How to find B2B leads: sources, methods and rules

How do you find B2B leads?

Finding B2B leads is a simple process done well. It has five parts.

• Define who you want. Write an ideal customer profile: the companies and the people inside them who are most likely to buy.
• Find them. Search the sources where those companies and people can be found.
• Build and verify the list. Collect the right details, remove duplicates and check the contact details still work.
• Check the rules. Make sure you can lawfully contact each person, by each channel, in each country.
• Reach out and measure. Contact them with a relevant message, then track which sources turn into meetings and customers.

Selling to businesses is different from selling to consumers. There are fewer buyers, deals are larger and several people often decide together. Our guide to B2B and B2C sales covers the differences. They are the reason a small, accurate list usually beats a large, loose one.

If you would rather have a team do this for you, our B2B lead generation service builds and verifies lead lists against your ideal customer profile and measures the work by the meetings and customers it leads to.

Who is your ideal customer?

An ideal customer profile, or ICP, describes the kind of company that gets the most value from what you sell and is worth the most to you. Look at your best current customers first: the ones who bought quickly, stayed longest and were easiest to serve. What do they have in common?

A good ICP covers the company, the people and the moment.

The example is invented, to show the level of detail. Build yours from your own customer data, share it with everyone who finds or qualifies leads, and update it as you learn.

Where can you find B2B leads?

There is no single best source. Most businesses combine a few, and the right mix depends on your ICP, your budget and how much time you have.

Your own customers and website

Your best leads are often already close to you. Past enquiries that never bought, customers who might buy more, and people who visit your pricing page or download a guide are all leads. HubSpot calls this first-party intent data: signals from your own channels, such as website activity, email engagement, CRM records and form submissions.

LinkedIn and Sales Navigator

LinkedIn is where most business buyers list their job, company and seniority, which makes it the main source for finding the right person inside a company. The next section covers it in detail.

Public company registers

In the UK, Companies House lets you look up company details for free, including the registered address, incorporation date and current and resigned officers. Its advanced search can filter companies by nature of business (SIC code), registered office address, incorporation date, status and company type. That makes it a free way to build a list of, say, active private limited companies in one sector and area. Other countries have similar registers.

B2B data providers

Commercial databases sell company and contact records you can filter by industry, size, location and job title. They save time, but quality varies. Ask any provider how the data was collected, how often it is checked, and whether it can show the data was obtained lawfully. The European Commission’s guidance says that before you acquire a contact list, the organisation selling it must be able to demonstrate the data was obtained in line with the GDPR.

Industry directories and associations

Trade bodies, professional associations, chambers of commerce and industry directories list member companies, often by sector and region. Membership lists, award shortlists and exhibitor lists are useful for finding companies that are active in their market.

Events and trade shows

Events let you meet buyers face to face, which matters in B2B: see why B2B sales are based on personal selling. Exhibitor and speaker lists are leads in themselves, even if you do not attend.

Referrals and partners

Happy customers, suppliers and businesses that serve the same buyers as you can introduce you to people who already trust them. A referral is usually the warmest lead you can get. Ask for them directly, make it easy, and thank people who send them.

Intent data

Third-party intent data comes, in HubSpot’s words, “from external providers that track research behavior across publisher and partner networks”. Examples include a surge in a company’s research on topics related to your product, competitor comparisons, funding rounds, leadership hires and job posts for relevant roles. It can help you decide which companies on your list to contact first. It does not tell you who to email, and it is only worth the cost if your deals are large enough.

How can LinkedIn help you find B2B leads?

LinkedIn is useful in two ways: finding the right companies and people, and starting conversations with them.

Step 1: set up your profile for buyers

Make sure your profile and company page say clearly who you help and how. Buyers will look you up after your first message.

Step 2: search with filters

LinkedIn’s free search lets you filter people by company, location and other basics. Sales Navigator, LinkedIn’s paid sales tool, goes much further. LinkedIn says it offers more than 50 filters, such as function, seniority level and years at company, across more than a billion members. You can save searches, build lead and account lists, and get alerts when a lead changes job or role.

Step 3: build lists and watch for changes

Save your target accounts and the key people at each one. Job changes are useful triggers: a new head of department often reviews suppliers. Sales Navigator comes in Core, Advanced and Advanced Plus plans, and LinkedIn lists CRM integration among the Advanced Plus features.

Step 4: reach out in a human way

Connect with a short, specific note, engage with what your prospects post, and send InMail where you are not connected. LinkedIn’s product page lists 50 InMail credits a month. Keep messages short and about the buyer’s situation, not your product.

One warning: LinkedIn does not permit third-party software, such as crawlers, bots or browser plug-ins, that scrapes or automates activity on its site. It says members who use such tools are in violation of its User Agreement, and they can lose access to their accounts. Build lists by hand or through LinkedIn’s own tools, not with scraping add-ons.

How can you find B2B leads for free?

You can build a good starting list without paying for data. It takes more time, so it suits small, focused lists.

• Your CRM and inbox. Old enquiries, lost deals and past customers.
• Your website. Contact forms, guide downloads and newsletter sign-ups.
• Companies House. Free company search with filters by sector, area and status.
• LinkedIn’s free search. Basic filters and company pages that list employees.
• Directories and associations. Member lists and exhibitor lists.
• Referrals. Ask customers and partners who else they know.
• Content. Useful articles and guides that answer your buyers’ questions bring inbound leads over time.

How do you build and verify a lead list?

A lead list is only as good as its accuracy. Out-of-date contacts waste time and, with email, can harm how inbox providers treat your messages.

• Collect the right fields. Company name, website, industry, size, location, contact name, job title, business email or phone, LinkedIn profile, the source, and the date you collected it.
• Record the source and date. You need these to answer anyone who asks where you got their details, and to know when a record is getting stale.
• Remove duplicates. Match on company website and email address, not only on name.
• Verify emails before you send. Use an email verification tool, then remove addresses that bounce after your first sends.
• Check the person is still there. People change jobs often. A quick check of the LinkedIn profile before outreach saves embarrassment.
• Keep a suppression list. Anyone who has asked not to be contacted goes on it, and you check every new list against it.
• Refresh regularly. Re-check the list before each campaign, not once a year.

Once the list is built, qualify it. Not every company that matches your filters is ready to buy. Our guide to lead generation vs lead qualification covers the criteria, the questions to ask and how to score leads.

What data protection rules apply to B2B leads?

B2B outreach is allowed in the UK, the EU and the US, but each has rules. This section summarises official guidance; it is not legal advice, and you should check the current rules for every country you contact.

UK: UK GDPR and PECR

The ICO says “The UK GDPR still applies to B2B marketing if you are processing personal data”, which includes a business contact’s name or an email address that identifies them. In many B2B cases, the ICO says legitimate interests will be the appropriate lawful basis, but you still need to pass its three-part test: a legitimate purpose, a real need to use the data, and a balance against the person’s interests. People also have an absolute right to object to direct marketing, and you must stop when they do.

The Privacy and Electronic Communications Regulations (PECR) set the email and phone rules.

• Limited companies and other corporate bodies. You can email them without prior consent, but you must not hide who you are and must give a valid address to opt out. The ICO advises keeping a “do not email” list of businesses that object.
• Sole traders and some partnerships. These count as individuals. You can only email them with their specific consent or under the soft opt-in, which covers existing customers and does not apply to bought-in lists.
• When you cannot tell. The ICO notes you cannot rely on an email address to tell a sole trader from a limited company, and advises treating the details as an individual’s.
• Phone calls. Before live B2B sales calls, screen numbers against both the Telephone Preference Service and the Corporate Telephone Preference Service, and your own do-not-call list.

The ICO also says its B2B and email marketing guidance is under review after changes made by the Data (Use and Access) Act, so check its pages before each campaign.

EU: GDPR and the ePrivacy rules

The European Commission says direct marketing to contact lists can rely on legitimate interests, as long as people’s rights are not seriously affected. You must tell people, at the latest at your first communication, that you are using their data to send them adverts and that they can object. Anyone who objects must be excluded. Email marketing must also follow the ePrivacy Directive, which each EU country applies through its own law, so check the rules of the country you are emailing into.

US: CAN-SPAM

The Federal Trade Commission says “The law makes no exception for business-to-business email.” CAN-SPAM requires honest sender details and subject lines, a clear statement that the message is an advert, a valid physical postal address and a clear way to opt out. Opt-outs must be honoured within 10 business days. The FTC lists penalties of up to $53,088 for each email that breaks the law, and the company being promoted can be liable as well as the one sending.

Inbox provider rules

Inbox providers have rules too. Google’s sender guidelines ask all senders to set up SPF or DKIM authentication and keep spam rates reported in Postmaster Tools below 0.3%. Senders of more than 5,000 messages a day to Gmail accounts must also set up DMARC and support one-click unsubscribe. Google recommends keeping spam rates below 0.1%. Small, accurate lists and relevant messages are the best way to stay well under these limits.

Which outreach channels should you use?

Once you have a verified list, choose how to reach it. Most B2B campaigns combine two or three channels.

• Email. Low cost, easy to personalise and measure. Keep it short, relevant and compliant. Our cold email outreach service runs this channel for businesses that want it done for them.
• LinkedIn. Connection requests, messages and InMail, plus comments on your prospects’ posts.
• Phone. Slower per contact, but a real conversation qualifies a lead quickly. Screen numbers first in the UK.
• Events. Meet people in person, then follow up within days.
• Ads. LinkedIn and search ads can reach the companies on your list before your email arrives.

Whatever the channel, the message matters more than the tool. Mention something specific to the company, offer something useful, and ask for one small next step.

Which method of finding B2B leads is best?

Each method trades cost against speed and effort. This comparison is a general guide; your own results will depend on your market and your offer.

How much does a B2B lead list cost?

The cost depends on how you build it: your own time, a data subscription, a researcher, or a mix. Our breakdown of what a B2B lead list costs compares the options, and the lead list cost calculator lets you work out a figure from your own numbers.

When you compare costs, look past the price per contact. A cheap list with many wrong or out-of-date details costs more in wasted outreach than a smaller, accurate one.

How do you know which lead sources work?

Tag every lead with its source, then follow it through to the end. For each source, track:

• how many leads it produced,
• how many qualified,
• how many became meetings,
• how many became customers, and what they were worth.

From that you can work out the cost per lead and, more usefully, the cost per customer for each source. Put more time and money into the sources that bring customers, cut the ones that only bring names, and keep testing a new one alongside them.

Should you buy a B2B lead list?

You can, but go in carefully. A bought list is only useful if it matches your ICP, is accurate, and was collected lawfully.

• Ask how the data was collected. In the EU, the seller must be able to demonstrate the data was obtained in line with the GDPR.
• Know what you can send. In the UK, the soft opt-in does not apply to bought-in lists, so sole traders on them need consent before you email them.
• Tell people where you got their details. Under EU guidance, at the latest in your first message.
• Test a sample first. Check its accuracy before buying the full list.

Frequently asked questions

Is it legal to cold email B2B leads in the UK?

Yes, for limited companies and other corporate bodies, as long as you identify yourself, give a way to opt out, and follow UK GDPR for named contacts. Sole traders and some partnerships count as individuals and need consent or the soft opt-in. Check the ICO’s current guidance, which is under review.

How many B2B leads do you need?

Work backwards from your sales target. If you know roughly how many leads become meetings and how many meetings become customers, you can estimate how many leads you need each month. Start small, measure, and adjust.

What is the best free source of B2B leads?

Your own CRM and past enquiries, then referrals. They are people who already know you. After that, public registers such as Companies House and industry directories are free ways to build a list.

How often should you clean a lead list?

Before every campaign. People change jobs and companies change, so check that each contact is still in the role and the email still works before you send.