How to Buy Corporate Database and Factors to focus while Buying it

buying Corporate Database
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Corporate Database plays an important role in any type of Business, there are some factors to be focused on, so buying it is an art. It all depends on the niche and industry which you focus on.

The data which is related to your niche can help you to make a big difference in your sales and revenue. Those will be your target audience. There are many ways to reach your target audience and buying database is just one among them. The other ways are like online ads, outsourcing call centres, taking surveys etc.

But all these alternatives won’t be as accurate as you buy corporate database, because Corporate database is similar to leads which will be filtered with the best data and which you can contact them directly.

How to Buy Corporate Database

While purchasing corporate database you should follow the Buyer Decision Process which was initially introduced by John Dewey in 1910 and later expanded by Engel, Blackwell and Kollat in 1968.

Buyer Decision process has 5 steps

Buying Decision Process

Now let’s put the process to make a decision on Database.

1.      Problem Recognition

In the first step of Problem Recognition, you should know what you want for increasing your sales or identifying the problems for fewer sales. As I said you can go for other marketing ways or buy database which will be the easiest and most result-oriented way. Once you find if sales are the problem, then the solution is nothing but better leads which will convert easily.

2.      Information search

Then in information search, while purchasing the corporate database we should always make research to know which is the best database provider and in what all ways the corporate database can be useful (i.e. For Tele-calling, Email marketing, SMS marketing, Google AdWords customer match audience, other search engine ads etc.) If the provider is giving you land phone numbers then you can use it only for tele-calling, not any other ways. It will be a waste of money. So, compare and find a list of companies which provide the best corporate database.

3.      Alternative Evaluation

Now you should keep all the selected companies in front of you and filter it out for the best one. To filter it out you should know how they give you the company databases, how accurate the database is and all. So shoot emails for all the selected companies for the proposal.

Once you get the proposals and sample company database, compare it with each other, which will help you to know which is the best among all.

Some companies will give dashboards for you, but the problem is you should filter the data with your marketing skills to get the target audience. But some companies will filter the entire data as per customers target audience with the help of Marketing experts and give the database. It is up to you to select the company.

4.      Purchase Decision

After the above 3 processes, it is time to fix the best database provider for purchasing the company database. Go for a small number of databases and check the quality of the data with a live experience. If it is worthy then purchase more. If not, then try for another company.

5.      Post-Purchase

Check whether the company selected is helping you out even after the purchase of the database. Sometimes you might face issues, that time you should be assisted from the company where you bought the database.

The data bought might not be your target audience or will not be accurate sometimes. So the company should be ready to change the database which you have bought. Not all the company give this service (except customer care services), so choose the company which will benefit you.

You can even follow the Procurement process for purchasing corporate database.

Following the above steps will make it easy and worthy while purchasing a corporate database.

Factors to focus while Buying Corporate Database

Factors to focus on while buying Corporate Database

1.      Pricing

This is the main factor to focus on. When you choose a database provider company, as you are a new customer they might give you offers and discounts- This is Customer Acquisition. But when it comes to customer retention they might use a different strategy.  The database provider might charge you without any discounts and offers.

So always be aware of how the pricing method works. Ask the provider at the beginning itself that how much will be the renewal charges, if they try to hide it or hesitate to say then the provider does price manipulations.

Compare all the providers’ prices, in terms of buying, renewal and subscriptions too.

Don’t give a chance to them for gaining you as a customer unless they are worthy.

As I said, always go for a small package in the beginning. That will help you to understand if the corporate database is worth the money you are paying.

2.      Targeted Audience

As I have mentioned above, while purchasing the company database there are 2 types of way which you can get your targeted audience. One is by filtering out the database with your marketing skills, and the other one is by filtering out the database from the providers marketing expert.

If the provider gives you a dashboard, then you should filter the corporate database with your marketing skills.

If you don’t have a good marketing skill or if you don’t have a marketing expert with you, then let the provider do the job. Buy filtered targeted company database as per your requirement. This database will help you to reach potential customers with less effort.

3.      Verified Quality Data for High Deliverability

You should always check with the provider if their data are verified with email verifier and Mobile number verifier. So the corporate database bought will be valid. If the data has not gone through a verifier then the mail id and mobile numbers won’t be valid and there will be bounce backs.

That will lead to low deliverability rate. Buying of such database is of no use.

You should also be aware if the data are the updated data or an old set of data which is 2-3 years old. Most of the data providers will update their data every 3 months or less. Just to make it sure, ask the data provider if the corporate database is updated. Even research on their website and other review websites to know more about the data, how frequently they are updated and all.

Conclusion

Hope you understood how to buy corporate database and the factors to be focused on while buying the corporate database. Just follow these tips for getting a better database.

Hope you got to know the process. Comment your thoughts below, we will reply to all soon.

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