Data has become the heart of the marketing and sales strategy for B2B companies. It is used to power marketing, sales, and support. Every decision business leaders make to foster their organization’s growth and productivity is based on data.
This is why, in today’s data-driven world, data enrichment and cleansing have become critical. In this article, we’ll explain what data enrichment is, when it’s useful, and why it’s important for your sales team and company’s growth.
What is Data Enrichment?
The method of combining raw data from your internal resources with data from other internal or external data sets is known as data enrichment. For every organization, enriched data is a valuable commodity because it transforms raw data into more useful and informative insights. The vast majority of brands enrich their raw data in order to use it for informed decision-making.
For B2B companies to stay ahead of the competition and make informed decisions, data enrichment is critical. Let’s dive into a few situations where data enrichment becomes crucial.
Why Data Enrichment is Important for Your Business
1. Shorter Lead Capture Forms
Of course, lead creation is still at the forefront of every marketer’s mind. Everyone understands that lowering the “entry barrier” for site visitors to become leads by using shorter lead forms leads to a higher number of consumers in the database.
Shorter lead capture methods, on the other hand, have historically come at a cost. Marketers had to strike a constant balance between getting the details they required to determine the lead quality and not scaring away potential leads with lengthy, burdensome, or even intrusive forms.
Marketers should use shorter forms with only the most basic information required. For both you and your website visitors, data enrichment techniques provide a win-win situation. It adds to the missing data that is crucial for marketers.
2. Improved Segmentation
Customer segmentation is the foundation of every effective big data marketing approach. As a result, demand generation marketers are still concerned about finding new, easier ways to segment their customers.
That is exactly what Data Enrichment provides. The target demographic’s vision will grow enormously with improved data, allowing you to classify consumers into new lines that were previously unreachable to your market.
3. More Customization
More customized connection with your firm is preferred (and increasingly demanded) by your customers.
In the early days of big data, simply entering a customer’s name into an email prototype was enough to set you apart from your competitors’ out-of-date communications strategies.
Today, everyone has access to basic demographic data, therefore active demand generation marketers need richer data to be more imaginative and customized in their marketing.
4. Using Machine Learning Technology to Make Life Easier
Artificial intelligence has surprised the marketing industry, and rightfully so. With the power of machine intelligence, savvy demand generation marketers will give progressively new and intimate touchpoints to leads and consumers in ways that previously required large manpower and large resources.
Advertisers’ collection of essential information from web users has been completely revolutionized thanks to chatbots. Instead of self-serving lead collection modalities, the team will communicate with an artificially intelligent machine to acquire customer data. Marketers will then supplement the data with current data from their database or from third-party sources.
5. Remove Redundant Data
A business can lose a lot of money because of redundant data. It leads to a drop in revenue, a loss of customers, and a tarnished reputation. Organizations frequently have redundant data because they are unsure of what data to discard and what data to maintain. Data enrichment tools like SalesIntel can help you get rid of superfluous data. Data duplication is widespread in raw data and has an impact on data quality. Data enrichment removes this and hence improves data quality.
6. Extensive Database
The larger your database, in theory, the better. After all, the more information you have on more potential customers, the better your chances of closing deals are. However, if your data is inaccurate or incomplete, things become more complicated as your database grows larger. When you have too much erroneous and partial data, you run into a signal vs. noise problem, where having more data makes you less successful. Even if you start with perfect data, it will deteriorate at over 30% per year. As a result, it won’t be dependable for long.
To reduce data inaccuracies and missing data, you’ll require data enrichment.
7. Improving the Overall Customer Experience
Overall, data enrichment improves your clients’ experience when they contact your firm. Enriched data guarantees that your observations and assumptions from your present database are more consistent. This implies that your marketing targeting is more precise, which means that customers benefit more from your experiences and, as a result, your customer service is improved.
Closing Remark: Make Sure the enriched data is accurate
While data enrichment is an effective technique to increase conversions, you must guarantee that the data provided by your data enrichment companies is accurate.
