The first step is clearly defining your ideal target market and the specific data points you want to know and filter by. This step helps to ensure you’re not paying for irrelevant information that you don’t want.. Consider factors like industry sectors by either SIC code (Standard Industrial Classification) or NAICS code (North American Industry Classification System), company size ranges by either annual revenue range or number of employees range, geographic locations, and decision-maker roles that are most relevant to your business objectives.
Quality should be your primary consideration when evaluating business lists. Premium list providers typically update their databases frequently, verify information through multiple sources, and have robust data cleansing processes. All data erodes over time so you want to ensure the database you get is the most current available. While these lists often cost more, they typically provide better return on investment than cheaper, lower-quality alternatives that may contain outdated or inaccurate information.
While it is a good idea to be able to compare lists to each other, understand the difference between a list compiler, list manager, and list broker. List compilers usually own the database. Sometimes they pay list managers to keep their data update to date and to market their list. List managers will typically market only the databases that they are being paid to manage. That doesn’t necessarily mean that’s the best choice. Sometimes they also broker data. List brokers don’t own or manage any databases. They typically represent lists that they feel are best suited for you. Their representation of data to you is based on the resources they have access to. A good broker will have a larger pool of data to choose from.
Consider the data collection and verification methods used by each provider. The best lists are typically compiled using a combination of automated data gathering, manual verification, and regular updates. Ask providers about their data refresh rates, verification processes, and accuracy guarantees. Some providers offer data accuracy guarantees or replacement records for outdated information if the percentage is below their guarantee rate. Those rates and the industry standards will vary depending on the type of list (postal, email, or telephone)
Evaluate the available data fields and ensure they match your needs. Basic information like company names, addresses, and phone numbers may or may not be sufficient – consider whether you need additional data points such as revenue ranges, employee counts, technology information, or other company segmentation. The best list for your purposes will include all the data fields necessary to support your targeting and segmentation strategies. Always advise your list source of the product or service being promoted. That may lead to more targeted options presented back to you.
Compatibility with your existing systems is crucial. The best business list should integrate seamlessly with your CRM or marketing automation platform. Check whether the data provider offers appropriate export formats and integration capabilities. Most companies prefer to receive data in an Excel format.
Consider the list’s compliance with relevant regulations like GDPR or CCPA, CANSPAM, CASL etc. Reputable providers will be transparent about their data collection practices and ensure their lists meet regulatory requirements. This is particularly important if you’re targeting businesses in multiple jurisdictions with different privacy laws.
Look for providers that offer flexible purchasing options. Some may allow you to buy specific segments or industries rather than requiring purchase of an entire database. Others might offer subscription-based access that requires certain quantities or contract lengths. Choose a provider whose business model aligns with your needs and budget.
Ask about data enrichment and append services. The best providers can often enhance your existing customer data with additional fields or update outdated information. This can be valuable for maintaining data quality over time and expanding your understanding of your market.
Ask about other potential support services. Are you also in need of printing services or mail house services for example. Is your list provider able to help by referring other types of businesses that can support your project.
Finally, before making a final decision compare the list being recommended to you as well as how you feel about the list company you have been talking to.. Have they answered all your questions? Have they felt comfortable to deal with? Have they asked questions about your project and answered all your questions? Have they provided the type of input that you are looking for?