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Data is the power force behind every successful company and business strategy, quality data points to the best leads and guides to top sales. Without enriched data, teams need to spend more time researching and analyzing data rather than using it to score successful leads. The ideal solution to this problem is data enrichment, which is an approach to improve lead quality and create an applicable database.
What is Data Enrichment?
Data enrichment is about filling and refining all the gaps in existing company data or company information. Data enrichment is a process that involves combining raw data points and merging them with similar data points, basically filling in the gaps with important details to create a richer profile.
Ultimately you improve the quality of your datasets by adding new data and cleansing inaccurate or outdated entries.
Types of Data Enrichment
While the types of data enrichment are very wide and can vary, here are the three most common types.
- Behavioral. By enriching behavioral data, you will be adding customers’ behavior patterns to their user profile, this includes areas of interest and their “reactions” to campaigns.
- Demographic. Enrichment of the demographic data allows you to target specific demographic groups, ensuring advertisements and marketing messages are relatable and relevant to them.
- Geographic. Companies that enrich geographic data will have better insights into where their customers coming from. This allows them to focus on certain markets and make better marketing investment decisions.
How to Implement Data Enrichment
Despite the benefits, many companies have a problem with enriched databases, usually, they are out of date and incomplete. Even a report has shown that 49% of marketers don’t have confidence in their company’s data quality.
Data enrichment is a complicated process and can get overwhelming, but we have included several sectors that are based on data enrichment and will strive with it.
Loans
Credit scoring is built on data enrichment. Banks or loading providers that have access to enriched databases are less likely to work with a potential defaulting customer, they have all the information about who they are dealing with.
Fraud Prevention
Similar to loans, businesses can reduce fraud rates and scams. With access to an email address and device IP address, enriched data will create a fuller picture of the user.
Marketing
Marketing is an area where data enrichment allows for more precise customer segmentation and messages. Marketing teams convey more relevant offers and adverts, this is important since personalized messages have a 46% higher open rate than generic messages.
Retail
The best example of this would be Amazon or eBay, which suggest products that will probably interest you. By linking such stores to enriched databases, they can intelligently recommend products.
Key Benefits of Data Enrichment
With data enrichment, businesses collect data that’s valuable to them, they can trust it and use the information to benefit their companies. Here are the top 3 benefits of data enrichment:
1. Improved Data Accuracy
One data set is not powerful enough to build a deep view of a customer, his history, interest, and reliability. That’s why data enrichment plays a crucial role in making these one-standing data sets more useful by adding missing information to existing data.
2. Better Customer Targeting
Sales reps only spend one-third of their time actually selling, while with data enrichment, that time could be much longer. When data is organized, up to date, rich with details, and accurate, these companies have much greater chances and time to spend time selling or creating marketing campaigns. Basically, enriched data will lead to an increase in sales conversions, thus increasing the potential return for customers.
3. Elevated Customer Experience
Many companies know that it’s more important to attend to an already existing customer base than to search for new leads. However, keeping a customer base interested requires a lot of work, new ideas, and diverse campaigns. All of these factors include time and money, and to be spending that much of it, a business should be sure that they are going in the right direction. Data enrichment will ensure that a company is directing its money and time into the correct tunnel.
Final Thoughts
Data enrichment is what intertwines a good customer experience, enhanced business decisions, and loads of new leads. Keeping data up to date ensures that your brand will always develop and grow its customer base, which inevitably increases sales and business potential.
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