Doing any kind of business without good data is akin to not knowing your company’s customers. Who are you selling to? One of the very first things you need to define is who you plan on selling to. If you do not know this or can’t have it clearly defined by the time you are ready to open shop, then there’s no point even getting started.
What is Business Data?
We’ve been going on and on about business data. What exactly is this?
This term refers to a set of information that an organization that intends to offer a product or service to another needs to understand the audience they plan on selling or offering these products or services to. It also refers to information that an organization can use to determine the kind of employees they need to meet their targets.
In summary, it refers to every information that guides every decision an organization makes in the course of carrying out its day to day activities. You can read more about this here.
Why is it Important?
Looking at the definition given above, it should be pretty obvious that this is at the heart of any organization’s operations, explaining why some refer to it as “business intelligence”. However, to put things in proper perspective we will look at a breakdown of some of the specific roles that data plays in the operations of a company.
When your business involves selling to another company, it is a matter of utmost importance that you know the exact person in that organization to send your pitch to. Failure to send this information to the right desk can drastically reduce your chances of getting an “in” into that company.
For new companies, the right information will provide you with a comprehensive list of companies and the various roles and contact persons therein. With these, you can intelligently send your proposals or sales pitches to the right person, thereby increasing your chances of making a sale.
On the other side of the coin, businesses that deal with individual customers need the right information to tailor their products to the exact needs of their target market. They also need to it create advert and marketing campaigns that will be effective with this target audience.
Some information they will require include age range, location, interests, income range, level of education, marital and family status and many other such information. Without these, they will simply be flying blind.
You can learn more here: https://smallbusiness.chron.com/role-data-business-20405.html.
Buying Good Quality Business Data in the UK
Having seen the importance of the right information, as a new company it may be impossible for you to have generated the amount of information you need to grow your efforts. In this kind of situation, one thing that can speed things up for you is the use of purchased business data.
Why Buy Business Data?
We’ve already established that a new enterprise may not have enough self-generated data on which to base its decisions or actions. In such a situation, the best option is to purchase one. This will help them get cracking from the very beginning.
For already existing companies, you never have too much accurate information. New opportunities are arising every day so it is important to constantly stay on top of these new opportunities and trends. Purchasing the appropriate list is a great way of updating your existing ones and probably, pruning it to make it current and by so doing, more effective.
How to Buy
Decide on the Type You Need
There are different types of business data lists. The first thing you must do is identify the type you need. Some examples include: business, consumer, public sector and education data lists.
Once you have decided on which lists you require, you can then move on to the next stage.
Scrutinize the Source
What you get is as useful as where it was gotten from. Before buying any list, take some time to look at the company selling it. What’s their track record and how are they getting their information?
The information on which you base your decisions or with which you send your pitches can be outdated or totally irrelevant to you and your business. If this is the case, your effort will simply be a waste and your purchase will be money gone down the drain.
Only patronize companies that have a proven track record, companies that can defend the source of the data they are selling. A simple way of ascertaining this is by finding out what their previous customers have to say about the quality of their offerings.
You cannot successfully operate an enterprise in this age without the right kind of data. If you try to, your competition will leave you so far behind that your only option will be to quietly close shop.
The simple solution is to treat data generation and acquisition the same way you will treat the blood flowing through your veins – it is that important.