6 Resourceful Marketing Data Tips
Time to read: 2 Minutes
In our last post, we talked about where to get marketing data sets. Of course, the type of marketing data you need depends on the goal. If you have a big budget, getting great marketing data is much, much easier. But what about the scrappy startup or the resource constrained B2B marketer? What’s the hot marketing data tip? Here are 6 marketing data tips to help you get the most out of your marketing data budget dollars.
Marketing Data Tip #1:
Know your Business Goal
Is it market analysis, lead gen or something else? Get clear and scale your data needs with goals.
Marketing Data Tip #2:
Consider using IRS Data for Consumer Market Analysis
If it is a consumer-related goal and you need some market analysis, we like using Internal Revenue Service (IRS) data. It’s free and usually more up-to-date than the US Census. Besides, it’s less unwieldy to use than the gigantic US Census.
Marketing Data Tip #3:
Major Online Survey Tools Allow Limited Free Tool Use
If it’s either B2B or B2C survey research, online survey tools allow for some freebies. For example, you get 100 completed surveys for 10 simple questions for free. Check out enterprise-class Qualtrics or SMB-focused SurveyMonkey. For opinions beyond your contact circle, pay a small fee for “sample” or potential respondents. To field a quick question, use Google Surveys where you can pay as little as 10 cents to field it. Consider the investment because random responses are generally worth the money. Your friends and family are certain to different opinions of your business idea than complete strangers.
Marketing Data Tip #4:
Before Buying Consumer Lead Gen Data, Know its Details
If you’re in the market to buy consumer data, do your research and know what you’re buying. Quality and pricing is all over the board and a high price does not always imply high quality. Go with a transparent data vendor. So take the time to determine how they assemble data sets and where they buy data. Remember that everybody has access to the same data, so know a vendor’s methods before you put down the coin.
Marketing Data Tip #5:
The US Business Census is Great for B2B Market Analysis
If it’s a B2B goal and you need market analysis, try the Business Census. Another secret is searching your larger, public competitor websites. Hit up their investor relations sections. Investment presentations are also very useful. Sometimes, analyst firm syndicated research is available, too, and there’s always a gem or two there.
Marketing Data Tip #6:
Consider Pay-as-you-Go for B2B Lead Gen Data
If it’s a B2B goal for lead gen, this is where you need to scale your data needs because in reality, it is budget scaling. For example, Hoovers has a pay-per-record model with many packaging options. Pay $1.50 for an entire lead record or as little at 24 cents for a direct mail address. If you know you are using a lead for direct mail, don’t spend the money for data you don’t need.
In sum, the important thing to getting the right data set is to know your goal. Identify the level of precision you need. And know your timing and budget. When it comes to data, there is a solution for every goal. Sometimes a free source is good enough. Sometimes it’s not. Of course, make the age-old trade-offs between quantity, precision, budget, and time and you’ll make the right data set choice every time.
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