By: Gui Costin
April 28, 2022
If your firm is considering an investment in a database, it’s probably a fair assumption that you want to give your sales team their best shot at success. This means that you’re willing to spend money to give them a list of the accounts and contacts to call on to sell to. It’s a great way to empower your team and drive sales, right?
When it comes down to it, not all databases are created equal. Some are designed with specific asset classes in mind, some are full of hundreds of thousands of accounts and contacts, but not regularly updated, and some are out of date almost as soon as you subscribe to them. So, how do you cut through the noise and make sure the database you choose really is giving your sales team the information they need to make calls and set up meetings that matter? It comes down to the quality of the data within the database.
At Dakota, we’ve been selling investments to institutional allocators since 2006. We know what it means to grind away at a list of thousands of accounts, hoping to find exactly the right person to call. It’s exhausting, but more than that, it’s time consuming. Sales people spend far too much time on administrative work when instead they should be selling. So, we created Dakota Marketplace, a “shared CRM database” that is designed and updated by our team. And because we know those industry pain points so well, we knew exactly the kind of database that would work best for other salespeople in our industry.
With COVID-19 still impacting our ability to meet face to face, many firms are repurposing their travel and marketing budgets and focusing instead on sales enablement and ensuring that their salespeople have qualified leads to call on. To help make sure you’re doing just that, we outlined some of the primary players in the investment database space, and how they compare to not only each other, but our own Marketplace. This way, you’re best equipped with the data needed to enable your own sales team.
Finding out the databases available to you is the first step to empowering your sales team, and there are a lot to choose from. Many have been in the industry for a long time, and have become reputable for their ability to provide large quantities of accounts and contacts, while others operate in more niche markets, and are appealing for that reason. Some of the key players include:
To put it simply, all of the options listed above have one thing in common: they’re giving people a database of prospects to call on.
Unfortunately, one of the hardest things to provide as a database is consistently updated and accurate contact information on the people that you actually want to be calling on. The reason this is so hard is because web scrapers have a difficult time understanding the makeup of a research team and whether the firm actually allocates to outside managers. This forces the salesperson to not only spend time looking for the right people but also trying to understand whether the firm can even buy their investment strategy.
The value proposition of databases has always been to try and provide salespeople with the biggest list possible. But then the question is: how do you narrow that list down? Relying on web scrapers alone will either require salespeople to do a lot of administrative work to cull the list down to feasible prospects, or, it will require an investment in additional software to whittle the list down further.
Finally, the majority of these databases have a similar price point, which can be a deciding factor for many. Databases operate on a twelve-month subscription plan, and many, including Marketplace, fall into the $11,500 range for a yearly subscription. If you’re making an investment of that size, the data should be clean, clear, and allow your sales team to do what they do best. However, if you’re investing that much for a large but outdated database, you might just be adding more administrative work for your sales team to deal with later.
The short answer? No. The most accurate description of Marketplace was coined by one of our subscribers: “A shared CRM”. That unequivocally sums up Marketplace. It’s the database the sales team at Dakota Investments uses daily and we have other investment firms that use the same information. We update daily.
Dakota Marketplace is different in that it helps equip you with the knowledge necessary to call on exactly the right people: the people who buy what you sell.
What’s unique about the Marketplace team is that we raise capital for a living ourselves. We are our own best customer because we use the database every day, and understand the pain points that salespeople experience. We’re able to use that knowledge to consistently make the product better. This comes across in the simple Marketplace interface, as well as in the quality of the data, where other databases across the board often fall short.
Many databases lack the institutional knowledge to understand what a salesperson has to do to qualify a prospect. Competitors can often offer a huge database of prospects, but that database might not contain the right prospects. Databases tend to get a bad reputation for this very reason. With Marketplace, we believe that less is more, because we know there's no use having a ton of prospects if they don’t need what you’re offering.
Marketplace is curated so that when people login, they know that every person within it is a qualified prospect.
We’ve said it before, but it bears repeating: when it comes to data, it’s a matter of quality rather than quantity. If your sales team has thousands of contacts that they need to sift through, it won’t make their jobs any easier; in fact, it might just make their jobs harder. By offering them a curated list of contacts that is constantly updated by salespeople just like them, it all but guarantees that they have an audience who wants to hear from them.
Enable your sales team and set up a demo of Dakota Marketplace.
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