses often overlook these opportunities, leading them to enter into multiple contracts with different providers. This fragmented approach not only increases costs but also limits the ability to maximize the value of data across the organization.
Intent provdiers like Lead Forensics, partner with Cognism and can give you additional data enrichment through their contracts. Gong can also provide data enrichment from Cognism and others. So don't just ask your data and intent providers ask all of the sales tech providers you work with.
3. Maximizing Value for Money
To maximize value for money, it's crucial to explore the full range of services and offerings available from your data providers. In the previous section we spoke about importance of consolidating your data needs with a a smaller number of providers that offers comprehensive solutions. This approach allows for better integration, streamlined processes, and ultimately, greater value for money.
However, you also need to ask about credit versus license models from all of your data enrichment providers. There is often a license bought for every sales rep or user. This ultimately means that at a organisation level you are overpaying for credits. Under utilized licenses, churn in headcounts, flexible usage all add to this equation. So understand the average credits, whether this be contact data, firmographic or technical data, used month to month or quarter to quarter before buying licenses for everyone.
Tools like Upcell are amazing free chrome extensions that will create the contact data records from Linkedin in your CRM for you, allowing you to move other providers to more accurate and cost effective credit and usage models.
4. Long-Term Considerations: Scalability and Flexibility
When investing in data, consider the long-term scalability and flexibility of your chosen provider. Ensure that they can accommodate your evolving needs as your business grows and changes. Scalable solutions offer the flexibility to adjust services and pricing structures as needed, providing a sustainable approach to data management. Also ask about roadmaps for development and changes to data sources, integrations to CRMs and other tools.
A native integration with your CRM will protect your business workflows and habits, so should any changes in the future to providers need to be made then you can do so with minimal resistance from the team and minimal dips in perofrmance.
5. Transparency and Accountability
Finally, prioritize transparency and accountability when selecting a data provider. Look for vendors that are transparent about their data collection methods, privacy practices, and pricing structures. Establishing clear expectations and communication channels ensures a mutually beneficial partnership built on trust and reliability.
In conclusion, when it comes to purchasing data for your business, it's essential to prioritize quality, value, and affordability. Understanding the sources of your data, leveraging partnerships and value-added services, and exploring affordable options can help you maximize the value of your investment. By choosing the right data provider and adopting a strategic approach to data management, you can unlock valuable insights that drive business growth and success. To find the best options it's also valuable to find indiviudals who partner with various data providers and sales tech vendors, as you can get certain discounts and additions by being introduced by these experts.
Free chrome extension to create contact records and they'll also provid iterative data
Lead Forensics = additional cognism data
Gong = additional cognism data
Cognism = Kaspr data enrichment
