Since the emergence of alternative data in business and finance, many data types have been tried and adopted for business usage. In B2B markets, some of the most important data types are firmographics, technographics, intent data, and customer relationship management data. These data types form the basis for what is known as company data. This general term helps to conveniently refer to the whole package of information that is pivotal in company analysis. Let us look at what makes company data so beneficial. Also, one can learn more about it at Coresignal.
The subtypes of company data
Business is a very lively and perpetually changing field. And it has only been a few decades since such enormous volumes of data has been used in business. Thus, the ways we look and describe data and data-related practise are subject to constant change.
Therefore, most data types that describe firms may be referred to as company data in one context or another. However, at the moment there seems to be an understanding that there are four most common subtypes of company data. These are as follows.
• Firmographic data. It includes all kinds of data that defines some features of the firm by which it can be compared with others. Examples include such information as years in business, revenue, types of customers, number of locations, etc.
• Technographic data. This category refers to all data that describes how the company is using technology. It includes all information about the firm’s software and hardware, update implementation and adoption of technological innovation.
• Customer relationship management data, abbreviated as CRM data. This is, of course, all data that comes through the company’s CRM tools. Usually, it is information related to customer engagement and experience online and through various channels.
• Intent data. In B2B this category refers to all business activity that could be interpreted as showing intent to purchase a particular product or service. In other words, these are buying signals, such as firm’s recent purchases or mergers, or specific announcements, that may indicate how likely the company is to become a customer at this time.
The greatest benefits
One could reasonably assume that the whole category of company data is meant to subsume all of the most important data types in B2B sales. Therefore, naturally, there are many ways in which this type of information brings business value. Here are five of the commonly cited benefits.
1) Improved lead generation. Utilizing company data both fuels lead generation and ensures higher lead quality. CRM data can be used by both B2B and B2C businesses to capture leads by tracking online activity. And market segmentation data, that is firmographics and technographics, is a great way to single out the firms that have the strongest features of a potential customer, thus making them great leads.
2) High-quality market analysis. Both market segmentation data and intent data are great assets when predicting changes in market trends. This is useful not only to businesses but to investors as well, as company data allows us to compare firms and analyse them in the broader context of the market. For both companies and investors this means opportunities for beneficial action plans.
3) Competitive intelligence. Looking at the external company data about other firms will improve understanding of the competition that is being faced. This information, leveraged with internal CRM data will show how the company compares with the competitors and what should be changed for better results.
4) Better-prepared sales approach. Intent data allows us to recognize whether it is a good time to approach a potential customer judging by their recent activity. Added to extensive knowledge about the lead, provided by the other types of company data it creates a perfectly timed and well-prepared sales pitch. Naturally, this strongly increases the chance of a beneficial deal.
5) Increased overall efficiency. Data provides answers. And when these answers, for example about buying intent, scope of competition or customer satisfaction, are already present, everything moves along smoothly. This means that employees do not need to spend time figuring things out, hesitating, guessing, and making errors. The increased efficiency is felt in all departments from marketing, who can concentrate on creating targeted campaigns to sales who will direct their time correctly based on the potential value of the leads.
There is more
The four types of data described in this article are considered to be the core of company data. But it is important to remember that there are way more alternative data types that can be added to the analysis. Online job postings, company funding, or company employee review data are just a few examples of what else is out there.
And the more high-quality data is used, the more benefits one can expect from data analytics. Therefore, it is always a good idea to add more to the informational assets of the company whenever possible.