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.