There are many arguments around whether it is better to purchase business data, or to create your own organic data for marketing, productions and staffing purposes. There are very strong arguments for both, but we are here to dispel the myth that purchased data is a waste of money and resources. This is simply not true!
Purchasing business data offers a great way to measure the success of your marketing campaigns. Marketing campaigns cost a lot of money and take up a lot of time, so effective ways of measuring their success is essential.
For example, if you purchase business data before and after a campaign has gone out, you can clearly track the effect it has had on your customer engagement and customer purchases. You can see which mediums customers found you through (email, social media, online advertising), and the changes in their purchasing habits, patterns and pretences. This information is essential for tailoring future strategies, helping you to put together, bespoke, demographic-focused, and ultimately more successful campaigns.
Purchased business data helps you to see buying and engagement patterns for both specific customers and for broader demographic groups. This helps you to predict their needs and to tailor your service towards ensuring that they find the products and services that most interest them.
This data supports your business in creating opportunities, by putting the customer face to face with the products and services they are most likely to engage with.
Purchasing data also directs you towards your best prospects. The behaviour and preferences expressed by your current customers make it easier to identify which other individuals or companies might also be interested in what you have to offer. This is likely to broaden your reach significantly.
Patterns seen through purchased data are also useful when considering which direction your company, and perhaps industry, is going. Being able to predict what your customers want is invaluable when thinking about where your business should be growing and investing in order to be successful in the future.
This future applies to a number of things. First of all, it shows you which products and services re popular, which are not, and which need to develop in order to appeal to your demographic. Purchased data can also help you to predict periods of high and low demand, meaning that you can staff your business or up/down production appropriately.