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OVERVIEW
B2B database marketing experts have agreed that as much as 50-70% of the results from a
direct marketing campaign are dependent on the targeting process, selection of the list and
the accuracy of the data and/or list chosen for the campaign. Therefore, the importance of
good data management is more important than most B2B marketers believe. Quality data just
doesn’t happen, but rather comes from the unending process of updating and verifying the
data on prospects and customers.
So why is this somewhat boring and detailed process important to you? Have you been faced
with some or all of the following questions?
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people to gather the needed data?
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enhancement?
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These and other vexing questions all revolve around the marketing database and its quality and
usability. As B2B marketers continually move from mass to targeted marketing communication
strategies and tactics, the sales lead database becomes the critical resource to achieve both
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of all B2B marketing budgets are spent with the primary purpose of generating and qualifying
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reach a limited result, and one that is far from optimal.
This white paper will explore, in some depth, B2B data management principals that when
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This is a tall order to be sure, but one well worth the devotion of the time and money
considering today’s demanding environment for better leads and results.
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JTUIFEFDBZSBUFPGUIFDPOUBDUJOEJWJEVBMMFWFMEBUB8IFOBCVTJOFTTQFSTPODIBOHFTMPDBUJPOT
within their company or leaves the current position for another company, they do not inform the
post office. This might be acceptable if the change rate was not high, but unfortunately it is.
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business people have one or more changes in their business card information. These results
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don’t buy anything - only the people within the company buy - it is crucial to get the contact
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they are painfully aware of the problem, the postal service is prevented from establishing a
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Needless to say, the data accuracy and updating process falls to the B2B database marketing
community, and more specifically you.
Therefore, it is a wise marketing manager who invests in the quality, accuracy and completeness
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and money spent on the data is not enough to insure its quality and accuracy.
B2B LIST AND DATA SOURCES – SOME OLD AND SOME NEW
There are a wide variety of B2B list and data sources, and understanding each will greatly assist
in data management. The following is a review of B2B data sources coupled with the potential
advantages and weaknesses inherit in each.
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COMPILED LISTS
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are compiled from a variety of data sources including online research, corporate filings, etc.
Strength: Broad overall coverage of companies with associated demographic information such
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These lists are also relatively consistent in format and structure which allows each to be compared
to the other. Depending on the compiler and the definition of a business location (e.g. home
office), between 12-20 million+ companies are contained on these databases.
Weakness: The data can be inaccurate, since the data may have last been updated one or
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important to know when and how the last update was done to provide a degree of confidence
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to run a check by phone before believing the stated accuracy.
RESPONSE LISTS
These lists contain name and company address information gathered when someone responds
to a marketing communication or purchases a product/service. The most common B2B
example would be subscriptions to trade magazines even though many of them has ceased
publication in the last several years.
Weakness: The depth of associated company information is usually thin as the responder does
not or will not provide much additional information. Some response list firms have now taken the
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helpful, the same errors contained on the compiled lists are carried over to the response lists.
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Strengths:0CWJPVTMZ
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person responding has indicated some level of interest in the product/service and has most fre-
quently accepted an offer and therefore will provide accurate information to receive the offer.
Weakness: At the time of response, the data on the individual, company and other associated
response information should be accurate. But, like all B2B data, it decays and frequently is not
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fect the accuracy as responders might not want to fill out all the information requested or put
down inaccurate information on purpose to avoid subsequent contact. This is a problem with
web responses, as it is common to not accurately respond with the information requested to
obtain the offer. Somewhat surprisingly, mail and telephone responses carry a higher degree
of accuracy.
Strength: 5IFBDUJPOPOUIFQBSUPGUIFJOEJWJEVBMTIPVMEEFNPOTUSBUFUIFJSJOUFSFTU8JUIUIF
prevalence of scanable badges at most trade shows, the data on the badge is highly accurate.
Weakness:*GUIFBDUJWJUZBUUIFCPPUIXBTPGBDPNQFMMJOHOBUVSF FHFOUFSUBJONFOUPSIJHI
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badge if the sales people then attempt to further qualify these people, at times the information
provided might well be wrong as the visitor does not answer the questions honestly, in part,
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frequently will be overwhelmed and not even remember the booth visit. Speed in follow up on
inquiries from trade shows is therefore critical to successful lead generation.
SEARCH INQUIRIES
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reported that in 2008, 72% of all B2B purchases started with a general search as the first step by
the buyer. Therefore, this source of inquiries is a key source of inquiries.
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Strength: The real strength of search inquiries is that the individual filling out the web form has
found and inquired on their own, which demonstrates serious interest. Assuming that the indi-
vidual is serious about his/her inquiry, then the self-volunteered information will be accurate, as
he or she want and expect follow-up from the company.
Weakness: Because the reach of the web is world-wide most inquiries received will likely
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consultants and even competitors in addition to companies who will never be able to buy the
product/service. Therefore, following up on all of these inquiries might well consume a signifi-
cant budget without the associated sales revenue. An inquiry screening process is now the best
practice in following up search inquiries.
Strength: An individual who spends time on webinars or request white papers on specific top-
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product/service being offered then they should be a good opportunity to generate qualified
leads and the self-volunteered data provided should be accurate
Weakness: The more interesting the webinar or white paper the more people will want the
information. However, just like search inquiries, they may not be qualified to become a lead
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not a potential, then the data provided may well be inaccurate, as the individual will want to
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Strength:0ODFUIFTFSWJDFIBTCFFOTVDDFTTGVMMZQSPWJEFEUIFDVTUPNFSJTPGUFOXJMMJOHUP
answer additional questions regarding opportunities for new sales. The data will be accurate as
these are customers and there is no reason to provide misinformation. The customer may well
provide additional information on the company or other contacts.
Weakness: The primary weakness in this source of data is that the customer or technical ser-
vice staffs do not see this as part of their job. Surprisingly, technically trained service personnel
do not make good sales people and may not record the information regarding a potential new
sales opportunity accurately. Therefore, not only training but possibly some incentives should
be considered to shore up this weakness.
Strength: The strength of these new list sources is that the data is gathered via new approach-
es that includes self-volunteered and website information. To the extent that these sources are
accurate, the data will be accurate, and much likely more accurate than the compiled data-
bases as this is current information.
Weakness: The only real weakness is that not all the companies a marketer may want to target
are sure to be on the database. Additionally several of these new sources do not have deep
demographic information.
As can be surmised by the wide variety of data sources, it is incumbent upon the marketing
group to not only select those that meet their marketing needs, but also be aware of the nature
and potential problems with each source.
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so there is a high level of confidence in the validity and usability of the data. The first process to
insure all other data processes will work to maximum efficiency is to standardize the addresses
of the incoming data. Fortunately the postal service has provided several good tools to do this.
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other elements or elimination of internal duplicates, commonly called duplication
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in addition to the DUNS number (detailed later).
CASS CERTIFICATION
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that corrects addresses that might be either incorrectly entered or incomplete. The resulting
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able to mailers if the mailing has been CASS certified.
The post office licenses a select number of firms to perform these two processes.
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stage of the sales cycle.
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in the key fields, as it is more relevant and meaningful to the individual contact than the
stage of your sales cycle.
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buyer, executive, etc.
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curate. Both employee size and revenue numbers are normally expressed as a range and
the standard ranges should be used to enable syncing to outside databases. Also, the
field is usually identified as a site level and not corporate level.
Depending on the specific needs of the marketer, there may be additional key fields required to
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be more customized to the specific product/service being sold.
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updating frequency must be established. Simply, how frequently do the key fields need to be
updated? As previously mentioned, between 60-70% of business people have one or more
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is only done yearly then likely a significant decay will have occurred before the update and
result in missed communications.
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The following are the data fields that require more frequent updating to insure accuracy
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The other key fields are either updated in the normal course of a lead nurturing program or
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To frequently update these key fields, periodic requests can and should be made to the
individual for verification or in some cases an outbound call to verify the data may be needed
either due to the importance of the individual to the sale or that they have not responded to
any email update request.
Finally, when the database is updated the new data is entered and a standard needs to be set
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the database? As an example, the assigned industry code by the public data compilers might
be incorrect due to a number of sourcing issues or be the primary and not secondary industry
code (many companies have more than one industry code as they have different business
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authority to change the master database and under what conditions? These issues need to be
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determine the prioritization and therefore resource appropriate to use for follow-up in the
lead qualification process. The use of a higher cost telemarketing call should only be used for
inquiries that fit the best customer profile and other lower cost qualification methods used for
lower priority inquiries.
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to understand who is responding by market segment. This is particularly useful when many
search responses have been received.
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some relevancy of communications, the enhanced record adds to this ability. The more relevant
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marketing principle.
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record will provide the sales person (direct, inside or business partner) a much better picture of
the company they are calling on and will translate to a better sales call.
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the sophistication of the matching algorithms is a determinate as to how many matches are
found. This is a variable in matching that should be discussed and agreed to with those who
are performing the matching process, as it will have significant impact on the matching
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database, but the software can’t identify it as the same company and therefore does not match
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be justified.
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have a matching and enhancing capability. The database that is frequently preferred over the
others is Dun & Bradstreet. There are three differentiations that are valuable for B2B marketers,
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identifies every business location in the US and globally. This number thus serves as a key code
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JO
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company. This is particularly useful when selling to companies that have either multiple loca-
tions or divisions, as this gives an in-depth view of the overall company vs. only one location.
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B2B firms market to other regions in the world in addition to the US, D&B provides the only
source of business data able to be linked on a world-wide basis.
COMPANY DATA
Company name
Parent company name
Location type (HQ, plant, research center, etc.)
Subsidiary status
Stock ticker (only 1% of companies are on the stock exchange)
DUNS number
D&B prescreen score (credit rating)
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Public/private
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New listing
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Bank name
Accountant name
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LOCATION DATA
Continent and Country
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INDUSTRY DATA
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Line of business
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SIZE DATA
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Plant or facility size in sq. ft.
CONTACT DATA
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ESTABLISHMENT
Fax number
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cost communication media, but at times not easily obtained at the individual contact level. The
procedure of appending is straight forward if only one email address within the company is known
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These services promise more than they typically provide as the real match rate is only 10-20% if
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check references and/or other clients who have used these services before signing a contract
or advancing money. There are an increasing number of scams now occurring in email append-
ing so be very careful.
As with all B2B data, there can be errors so it is important to understand how and when the
data has been gathered and updated. Therefore, if there is actual information gathered by
the lead process that is considered to be more accurate, it is standard practice to update the
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that confusion in the updating process is eliminated.
SUMMARY
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now should have a complete understanding of the intricacies of this critical element in data-
base marketing. The time and money spent to insure the most complete and accurate data will
pay great dividends in not only cost efficiencies but also revenue generation. Continue to be
on the lookout for improvements in data sources and methods to clean, update and enhance.
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CONTACT INVENIO
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Suite 200
Austin, Texas 78758
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