A Tech Guide: Selecting The Ideal Data Provider 

In the era of digitalization and tech stack expansion, the importance of data cannot be overstated. Data provides insights into target prospects, allows the generation of valuable leads, fosters sustainable growth, and becomes the essential factor in decision-making. 

Companies can now opt for data providers, who will supply all the freshest data they need for insights. Whether you are choosing between Coresignal vs Proxycurl or any other data provider, there are a few things you should consider when choosing an ideal provider for your company. Let’s take a closer look at data provider requirements and signs to look out for. 

The Main Aspects To Review About Your Data Provider

Collecting data can get tricky and quite time-consuming, stopping companies from collecting it. In fact, the amount of data created by consumers doubles every two years, but 99% of new data is never used, analyzed, or transformed.

As with any other business processes, in the data route, one data provider can’t fit all companies and cover all business data needs.

If you want an ideal database for your business with accurate information, you must know these aspects below, that will help you review a provider and examine its fit for you. 

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Data Sources And Accuracy

A trusted data provider must be able to present where they source their data, the ways they collect it, and records of the latest data sourcing, that will confirm data freshness. 

Statistics have shown that every year, 25-30% of data becomes inaccurate leading to less effective sales and marketing campaigns, and businesses lose as much as 20% of revenue due to poor data quality.

Database Capabilities

Many databases can withhold similar data, however, depending on the provider it can be filtered with different criteria and cleaned with separate tools. You must ask your provider what filtering systems they use and what monitoring capabilities you will have.

Integration Capabilities

An ideal data provider ensures effortless integration with your existing tech stack. This compatibility streamlines the adoption process, allowing for a swift, seamless transition that amplifies your operational efficiency.

Look for providers with robust APIs and straightforward documentation, enabling a direct and hassle-free flow of data into your systems. This key feature not only saves time but also enhances the utility of the data, making it immediately actionable within your existing frameworks.

Segmentation And Targeting

A robust data provider should offer you data in a system that allows you to segment the data and divide it for targeting capabilities.

This way you’ll be able to save time by filtering prospects with specific criteria such as size, titles, location, etc. The ability to target prospects with different campaigns depending on their target group, will substantially increase your marketing efforts. 

Information Entirety

Data provider databases must sell complete loads of information, that won’t be scattered, out of date, or simply missing.

As a data buyer, you must find the entirety of all the information you need about a specific company or prospect. It has been confirmed that 54% of businesses cite data quality and completeness as their largest marketing data management challenge.

Personal Customization

Every data provider’s bases are different and allow various levels of managing them. Some providers can even create separate databases based on your needs and preferences. These are the things you must analyze before you choose a database and data provider to work with.

Cost Structure

Choosing a data provider also means navigating through diverse pricing models to find one that aligns with your budget and data needs.

Whether it’s a subscription-based approach offering continuous access, a pay-per-use system for flexibility, or tiered pricing to match varying levels of demand, understanding the cost structure is crucial.

Assess the provider’s pricing in the context of the data quality, frequency of updates, and the comprehensiveness of their datasets.

Opt for a transparent cost structure that provides clear value, without hidden fees or surprises, ensuring your investment into data drives measurable returns for your business.

Data Security And Licensing

Now even if a data provider has your ideal databases, you shouldn’t ever opt for them if they aren’t licensed and secure.

Make sure to check for security features, firewalls, and privacy policies. Without the correct license and data collecting system your business risks getting in trouble for using illegally collected data. 

Summing This Up

There are numerous data providers in the market and even though it can get challenging to choose your ideal provider, you now know what aspects to look after. Make sure you invest your company’s money in the highest quality database you can find.