Data Filling and Turnaround time based on Market research are critical to businesses in order to take strategic calls on overall business growth, B2B data workflows, lead-to-account management, competitor analysis, duplicate record prevention and email validation. Complete and real-time business data is also important for account planning, messaging and reducing time spent by the sales team in entering and maintaining company and contact data for lead generation.
The emergence of Business Information Services firms like crunchbase, dealroom.co, craft.co has addressed these requirements to a great extent. Such companies effectively collate company data and identify, evaluate, select, and organize business information, presenting them to clients in a format that helps them meet business goals.
But it is a fact that there exists no master database of private companies that is 100% accurate, complete and up-to-date. There is always a bit of gap that exists between the actual data and the available data. Business information providers need to be mindful of the lack of completeness of data in their databases, the reporting biases that might creep in during data collection and the issue of time delays between the occurrence of a strategic event and its update in the database.
Before getting into the role that Market Research Service Providers can play in this regard, let’s first discuss some of the known issues with the available B2B data out there. These are the most common issues faced by all aggregators of private company data.
Reporting delays or Turnaround Time
Let us start with a classic example. Generally, venture capital deals are not disclosed at the precise time they are signed. This is important to remember when looking at “snapshots” of private company funding data. There is often a gap of several weeks between finalizing paperwork and public disclosure, even for big rounds raised by companies. There is a time delay between the public disclosure of such deals and the addition of this information to the database. Unless these deals are manually added to the database, it might not show up-to-date company data.
Data Fill Rate
Data fill rate refers to the completeness of a company record in a B2B database. More often than not, a company record in a BIS database ends up being a ‘micro profile’, that contains some, but not all the data pertaining to it. Like for instance, the address or the contact details of the key decision-makers or Leadership data may be missing. Such micro-profiles do not add any value to the client or the business that makes use of this information. It is therefore very important for BIS service providers to maintain complete, accurate and up-to-date company data in their databases.
Selective reporting bias
As data is gathered by BIS service providers from multiple sources through Artificial Intelligence or Machine Learning, there is also a chance for such data to be somewhat biased towards certain companies and investment. Accordingly, this may paint a rosier picture of a company or industry. There has to be a whetting process for all the data collected that ensure transparency and accuracy.
Sector and Business Under Coverage
Because there are so many companies out there, most private company data aggregators focus on a particular subset of companies, industries, or transaction types, which necessarily limits the scope of its coverage.
Geographic Under Coverage
The quality and quantity of information a private company data aggregator collect are not geographically uniform. There is always some sort of sampling bias while collating company data spread across states or countries. For instance, a data set of American startups, compiled by a US-based company, is probably going to be more comprehensive than an Indian data company’s collection of American startup information. These sampling biases are more pronounced when there’s a language or cultural barrier. To mitigate this, many aggregators of global startup data often partner with local Market Research Agencies and data collectors to enrich and verify data. But these all can be easily overcome by the real Market Research Expertise at lessburn, who are both locally and globally mindful about sourcing the relevant data irrespective of the geographic location in a cost-effective way thereby reducing more than 60% of your operational expense on a local & In-house team.
The Role of Market Research Service Providers
From employing industry-best practices and systematically gathering, recording, and analyzing data to offering market assessment, benchmarking, data mining, segmentation, competitor analysis and industry trend forecasting, Market Research Service Providers can help Business Information service providers maintain relevant, credible and accurate information on their databases.
Data enrichment incorporates fresh information into existing company records to improve its accuracy and value. Data enrichment improves the quality of leads, contacts, accounts and opportunities with accurate business data that drives actionable insights for sales and marketing success. Most often manual data validation and curation becomes necessary to ensure the completeness and credibility of company data. Also, analyzing key interconnections in the data to develop algorithms, and provide valuable insights can be made better possible through human intervention.
We are here to help
As a part of lessburn’s Market Research Services, we profile and segment the Firmographic and Demographic data of the companies with respect to multiple industries, collect and analyze the funding rounds, anticipate the industry trends with prompt actions. We are a team of 60+ Full-Time resources with 800+ On-demand resources working round the clock to fulfill your data needs at the right time with instantaneous response. Our market research specialists are adept in gathering hard-to-find information through online research across multiple platforms to turn up with the real and valid data with faster turnaround time. lessburn acts as your extended team from another location working to fulfill your vision thereby slicing 60% of your Operational expense on your in-house researchers.
With industry experience spanning over a decade and a passionate research team that is always on top of the game, lessburn ensures that your business information is right, relevant, accurate & most importantly ON-TIME!