Marketers love data for many reasons. It helps businesses better understand their customers, break into new markets, and take their brands to new heights. It also resolves the guesswork involved in curating advertising campaigns. This is why many companies, both big and small, invest in purchasing consumer data to scale up their marketing campaigns. That being said, buying data for marketing should not be done impulsively.
At Speedeon, we cater to clients from a wide variety of industries. We are well aware of the challenges marketers face in acquiring high-quality consumer data that’s both reliable and authorized for use. If you are looking to invest in high-quality data sources and consumer lists – but wondering how – this guide is for you.
What Type of Data Can You Buy?
There are both B2C and B2B data resources available for purchase and they cater to different marketing and sales strategies. When it comes to consumer data, there is demographic data that outlines the characteristics of the target audience, behavioral data that provides insights about customer purchase patterns, and psychographic data that looks at life events, interests, and opinions of consumers. Also, you can access consumer data both to profile your key audiences or to buy as consumer lists for individual targeting. If your company has significant first-party customer data, you can purchase additional datasets for data enrichment to gain deeper insights.
Identifying Your Data Needs and Objectives
Before you engage in market research for reliable data vendors, start by identifying why you need to buy consumer data and the objectives you intend to achieve from using it in your marketing campaign. It will help in outlining the specific types of data you need and the attributes they need to have for refined targeting.
For example, if your goal is to increase customer acquisition through lead generation, you may need to purchase a consumer data list to carry out your direct mail and digital campaigns. In this regard, details like first and last name, address, and contact information are vital. On the contrary, the data you require for customer acquisition should consist of detailed attributes of your ideal customer to tap into their interest with tailored messages.
Where to Buy Consumer Data?
There are two main ways in which you can purchase consumer data from external parties.
1 – Buy it from a data marketplace
Data marketplaces give you access to consumer and business data from a variety of suppliers. They are convenient and offer you a wider selection to compare and select. They allow businesses to quickly source diverse datasets from multiple industries, streamlining the process of identifying relevant data for marketing campaigns. But, the customization level is limited, especially if you are looking to target specific audience groups. Some renowned data marketplaces are Datarade, LiveRamp Data Marketplace, and Snowflake.
2 – Get it from a data provider directly
If you are looking for industry-specific databases or expect a higher level of customization, getting in touch with a data supplier directly is the way to go. It also allows you to specify your requirements, check their data-validation process, and obtain detailed data. At Speedeon, we cater to clients in D2C, retail, insurance, home services, and financial services. Our tailored data solutions ensure your marketing efforts are highly targeted and yield the best possible results.
Selecting the Right Data Provider
There are many data providers for buying data for marketing purposes. But, there are many factors to consider before you choose the ideal vendor – whether it’s from a marketplace or directly.
Evaluating the Data Quality
When buying data for marketing, ensure your priority is quality. The success of your marketing campaign hinges on the quality of the data utilized. The core traits that help you determine data quality are accuracy, timeliness, completeness, reliability, and relevance. These ensure that the data fits your purpose and give you the correct information regarding customers. Also, data needs to be up-to-date and refreshed at regular intervals with the updated information to help marketers stay current with the evolving trends.
Data Compliance
Ethical use of customer data involves complying with the legal frameworks and privacy concerns on the sale, purchase, and use of data. Suppliers that take data licensing seriously go to great lengths to ensure they meet the legal requirements and protect both the customer and the business. Non-compliance can end up in legal issues, fines, and even tarnish your brand’s reputation. So, to avoid things getting ugly, make sure you check if the provider adheres to the respective laws in the state, as well as industry standards..
Customization Abilities
Every brand’s data requirements are different and the data vendor must be equipped with the segmentation capabilities you need to deliver custom data products. They should be able to personalize the datasets to match your target customer, region, and specific attributes needed. For example, we help companies specifically target in-market customers with life event data personalized campaigns and trigger-marketing campaigns. The number of attributes offered to filter the database is also a good indicator of the supplier’s customization capabilities.
Integration Capabilities
Before you buy customer data, you also have to check if their datasets can be integrated into your existing CRM platform, marketing automation systems, and major analytical tools. This is because integration challenges can lead to inconsistencies and make your efforts counterproductive.
Customer Support
Not all marketers are savvy when it comes to handling the complexities of using data in their marketing strategies. So, if you are just starting or need help in turning data into action, don’t just settle for a vendor. Choose a reliable partner like Speedeon that can help you maximize the potential of the customer data in your hands and leverage outcomes with actionable insights.
Consider Your Budget to Purchase Consumer Data
Pricing is also an important factor that marketers need to consider when buying data for marketing. The cost of consumer data can vary widely depending on the type, quality, and volume of data you’re purchasing. It’s essential to balance the investment with your marketing goals to ensure you’re getting the most value for your budget.
Why Choose Speedeon?
By offering comprehensive and accurate data, we help brands gain an in-depth understanding of their customers. But, that’s not all. We also help brands tap into unseen opportunities and gain a competitive edge in the market. Our analytical tools – such as AudienceMaker – help marketers model their consumer behavior and target potential customers more effectively.
Buying consumer data lists doesn’t need to be a hassle. We can help you every step of the way. Get in touch with us today for a one-on-one consultation!
