Just as a treasure map guides you to hidden riches, data serves as a map guiding businesses toward informed decisions. This is true in the world of surveys, where the accuracy of your data directly influences the quality of insights you get. While high-quality data might come with higher upfront cost, it’s akin to obtaining a top-tier treasure map—one that leads to more valuable results.
This is the second article focusing on data quality that we write with our partner Inex One. In the first article we focused on what tools survey companies use to safeguard data. In this article, we’ll take a closer look at why B2B sample data can often come with a higher price tag than B2C sample, and the factors that play into these costs.
1. Invest in Treasure Instead of Trinkets
Imagine that you’re on a treasure hunt and the treasure is not marked on any map. To find it, you’d have to invest time, effort, and resources to uncover its location. This is similar to B2B sample data – targeted expertise that’s not readily available online or on platforms like LinkedIn.
For instance, let’s say you want to hire a survey company to survey people who have recently purchased a specific product or service. Knowing who has bought the product/service isn’t information that’s easily accessible, and the survey company will have to dig deep to find the right participants. You might try to blast a broad survey panel but, if your research is niche, your survey provider will likely advise against it. High specificity typically demands more effort. That often translates to a higher cost not only to pay the people to take your survey, but also for the survey company to identify and recruit them.
Similarly, when it comes to B2B sample data, the expertise you’re seeking might be hidden among various sources, requiring someone to speak to individuals to verify their identity and knowledge. This is hard work! Just as rare treasures are more valuable, data from these unique niches give you insights that can drive significant business gains.
When you secure accurate and dependable data, you’re essentially paving the way for more meaningful insights. You might find a treasure chest of gems instead of just a handful of trinkets.
2. Factors That Influence the Cost of B2B Sample Data
Using another analogy, imagine you’re on a mission to bring your architectural vision to life—a skyscraper that will stand as a testament to your business’s success. You can choose between a team of inexperienced builders with handheld tools, or a renowned architect and construction firm – at a higher cost. The decision becomes easy when you consider the magnitude of the project. In a similar vein, the costs of B2B sample data is subject to many factors.
Uniqueness of Data
Consider your architectural marvel as a skyscraper with distinct features that set it apart from ordinary structures. In the same way, data from specialized industries or professional segments is usually elusive and hard to obtain. If you’re running a survey on decision-makers in niche markets or industry experts, identifying suitable participants could be a challenge. The rarity and specialization of these participants contribute to increased costs due to the effort required for data collection. The more rare or specialized the respondent, the more hard work goes into finding them, which adds to the cost of your survey.
Accuracy and Reliability
Visualize constructing your skyscraper using subpar materials and unseasoned labor – an undertaking that would inevitably lead to structural vulnerabilities. Likewise, inaccurate data can result in misguided business decisions.
Here’s where profile verification takes center stage and is especially important when conducting B2B research. Opting for a survey company who verifies participant data ensures that your “construction materials” (data) are dependable and fortified. Verification can take many forms including IP tracking, phone verification, screening, and cross-referencing a participant against published sources. None of these options are cheap or easy which is why best-in-class survey companies invest heavily in tech and personnel to ensure they give clients accurate results.
Custom Recruitment for Precision
Continuing with our skyscraper analogy, you’ve opted to use a team of accomplished architects and builders celebrated for their attention to detail. In contrast, consider the outcome when surveys rely on cheap or syndicated data – much like constructing a skyscraper with pre-fabricated, off-the-shelf components. While it might serve its purpose, it lacks the distinctiveness and grandeur you’re aiming for. This is where the value of vendors who emphasize custom recruitment comes into play.
Just as a skyscraper’s design is tailored to its location, purpose, and architectural vision, custom recruitment ensures that survey participants are handpicked to align precisely with your survey’s goals. While this specialized approach might involve a higher cost, it means that you gain accurate data.
Why Would a CFO Take a Survey for $10?
Now, let’s delve into a practical scenario. Imagine you’re running a B2B survey aimed at high-ranking executives in a specific industry. In your search, you stumble upon a survey company that’s offering these executives a modest $10 incentive. Naturally, you pause and wonder: Why would these busy executives, who already earn a good salary, bother with such a relatively small reward? It’s a valid question. In reality, these so-called “executives” might not be executives at all.
Secondly, it’s hard to imagine how the survey company itself would make any money considering it needs to balance its own expenses to track down and engage these time-pressed, senior professionals.
In all likelihood, rounding up the right participants for your survey won’t be a walk in the park, and will likely cost you far more than $10/participant. So, is it worth the investment? If you’re after data that holds any value or accuracy, the answer is yes. After all, making a smart investment in quality data can yield substantial returns in the long haul.
Data is Your Compass to Better Decisions
Think of data as your compass – it guides businesses to better decisions. In the world of surveys, good data means good insights. Sure, getting quality data might be pricier upfront, but it’s like having a top-notch map that leads to more valuable findings.
In this journey, we’ve journeyed through the reasons why B2B sample data often comes with a higher price tag and dived into the factors that play into these costs. We’ve uncovered how targeted data, akin to hidden treasures, demands more effort to uncover and why opting for vendors who focus on precision in recruitment and profile verification pays off.
This is our second blog post written in collaboration with Inex One exploring the world of data quality in surveys. We’ve explored why B2B sample data can come with a slightly higher price tag, how the pieces fit together, and why choosing vendors who sweat the small stuff is the smart move.
Empower Your Survey Game with NewtonX
Just like you wouldn’t skimp on your skyscraper’s foundation, don’t skimp on your surveys. Quality data matters. Learn how we can help you turn every survey response into valuable insight that fuels your business decisions.