7 Signs you’ve Outgrown your Data Provider

7 Signs you’ve Outgrown your Data Provider

Too many businesses cling to their data B2B providers, even when they no longer fit the business or provide ideal data. Inaccurate or outdated data requires more time to update and prevents organizations from maximizing their data. Plus, relying on outdated data increases vulnerability to serious risks like customer dissatisfaction and security breaches.

Data intelligence is now critical in almost every business function.

The signs you’ve outgrown your old data provider are listed below.

  • Your Current Data Provider Isn’t Meeting your Desired Business Outcomes
  • You only see them when there’s a problem
  • Lack of Innovation Hurts Your Business
  • Not Adding Context Beyond the Contacts
  • Excessive Costs Increases
  • Your Service Provider Fails to Cope with New Data Compliances
  • Change to a Reliable Data Provider
  1. Your Current Data Provider Isn’t Meeting your Desired Business Outcomes

Data providers with a broad range of services will always help you grow your business. That means they must look at your company as a whole, hoping to help you achieve great results. If your current provider only fixes specific technological issues, it’s time to switch.

A provider who treats your company as a unique entity is always a good choice. After all, technology helps you achieve your business goals. So, to best assist you, your data partner must know both your short- and long-term goals.

If your data partner wants a long-term relationship with your company, their service commitment will show. From pre-sales to onboarding to customer support, good customer service is essential. You shouldn’t have to tolerate carelessness, tardiness, or general disinterest. These issues can take time and money away from your main business, defeating the purpose of working with a data provider.

  1. You only see them when there’s a problem

The resources to be proactive are scarce. So they spend their days putting out fires.

Your data provider’s responsibilities include resolving data issues. You pay your data provider to manage your entire offering. You’re not getting a good ROI if they only do one thing.

Your data partner should regularly assess the product to identify potential issues and address them. If they do their job properly, you will notice less downtime and a more efficient operation.

  1. Lack of Innovation Hurts Your Business

Your legacy B2B data provider isn’t adding new features or improving existing ones. This could be due to complacency, or worse, using an unsupported system. Lack of integration with CRMs and data verification processes result in poor automation capabilities.

Your team likely knows which filters, features, and data they need to improve productivity and competitiveness. However, your outdated data management system may prevent them from implementing their ideas.

Now you’re stuck with an outdated data platform while the major players in your industry use cutting-edge sales intelligence tools to stay competitive and maximize productivity. The loss of competitiveness and adaptability may be devastating for a company.

  1. Not Adding Context Beyond the Contacts

Your sales and marketing connections are just a list of names, phone numbers, and emails. For many people, a lack of excellent contextual information leads to frustration – or worse, failure – in the research feedback cycle.

Knowing the “what,” “why,” and “how” behind the “who” can help you engage prospects. You become an ally in their business challenges.

A company’s current technology stack, reporting structure, and job responsibilities are all examples of context.

  1. Excessive Costs Increases

Like most SaaS solutions, data companies will gradually raise prices as they add data, features, and integrations. That’s part of doing business, and it shouldn’t surprise you. You don’t want to do business with a data partner who raises their fees without improving the product’s quality. While preparing their customers for possible price increases, reliable data partners prioritize delivering greater value to their customers.

Check if your data partner is providing more data, more accurate data, or adding new features like data enrichment and intent signals, or adding new data filters. If you said yes, and they are genuine, you should renew. If not, increasing your budget to keep the same solution is pointless. And if your vendor’s pricing policies don’t justify the cost, it’s time to look elsewhere.

  1. Your Service Provider Fails to Cope with New Data Compliances

Many data providers fail to comply with new data regulations like the CCPA and GDPR.

The new GDPR and CCPA regulations make it illegal to track users without their consent. A few big data companies keep their consumers’ intent data collection methods secret. Unauthorized use of information can cost an organization dearly for years. Bombora, a Buyer Intent Data leader, has sued a publicly traded data company for allegedly violating the CCPA.

Many buyers will be concerned about data security. Every year, new laws and regulations are passed around the world; you want a supplier who meets all international requirements. If your data provider isn’t up to date with data compliance, it’s time to switch.

  1. Change to a Reliable Data Provider

Regardless of company size, you expect high-quality data from your partner. However, switching vendors may be difficult. It will cost money, be disruptive, and affect your sales and marketing efforts. As a result, you must weigh the costs and benefits of changing data partners with your vendor. Transition interruptions and switching costs can be minimized if properly planned and managed.

Any data partner working with a customer must have a clear and accountable plan. That’s what drives us to keep improving our B2B sales intelligence platform and adding value to our B2B data.

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