Data enrichment blog
Every business generates raw data. It flows into your organisation as lead information, client data, website traffic and more. It’s the first place you look to when analyzing your effectiveness and considering where to focus or expand your sales and marketing efforts.
The success of these efforts depends on the completeness, accuracy and usefulness of your data. Conservative estimates estimate that 30% of company data becomes outdated every year, but for B2B businesses this can be as high as 70%.
What is data enrichment?
Data enrichment is the process of making your data more complete, accurate and useful – the very elements that determine its value.
Data enrichment is about realizing your data’s full potential by validating and updating contact information, removing duplicates from your datasets and meaningfully organising your data in ways that reveals the insights hidden inside it.
Here are 10 ways that data enrichment can give you greater business results.
- Deeper customer insights.
Data enrichment helps you better understand your potential customers, which is essential to your business success. Marketing has shifted from mass campaigns to personalised ones, and data enrichment helps you personalise your marketing and nurturing efforts by better understanding your prospects, what they want and how they prefer to be engaged.
- Improves business decisions
With more details and fewer gaps in your database, you and your teams can have a more complete picture of your accounts. By giving you a more meaningful view of the market and your business you can make more informed decisions about where to focus, how to improve and where to expand.
- More time for revenue-generating activity
Data enrichment spares your team from having to spend hours manually keeping client and contact information clean every week. By giving your team this time back, they can focus on efforts which contribute to generating revenue - like engaging customers and performing sales calls.
- Enhances customer acquisition.
Complete and accurate data improves every aspect of your customer acquisition process. It allows you to know where potential customers are, personalise your offers and messages, qualify your leads and target them at a fraction of the cost.
- Improves the overall customer experience
Critical to ensuring a great customer experience is reducing the friction in your customer’s experience with your organisation. By deeply and reliably understanding your clients you can suit your marketing, sales and support efforts to suit their individual needs and preferences, ensuring your clients have the best possible experience with every element of your organisation.
- Better business relationships
Outdated or insufficient customer information undermines your ability to give your clients the service you aspire to. Making sure your data is up-to-date ensures that you can always engage your customers meaningfully, while also giving you valuable new insights to anticipate and meet their needs in reputation-building ways.
- Improves web conversion rates
Asking prospects for a lot of information before getting a quote or accessing your content online creates a wall between you and potential clients, lowering your conversation rates. Data enrichment allows you to reduce the number of required fields on your forms, making your services more accessible and improving your online conversions.
- Better re-engagement strategies
Are you reaching out to prospects that have expressed an interest to engage with your company? Are you capturing the potential for repeat and referral business? Data enrichment gives you the opportunity to deliver personalised and meaningful re-engagement strategies that show your clients that you understand and value them through personalised re-engagement campaigns.
- Increased fraud detection rates.
By validating email addresses, IP addresses and other data points, data enrichment enhances your ability to tell who a user is – and who they aren’t. Fake personal information can be determined and removed by comparing information from multiple data points, protecting you from potentially malicious users.
- Ensures accuracy of algorithms.
Automatic doesn’t mean accurate. Your algorithms depend on the quality of your datasets, and the results you get from your systems get less reliable as the data they work with degrades. You invested in technology; you should be getting maximum value from it.
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