B2B marketers in the U.S. spent more than $3 billion on data in 2023, including data for enrichment and intent.
How are marketers using this data And how do they research and vet the dozens of data providers out there selling data to B2B marketing organizations?
I sat down with Tzvi Kopetz,VP of Marketing at Lusha, for a conversation about the role of data in B2B marketing.
Among the topics Tzvi and I discuss in our 12-minute conversation:
- Data enrichment for B2B marketing.
- Data’s role in account-based marketing (ABM).
- The use of data for lead scoring.
- Advice for marketers trying to choose a B2B data vendor.
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The post Making sense of the $3 billion market for B2B marketing data appeared first on MarTech.
# Understanding the $3 Billion Market for B2B Marketing Data
In today’s hyper-competitive business environment, data has become one of the most valuable assets for companies. The ability to harness data effectively can be the difference between success and failure, especially in the B2B (business-to-business) sector. As companies increasingly rely on data to inform their marketing strategies, the market for B2B marketing data has grown exponentially. In fact, the B2B marketing data market is now estimated to be worth over $3 billion globally, and it shows no signs of slowing down.
This article will explore the dynamics of the B2B marketing data market, the key players, the types of data available, and how businesses can leverage this data to drive growth.
## What is B2B Marketing Data?
B2B marketing data refers to the information that businesses use to target other businesses for marketing and sales purposes. This data includes a wide range of information, such as:
– **Firmographic Data**: Information about companies, such as industry, size, revenue, and location.
– **Technographic Data**: Data about the technologies and software that a company uses.
– **Contact Data**: Information about key decision-makers within a company, including names, job titles, email addresses, and phone numbers.
– **Intent Data**: Behavioral data that indicates a company’s interest in specific products or services, often based on web activity, content consumption, or search behavior.
– **Engagement Data**: Data that tracks how companies interact with marketing campaigns, such as email opens, clicks, and website visits.
This data is used by sales and marketing teams to identify potential leads, personalize outreach, and optimize marketing campaigns. The more accurate and comprehensive the data, the more effective a company’s marketing efforts can be.
## The Growth of the B2B Marketing Data Market
The B2B marketing data market has experienced rapid growth over the past decade, driven by several key factors:
### 1. **The Shift to Digital Marketing**
As businesses have shifted their marketing efforts from traditional channels (such as print and events) to digital channels (such as email, social media, and content marketing), the demand for high-quality data has increased. Digital marketing requires precise targeting, and businesses need data to ensure that their messages reach the right audience.
### 2. **The Rise of Data-Driven Marketing**
Data-driven marketing has become the norm in the B2B space. Companies are increasingly using data to inform their marketing strategies, from identifying target accounts to personalizing content and measuring campaign performance. This shift has fueled demand for more sophisticated and accurate data sources.
### 3. **The Growth of Account-Based Marketing (ABM)**
Account-based marketing (ABM) is a highly targeted approach that focuses on engaging specific accounts rather than casting a wide net. ABM requires detailed data about target companies and decision-makers, which has driven demand for high-quality B2B marketing data.
### 4. **The Proliferation of Data Providers**
The B2B marketing data market has become increasingly competitive, with a growing number of data providers offering a wide range of data products and services. This competition has led to innovation in data collection and analysis, as well as more affordable pricing for businesses.
### 5. **The Integration of AI and Machine Learning**
Artificial intelligence (AI) and machine learning (ML) are playing an increasingly important role in the B2B marketing data space. These technologies are being used to analyze large datasets, predict customer behavior, and identify high-value leads. As AI and ML continue to evolve, they will likely drive further growth in the market.
## Key Players in the B2B Marketing Data Market
The B2B marketing data market is highly fragmented, with a wide range of players offering different types of data and services. Some of the key players include:
### 1. **ZoomInfo**
ZoomInfo is one of the largest and most well-known providers of B2B marketing data. The company offers a comprehensive database of firmographic, technographic, and contact data, as well as intent data. ZoomInfo’s platform is widely used by sales and marketing teams to identify leads and target accounts.
### 2. **Dun & Bradstreet**
Dun & Bradstreet is a global provider of business data and analytics. The company offers a wide range of data products, including firmographic data, financial data, and risk data. Dun & Bradstreet’s data is used by businesses for lead generation, credit risk assessment, and market research.
### 3. **Clearbit**
Clearbit is a data provider that focuses on enriching customer data. The company offers firmographic and technographic data, as well as tools for lead generation and account-based marketing. Clearbit’s data is often used to enhance CRM (customer relationship management) systems and marketing automation platforms.
### 4. **Bombora**
Bombora specializes in
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