August 2021 - B2B Email List

Driving Sales With Data Enrichment Services

Data is one of the most common buzzwords of the 21st century. A report from 2020 Experian about data management shows 85% of the organization recognize data as one the most valuable assets to their business. So here pops up a million-dollar question how about data hygiene if data is your asset. Data hygiene is one the oldest yet important parts of maintaining a strong database. This is where data enrichment comes in.

What Is Data Enrichment?

The process of improving the accuracy &the reliability of your raw lead & customer data by adding extra information from the verified sources is often referred to as data enrichment. Alternatively, data enrichment can also refer to data appending.

This service ensures your data is accurately representing the audience & you get the full picture of the data collected. Accurate & reliable data plays a key role for B2B salespeople. It helps the salesperson to understand better of what customer wants vs. their needs. Data is the lifeblood of salespeople & they strongly believe quality issues may impact customer trust & perception.

In order to improve the trust, B2B marketers can use enriched data to create targeted & personalized experiences. Have you ever wondered why personalization is important & how it plays a key role? Here is some notable research from HubSpot shows

91% of the consumers prefer to shop for brands that provide strong recommendation&offers
80% of the consumers want brands to provide a personalized experience.

Hope now universally accepted that data enrichment makes you & your customer life better. Wondering how data enrichment works & makes your life easier? The Answer is simple Data. Data has a superpower because of its reusability. Generate new business insight to release business products & services to improve customer relationships. And more importantly, data enrichment works well in all contexts when your company evolves.

Types of Data Enrichment

Types of data enrichment vary by volume of data sources collected & they are behavioral, Demographic & Geographic. Each type of data enrichment helps the company meet the growing needs of different business goals. Though all data enrichment services are discussed here, before selecting the right data enrichment technique, decide what kind of information you need for business.

Behavioural Data Enrichment

Adding customer behavioral patterns to the user profile is often referred to as enriching behavioral data. Collecting behavioral patterns helps users B2B marketers identify the area of interest as well as the prospect buying journey of customers. This helps to determine the effectiveness of the B2B marketing campaign & the marketing budgets for each campaign. It involves identifying &monitoring the user buying pattern & understanding each interest of the customer.

Geographic Data Enrichment:

The method of adding geographic data to the customer profile such as including postal code, mapping insights & more is often referred to as Geographic data enrichment. Such information is highly useful in determining & advertising the new store locations. Hence it is mostly recommended for location-based targeted marketing.

Demographic Data Enrichment:

Adding pieces of information like marital status, family size, income level, credit rating & more to customer profile is referred to as Demographic data enrichment. Collecting & analyzing such information improves your personalization & targeting criteria type.

How Data Enrichment Can Be Achieved?

As discussed earlier data enrichment is the process of combining one or more data sets that are collected from various sources. First & foremost standardize all merged data to fit the quality standards. By establishing data quality standards, you must be refined, improve & enhance data grouping techniques. Enriched data give you more knowledge about your business, customers & improves your brand identity.

Companies that understand the values of the data enrichment equip their teams with valuable demographics, geographic and attitudinal customer information.

There are several ways in data enrichment that can drive high sales. They are discussed below:

Construction Of Customer Profiles:

Business requires accurate insights to target audience through their preferred mode of communication which motivates the audience to stay close with the brand. Enhanced data allow B2B marketers to segment details based on the sales funnel. Data enrichment can facilitate the enhanced understanding of customers for a more personalized customer experience. Based on the detailed information about datasets, enrichment data allows your business to create more personalized communication on individual customer data.

Personalization:

A personalized experience is highly recommended for any business as they can provide fostering meaning & long-term customer relationship which is a key success for the business. And customer profile personalization has a direct positive impact on a company’s sales & revenue.

With enriched data, you can grow the target audience grows exponentially. This process gives all information to generate hyper-targeted customer segments. B2B marketers provide the right customer journey to the right company which improves customer interaction. Gone are the days, where contacts first name or last name is enough. But now your communication should provide prospects firmographics, technographics & other information which can segment the prospect accordingly.

Improving The Overall Customer Experience:

The ultimate aim of any data enrichment is to improve your customer experience by engaging with companies. Enriched data give more accuracy in insights & conclusions for the business with the existing business. This enables marketers to upsell & cross-sell opportunities which grow the B2B database effectively. Data enrichment gives a crystal clear picture for B2B marketers to collaborate with clients effectively.

Enhanced Segmentation:

With the ever-growing data, you can more accurately segment your audience & B2B database. Segmentation can be based on small & large scale determiners as it helps you to categorize the small, mid & individual business owners effectively. This segmentation knowledge helps B2B marketers to develop more effective & targeted B2B marketing campaigns. With accumulated data, you can reveal new data patterns & business opportunities that come your way.

Smart & Advanced Lead Scoring System:

Data enrichment plays a crucial role in determining the automatic lead scoring for prioritizing & processing real-time customer data. If a lead enters your system with basic information, with the process of nurturing & lead scoring technique lead will be assigned a low score. But with a real lead enrichment process in place, a lead scoring system can reprioritize your lead scoring. This enables B2B marketers to research & identify the high intent for buying your products.

Enabling Machine Learning Technology:

With the power-packed artificial intelligence & machine learning support, it is a boon for B2B sales & marketing professionals to offer a personalized experience. Chatbots are one of the best examples. They play a key role in gathering customer data through effective conservation & virtual humanoid. All these collected data can be enriched with existing information from your CRM or robust sales intelligence tool as it helps in getting the right insights for a personalized B2B experience.

Improved Data Quality:

As we all know redundant & inaccurate data spoils the essence of targeted marketing & provides inappropriate insights which cost companies significantly. If a business operates with such redundant data, they are unable to decide what to remove. With the proper data enrichment activity, you can eliminate redundant & inaccurate data for analyzing information, combining boundaries & correcting errors. This quality also enhances the quality of company data maintained so far & levels up the information.

Improved Cost Saving & Sales:

The ultimate aim of any data enrichment service is to reduce cost & optimize sales. Strict protocols of data enrichment help to ensure no database storage is wasted in storing inaccurate or redundant data. Alternatively, it also reduces cost by minimizing penalties that raises because of data compliance. With proper & reliable customer data, meaningful customer relationships can be determined. This helps in identifying cross-selling & upselling opportunities highly recommended for any business.

Stay Top Of The Trends:

Having a crystal clear idea & awareness about consumer trends, economic behaviors & buying behaviors can put you ahead of your competitors. With such useful information as a B2B market, you can predict the direction of your industry is heading. This also helps the business intelligence team to plan their future innovation based on the rising demands of the evolving customers. If the future is bleak, then with these insights, you can move the industry in a different direction. Simple collected & well-segmented data give you a big picture of where your business is heading.

Improves Forecasting:

Predicted analytics is a buzz in recent times. Based on the historical data, predictive analytics can use AI & machine learning algorithms to predict the best possible outcome for the future. Make better-informed marketing strategies with a detailed business plan that can enhance your lead conversion & subsequent sales generation.

Conclusion:

The use of high-quality data provides real-time metrics which directly shoot up sales. Also, it improves customer engagement opportunities any business requires with the help of well-segmented consumer data. The key takeaway is how to strategize & utilize high-quality data to drive high sales. Collaborate with the Logichannel team for any data enrichment assistance & improve your standards.

Significance of Data Quality in B2B Industry

In the world of B2B marketing, generating the right leads is an essential aspect because these leads will be converted into loyal customers. Of course, you have a variety of lead generation examples and best practices to pick from. In B2B lead generation, however, data quality is very important. As a result, the quality of data collected, stored, and consumed is becoming more significant. We’ve all witnessed the negative impact of poor data can have on a company and are familiar with the frequent consequences of incorrect data, but how much does it truly cost?

According to Gartner’s research, the majority of companies believe that poor data quality costs them an average of $15 million every year. While those of us who work with data on a daily basis are aware that incorrect data is costly, this number is surprising.

“Without Data, you’re just another person with an opinion.” – said W. Edwards Demming

Let’s See The Role and Significance of Data Quality in B2B Industry

Quality Data Improves Decision Making

The quality of data determines how useful it is. Even minor quality variations can lead to poor business decisions, which can cost a company hundreds of thousands of dollars. The higher the data quality, the more confident the team working with it will be in the results it generates, minimizing risk and boosting efficiency. The value of data in decision-making is in its consistency and increase. It enables businesses to discover new business possibilities, increase revenue, forecast future trends, improve present operational efforts, and more.

With the help of b2b data providers, nowadays most of the key decision-makers can be able to make better-informed choices than in the past by structuring and filtering the data which was collected by an organization. Today, most of the top companies around the world use data to make decisions about their business. When better decisions are made, businesses can reap benefits that extend beyond the expected margin.

Improves Business Processes

Up-to-date and accurate data aids in the evaluation and improvement of business processes while allowing you to save money and time. By providing data in a format that can be interpreted by management, quality data allows a business to make informed decisions in day-to-day business processes.

Improved Customer Relations

The customer is king! It is essential for any business to have a good relationship with its customers in order to ensure future sales and success. It’s mandatory to hold accurate data to boost your customer relations. Data allows you to properly understand your constituents, preventing you from sending them mail they won’t read and allowing you to anticipate and address their requirements. Both of these things generate a lot of positive feedback from your customers, and that is why data quality is so crucial.

Understand the Audience and Market

The marketing landscape today is extremely diverse and ever-changing. Within a week, a product that was just released must compete with an updated version from another company. Today’s audiences’ tastes/choices and purchasing processes are continually evolving, posing a significant challenge to businesses.

Any business endeavor requires an understanding of your customer. Successful companies know what their customers want and how to get their product or service in front of them in the most efficient way possible. It is easier to reach out to your customers if you can see them clearly. In order to discover current market circumstances and customer behavior, it is essential that companies have access to high-quality, up-to-date data.

Increased Productivity

Your sales and marketing teams can be more effective when they have access to high-quality data. They may focus on their core purpose of growing an audience and providing sales opportunities rather than validating and addressing data errors.

Data, if correctly accessible and deployed, can offer businesses the way to enhanced worker efficiency. There’s no excuse for leaving data out of your processes when tools and resources are available in greater quantities than any organization could hope to use.

Enhances Marketing Efforts

As one of the responsible B2B marketers, I can tell you that today’s marketing is predicated on data quality to the level of 80%. Data quality is critical since you can’t understand or communicate with your clients and prospects until you have high-quality data.

The value of good data may also be shown in marketing campaigns. Companies could only market to the biggest audience in the past due to a lack of demographic and other crucial data on customers, wasting money on people who were unlikely to be interested in the particular products or service being given.

Minimization of Losses

Poor data can result in revenue loss in a variety of ways, including communications that fail to convert to sales due to inaccurate customer data. Furthermore, customer confidence is lost and corporate liability is increased due to poor data quality.

This is why we B2B marketers should pay greater attention to the practice of just collecting personal information that is directly relevant and necessary to achieve a specific goal. And, by all means, ensure that the information gathered is accurate.

Tips To Ensure Data Quality

We highlighted the importance of good data and the criteria that define it. Let’s look at how you can make sure your company’s data is up to standard.

Evaluate the quality of your data on a regular basis and keep track of any issues, errors, or gaps.
Calculate the impact of data quality, both good and negative. Identify and enhance the business value created by good data, as well as the costs associated with poor data quality.
Identify the main aspects that represent your firm and are necessary for it to expand at a quicker but sustainable pace. Then concentrate on those data sources to separate the useful from the useless.
Work toward establishing a central data repository that contains only relevant, full, unique, and trustworthy information.
Determine the best tool, method, and technology combination for error-free data analysis.
In addition to establishing a core data team, work with competent data analysts and experts. Ensure that accountability is obvious and that data governance principles are well-understood by everyone.

Conclusion

In the day-to-day lives of different authorities handling the data, data maintenance and quality assurance is an ongoing and frequently time-consuming operation. Leaders that position their firms to manage data appropriately and appreciate its intrinsic value will always have a competitive advantage.

Periodic reviews and scrubbing—or cleaning—the data are required to maintain data quality. Scrubbing entails updating, standardizing, and de-duplicating data, as well as ensuring that all relevant information is there. The faster data can be cleaned, culled, and consolidated, the more insights can be extracted.

We don’t take data quality for granted at LogiChannel. It’s an important step in the lead generation process. Lists, on the other hand, rapidly get stale. Promotional operations are severely harmed by out-of-date contact and corporate information. Quality leads shift from one position to the next. To generate successful sales, you must clean data after a title change, a business change, or an email change (or all three). Our data mining team understands what is genuine and what a scam is. We will provide you with the best contacts for your business activities once you assign a task to us.

How To Identify Your Potential Customers?

We don’t want to push our ideas on to the customers, we simply want to make what they want”- Laura Ashley

Understanding your customer is a crucial part of any business. Be it any type of business customers are the ones who drive your sales. The number of customers is directly proportional to the revenue & profit. So it is important to launch a new business venture or product in order to identify your potential customers. You must know your customer better in order to enhance or modify the existing product or services. Have a crystal clear idea about your target market, helps B2B marketers in effective utilization of marketing resources as per budget.

Smart tips from the experts of Logichannel can help you in identifying your potential customers for the business.

Have A Solid Business Plan:

Plan everything before rolling out your product or service. Based on your target market, work out your plan to promote your product. Question yourself from a customer perspective to understand about your more about your product, sales plan & how it will work. With a well-planned marketing strategy, you must about to provide what works best for you & whatnot.

Go For Survey:

As per your plan, you would have gathered some knowledge about your customer, with the help of the survey’s it can be taken to next level. The survey is the best way to know your potential customers even better. The survey must be taken by both sets of customers. Potentially some may your be existing & other prospects who show interest in your product or service. A well-made survey will provide valuable insights on the prospects of the product are interested in.

Focus On Demographics Data:

Create a demographic profile for your customers while defining your target market. What attributes can be classified as demographic data is your next million-dollar question right? Attributes like age, group, gender, location, marital status can be classified as demographic data. In general demographic data is socio-economic in nature.

Targeted Advertisements:

The Internet has brought tremendous change in the way we do business & Marketing. In the real advertising world advertising works by commercial factors or billboards. With the help of targeted ads or pay-per-click, companies can get a significant increase in sales, user engagement, and conversion. With the complex algorithm, your ads can be seen by different groups of people who would love to try your product or services.

Create Online Presence:

Social Media is one of the buzz mediums in recent days, which helps companies to stay connected with the target audience. Focus on all available social media channels such as Facebook, Twitter, Instagram, Quora & more. Social Media must not be used to promote only products or services. They must be effectively used to invest time & effort in creating relevant content to brainstorm with the audience. With a strong online presence, any business can build its brand & gain credibility to attract more customers. Another important feature is 24*7 support available online. This enables you to showcase your business all day & up running.

Sponsor Events:

Sponsor Events are one of the major events which help businesses to know about potential customers. If you’re damn serious about running a successful business, then sponsor events to help you to connect with the target audience. Event sponsorship is one of the effective ways to increase your brand visibility. Partnering with the right event can be a perfect pitch to attract prospective clients &stockholders. It creates positive feelings about your brand &identity. And more importantly, the sponsor event budget is comparatively less than traditional marketing techniques.

Affiliate Marketing:

Affiliate Marketing is one of the best & flexible approaches for a cost-effective method to promote your products or services effectively. With a low budget & time affiliate marketing can do wonders for your business. A business partner with an affiliate help to promote the sale of their products & services. 80% of the top brands use affiliate marketing & 15% percent of their revenue comes from affiliate marketing.

Benefits of Affiliate Marketing:

Low-Cost budget
Targeted Traffic
High ROI
Low risk

Approach Influencers:

Internet in recent days relies on the thoughts & ideas shared by well-known people often referred to as though leaders or influencers. Based on the chosen platform, there can be bloggers, entrepreneurs who can help you in expanding your business or promoting your brand. Influencers can be engaging big players in your industry. So reach out to the appropriate bloggers to spread a word of mouth about your business, product, or sponsor events.

Craft An Engaging Newsletter:

The newsletter is one of the brilliant ways to attract new customers to your business. It completely differs from generating leads as it requires a lot of effort in knowing your potential customers. And newsletter can be sent to existing clients in a personalized manner. A personalized newsletter has the power to improve your leads over time. Newsletters help you to nurture your leads your customers. The newsletter strategy plays a key role in reviving unresponsive subscribers.

Study Your Web Analytics:

Tonnes of data are generated daily to learn more about the buyers & others who share common values or interests. Effective utilization of shared web analytics can help B2B marketers to learn about more new leads, who can be your potential customer. Here are few things that need to be addressed through web analytics.

The pattern of the website visitor
From where they come from
Keywords used by various visitors & their ranking
Where do they land on the website?
How long do they stay?

Establish Trust Within Local Communities Through Reviews:

With growing needs to stand out from the crowd & gain support one must establish trust. With the increase in internet users, numbers of prospects are inclined towards online reviews & brand identity for trust & personal recommendations. As your company keeps expanding, it is a good start to place high-quality content to improve your brand visibility.

Leverage your Social Media Platform:

The main use of social media or professional networks is to explore & find industry-specific prospects based on your B2B marketing goals. Both offline & online professional network works well for you. This network plays a key role in collecting, verified data & enhance them to give powerful insights that connect with your prospects. Social media allows you to provide platform-specific marketing strategies where a good strategy can reap tons of benefits.

Benefits of leveraging Social Media:

You learn about persona
Content promotion through the diverse channel
The engagement ratio is high
24*7 customer support
Effective lead nurturing approach
Sales prospecting

Post Content Regularly:

B2B marketer’s job doesn’t stop after identifying the perfect social media platforms for promoting your brand. Consistency is the key here. You must share creative & engaging content over a regular interval of time to make use of you are audience benefited out from it. Engaging with over the internet & resolving their queries instantly helps you to stay on top of the trends.

Use Your Competitor To Study & Understand Where You’re Lacking:

Analyze the case study, which might help you understand the prospect in a broader view. You can find the main reason why a client prefers your competitor over you or your products. Study your competitor website & case studies they have published to get a clear understanding of what needs to improve at your end.

Conclusion:

Marketing is a central aspect of any business to improve the lead database, sales & revenue. A company marketing strategy must be customer-driven as it adds value to your growth. Depending on the industry or target audience sales & marketing activities must be fine-tuned to get better results. Logichannel being a pioneer in framing excellent marketing strategies, we would love to help you on any industry vertical. Collaborate with us right now to know more on how to identify your potential customers early & stay ahead of your competitors in making smart business moves.

B2B Lead Generation Tips[Infographics]

Lead generation is one of the crucial aspects of the success of millions of B2B businesses. However, if you’re new to the world of B2B lead generation, or if your current lead generation strategy isn’t delivering results, you may feel overwhelmed and unclear about what to do next. Here, in this infographic, we will recap the basics of B2B lead generation and tips which help you to ensure a steady growth rate in business returns.

What is B2B Lead Generation?

The process of identifying and attracting the right customers for your product or service is known as B2B lead generation. For B2B sales and marketing teams, it is a must-do activity.

Here are a few lead generation tips that can help you enhance the number of leads you generate across all lead generation channels.

Optimize Your Website

Your website plays a huge role in hitting the goals that marketers care about, like website traffic and leads for your business. Hence, it is essential to optimize your website for all devices such as desktop and mobile.

Monitor Your Competitors

Monitoring your top competitors can help you remain ahead of the trend and beat them with new products to win customers. As a result, simply checking in on them can lead to great ideas that will propel your company forward.

Use Social Media Platforms

Promoting your brand on social media helps you to generate more leads when compared with other existing platforms. Hence, it is essential to use the right strategy for generating leads via social media.

Creating Content

Creating content adds a competitive advantage to the business while increasing your visibility. If you have enough content, you can increase your brand’s authority, and even produce highly qualified leads.

Pay Per Click (PPC)

PPC is one of the simplest methods for obtaining immediate results. If you know who your target audience is, it can be really effective. It is frequently regarded as one of the quickest and most cost-effective methods for filling your sales pipeline.

Make Your CTAs Stand Out

Your CTAs (Call-To-Actions) should stand out to attract new customers and increase the likelihood of them clicking and converting to a sale. Make sure to use vibrant graphics or colors when creating CTAs to grab their attention.

Keep Your Website Forms Simple

When you ask individuals for too much personal information, they may become irritated. Data and new leads should be collected quickly and easily. Hence, make sure that your website forms have less than five fields.

Referral Marketing

In a particular perspective, referral marketing, also known as word-of-mouth marketing, is beneficial for lead generation. It helps you to raise your chances of producing more leads by putting your brand in front of more people.

Bottom Line

One of the primary challenges of any lead generation effort is creating a list of leads. You may already be familiar with some of the lead-generating tactics listed above, and it’s possible that some of them haven’t proven to be effective for your company in the past. We recommend that you try again with minor changes to see which plan will work best for your company.

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Monthly Archives: August 2021

Driving Sales With Data Enrichment Services

Significance of Data Quality in B2B Industry

How To Identify Your Potential Customers?

B2B Lead Generation Tips[Infographics]

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