Why you should focus on data in B2B sales (and where to get it)
Companies that have started to systematically use data in B2B sales have seen an average increase in profit by 15–25%. More and more managers are realizing that intuition and experience are no longer enough to achieve quality business results. Why should your company invest in data? And how to get to it?
In 2016, 62% of managers relied more on their own experience and recommendations from others than on data when making decisions.
A lot has changed since then. Intuition and experience still play an important role in decision-making processes. However, research shows that data-driven organizations are three times more likely to significantly improve their decision-making ability than companies that do not use data as much.
But there are even more arguments for using data in B2B sales.
Four reasons to bet on data in B2B
1. More efficient sales process
Salespeople spend almost two-thirds of their time on everything but the actual sale. Paperwork, finding contacts, preparing documents…
A data-driven approach increases sales efficiency by 12% because salespeople know exactly who to target and with what offer.
2. More accurate identification of the right clients
The traditional business approach is often like shooting a shotgun – you might hit something, but it will be more of a fluke.
With data, you can increase the number of qualified leads by up to 50% . Instead of randomly reaching out to hundreds of companies, you can target those who are most likely to be interested in your products or services.
3. Higher level of personalization
In B2B, customers expect you to understand their specific situation and offer relevant solutions. With data, you can get to know your clients in depth and tailor your communications to truly reach them.
4. Predicting customer needs
Modern analytics tools are like a crystal ball that really works. They can reveal when and what your customers will be interested in. You can be like that bartender who has your favorite drink mixed before you even ask for it.
5. Measurable business results
A McKinsey study shows that companies that systematically use data in B2B sales grow faster than their competitors and their operating profit (EBITDA) increases by an average of 15–25 percent.
Where to get the data you need for B2B sales
It probably goes without saying that the foundation of a successful data-driven approach is quality data. You can obtain it from both internal and external sources.
Internal data includes information from your CRM system, website, email campaigns, or sales history. It is valuable, but often does not provide a complete picture of the market and potential clients.
External data will give you a broader perspective and help you identify new business opportunities.
You can get them:
- by manual search on the internet
- from common company databases based on register data
- from specialized databases and tools for B2B sales
Why regular corporate databases are often not enough
The NACE classification , which is the basis of many register databases, can be useful for searching for companies in more general categories. However, it has its limits:
- Categories are sometimes too general and do not allow for precise targeting
- Information in databases tends to be outdated and inaccurate
- It is difficult to correctly classify new fields into existing categories
Try searching a classic database for all bearing distributors or fuse manufacturers . You’ll get a list of hundreds of companies, most of which have nothing to do with the industry you’re looking for.
Intedat – the data you need
Successful business development is based on three pillars. You need to address:
- the right companies – precisely selected according to your criteria
- the right people – those who really make the decisions
- in the right way – systematically and effectively
Intedat is a comprehensive solution that covers all three areas. Thanks to our own classification system, advanced AI algorithms and a team of data analysts, we can:
- find companies not only by industry, but also by a number of other criteria (e.g. specific products or services)
- provide current and accurate data
- offer contacts to competent decision-makers
How to get started with data-driven B2B sales
To start reaching out to potential clients more effectively, follow these steps:
- Assess your current situation: What data do you already have and how are you using it?
- Identify weak points: What data are you missing to sell more effectively?
- Choose the right tools: Look for a solution that provides you with accurate, up-to-date, and relevant data.
- Fine-tune the sales process: And use the data you have collected to do so.
- Continuously evaluate results: Measure efficiency and continuously improve the process.
In an era when products and services are increasingly interchangeable (or, as they say today, commoditized), working smart with data can be what sets you apart from the competition.
Don’t wait for someone to discover you by chance. Harness the power of data and find the right clients before your competition does.
It’s easier and cheaper than you might think. We’ll be happy to help you with that.
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