Many marketers will spend their budget on single sourced lists. While this approach can show a return on your investment, it doesn’t account for the increase you could be seeing if you incorporated multi-sourced data sets into your strategy.
Most organizations who outsource their marketing data are looking to drive qualified new leads into the funnel. However, many companies are unaware the data they are using comes from one single source rather than from multiple sources. Or, perhaps they know that, but don’t realize why multi-source data sets are important. Here is why it matters: if the data comes from one source (say a trade publication), the business information could be incomplete or in some cases inaccurate or out of date — none of which will maximize your lead generation efforts.
If you knew moving from single to multi-source would give you a 25% increase in business prospects, would you do it? Of course. Single source data is a common approach for consumer marketing, and for good reason…it works well. So many marketers try to apply the same principles in the B2B space without the same results. B2B data contains
- More address elements
- Multiple divisions, mergers, spin offs
- Changes in contact information
When you combine multi-source data with your single sourced list, you can be sure that you are getting the most coverage into any market. These lists can increase coverage on individual data elements such as title, sales volume, contact names, etc. ranging anywhere from 10% – 50% depending on the data element. These numbers add up to that 25% increase in leads, and that adds up to more sales.
Look at the source for you marketing lists and make sure your data provider is talking to you about the benefits of using both single and multi-sourced data lists to drill down to your core market.