How Does An Online Database Management Tool Differ From A Traditional Data Vendor – 3 Business Positive Ways
The link between sales and marketing is a qualified lead. The more marketing uses data, higher the qualification attained. The tremendous amounts of data required to run a precise and targeted campaign drag down resources, time to market and results. Currently there are 2 ways in which companies source their data- the traditional data vendor and the online database management tool with database download capabilities.
The progression towards an online portal for database management and prospecting solution is a natural progression, though a slow one. Traditional data vendors are still in high demand due to various reasons. Most of them are due to long term relationships developed and nurtured. Price points have never been a strong point of data providers because online portals are extremely cost effective today. For finding customized lists with specific fields and highly evolved information, data providers do have an edge currently. They are only able to deliver the same because of the massive manpower they tend to use to extract this data.
The online database management tool and its evolution
It is vital to understand the progression of database management from the turn of the earlier century to current complex analytical modules. There are certain changes that happened to the structuring of data that helped in the evolution towards an easier method. Establishment of modern databases dates back to the 1950s with the subsequent use of electro-mechanical machines and coding. Digitization was the biggest breakthrough in this development and can be traced back to the need to digitize social security numbers in the USA. IBM was a forerunner in this field and created systems specifically for this purpose. State and national governments are particularly of much importance here because they had the need to structure and normalize data for usage in governance.
Computers can now store and handle all kinds of data such as records, documents, images, sound recordings, videos, scientific data, and many new data formats. We are able to format and analyse these data points faster and in a way that brings out crucial business intelligence from them. These advances have benefited humans on a larger scale and businesses too. Decisions taken today are not based on broad based criteria but backed by scientifically derived results. This has been crucial for marketing campaigns in the past few years.
There has been a dramatic increase in the intake of data points today. There are several avenues from where various types of data are collected. With the ever increasing volume of internet based business where everything is online, database collection has become a science unto itself. The what and the why of data collection leads us to the why of it. From this we derive major benefits for decision making.
Traditional data vendors and what they do
We have discussed the various processes involved with data appending companies and how database sales and marketing are a part of them in a previous blog post. Most database providers work on the math of scale. The bigger the data set, the lower the cost; but more complex the need, the higher the cost. Most providers have a large master file they fall back on, to populate a customer file. This MDB has almost everything that most businesses need. Their update process is generally applied to this file. There are certain intrinsic issues associated with bulk data. Most processes may not yield suitable results simply because of the size and the time it takes. A small error will jeopardize the whole operation.
There are repercussions to this type of data handling. The quality of data suffers and creates negative results for the end user that is the customer’s brand name. Bad data causes billions in losses for businesses globally. This is one of the key reasons there has been a demand for a unified online database management tool that takes away the stress of dealing with a third party entity and puts the entire operation, its handling and its results on internal players only.
The scope and reach of online database management solutions
Simplification is the need of the hour. Many large enterprises have moved on from soliciting data sets from vendors now and have amalgamated the process of data hosting, procurement and extracting marketing intelligence from them, onto one platform. Apart from the cost factor of this migration, the time scales associated are dramatically lowered. This means you can run more campaigns, which are highly targeted, with your own data or data that can be purchased in real time. The benefits far outweigh the issues.
Further here, we shall discuss 3 fundamental points that prove to us that online database management tools are the future of database marketing
1) Convenience of access
The power lies with the chosen one- or the one who has access to the data file! This is the reality of database marketing today. Various dependencies are automatically created when data is acquired from a vendor and needs to be used by the marketing team. Access is an issue which is real and slows down every single possible process to its slowest possible rate. Most times it is attributed to safety issues and data transfer is a serious business. Putting so much power in the hands of a chosen few creates issues that we as humans are predisposed to, such as despotism and hierarchy separation.
Database management platforms have revolutionized data access. Firstly, these platforms are login based and web enabled. Each login can have its own clearance list. This makes interdependencies obsolete. You have access to what you need and you can take decisions based upon this. When setting standards of data access, proper protocol can be applied decreasing the chances of mishaps and misuse. Adding to this mix is the access from anywhere any time facet. We live in a global economy and companies rarely operate out of one single location. Giving clearance based access to data allows teams spread across countries and continents to work together faster and effectively. You can track everything so that sorts out the misuse clause effectively.
2) All in one
This is by far, one of the most successful pitch lines for any online database management tool. Module upon module can be added and layered in to assist you in tackling data sets, large or small, custom or traditional. The effort that is required to get just 2 interconnected but separate modules to see fruition from one single data provider is monumental to say the least.
A scenario can be used to showcase the effectiveness of single window purpose built solutions. The example can be taken such- you are a firm that is looking to generate leads in a specific city for construction material. You already have a set of contacts and would like to add net new data to it, along with appending it. Now, if you approach a traditional provider, your order will be segmented into 3 different and separate orders. One is add net new data to your list, which requires it to be segmented if not already done. The next process is to run an append job on it. The third one is to run a normalization process that makes sure no duplicates arise. You will be charged separately for each process.
Now take it that you are subscribed to an online portal that not only manages but also runs appending and hosting processes. All you need to do is upload your contacts, normalize it and segment it which is a real time process depending upon the size of the file. Request for addition of net new data as per your choice and the software will run in the background to give you a new list with added data, usually within hours. There is no need to de-duplication since it has already been taken care of by the software. Your new list that is appended is ready for download in a matter of hours!
3) A lot more than data
This is a unique feature that cannot be easily replicated by most traditional vendors. Marketing today needs a ton of input based upon sales intelligence. A sales and marketing intelligence software can deep dive into your data sets and extract information in a methodical manner giving you insights that help you take informed decisions. Usually, most of the top of the line online database providers attach crucial intent data to their contact sets. This amplifies your marketing campaigns allowing you to structure your messaging accordingly. Knowing more about your prospects is important today and it is easy for online database providers to facilitate this aspect. Taking it to the next level is predicative intelligence marketing where algorithms suggest the most likely action to be taken by a prospect and guides you to create campaigns centred on it. This is still a nascent feature and requires a lot more development but for traditional providers, this process isn’t even thinkable in their scale of approach.
The possibilities for an online database management tool are many when it comes to data purchase or just prospecting. Most platforms provide you the bandwidth to scale up as and when you need. Most of them work off a credit based system which allows users to be proactive with bad data. There are many features that make it user friendly and fast. These are pushing the envelope for most conventional contact database providers. The future is online and moving onto a stable online database management platform is beneficial in the long run.
Ampliz is a self serve web based database management and discovery platform that works on a subscription model. It is designed to improve the value of your marketing plans. It has 36 million verified files available for download via 25+ search filters. You can run email verification of contacts seamlessly.
Data hosting on Ampliz allows you to sort, segment, and search and find the right contacts you need to run marketing campaigns through predetermined or custom search filters attached to them. These are again downloadable. Looking to add net new data to your counts? Upload and match with our master database and get only new counts. It integrates seamlessly with top of the line marketing automation software and CRMs currently available.
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