Hello reader! Welcome back to Improovy’s blog. Are you looking for a powerful digital marketing process to upgrade your business strategy? Well, in this article we’ll talk about data enrichment and how this innovative method can help you improve your business performance.
Ready? Let’s get started!
Table of Contents
What Is Data Enrichment?
Data enrichment is the process of merging first-party data from internal sources with various data from other internal systems or third-party information from outside sources. Any company can benefit from having enriched data since it makes the generic information insightful and useful. That’s the reason why more and more businesses choose to use data enrichment on their raw data to make wiser future decisions.
Despite the source, for example, website traffic, email lists, or social media, customer data always starts in a raw form. Usually, companies gather clients’ raw information and store it in a central data store. Before being enhanced with external data to add more helpful information, raw data is first cleaned and organized. By adding value to the data, data enrichment transforms basic and unorganized data into valuable information. Thanks to this process businesses gain a deeper understanding of their clients’ lifestyles, values, and interests.
However, the quality of your data source and its nature directly affect the amount of data enrichment you require. That’s why before diving deeper into the topic and its benefits it’s fundamental to understand what the primary sources of B2B data are.
Inbound data
B2B data can come from inbound leads which connect through commercials, landing sites, website contact forms, social media, etc. to directly exchange information with you.
This represents a significant source of information because it comes directly from the lead, but it also largely depends on good content that motivates users to take action. As a result, the type of information you receive will primarily depend on the source of the lead.
For example, an article provides a well-researched and insightful piece of content on a certain subject. Due to the valuable nature of the content, you can restrict access to it and ask potential customers who wish to read it to complete a long form. In this way, you’ll qualify the prospect because those who spend time filling it out will demonstrate that they are serious potential customers.
On the contrary, if you offer a free sample, you might utilize a different approach and require only an email address from the customers to receive it. This type of brief and simple format encourages more leads to submit themselves, but it doesn’t tell you anything about who your prospects are.
In-house data
This source of data consists of information that internal marketing and sales teams self-source.
This approach heavily depends on your teams to analyze numerous businesses and users to discover potential leads. The data acquired should be extremely near to your target market and as your team researches possible prospects, they could employ powerful tools like LinkedIn Sales Navigator.
Unfortunately, this data acquisition process creates a significant opportunity cost, due to the time spent away from other revenue-generating activities, resulting in a decrease in sales efficiency.
Data providers
Database vendors and third-party data providers are the third source of B2B data.
With third-party data, you can collaborate with suppliers who are experts at giving you the data you require following your specifications. This not only saves your team time from having to collect the data themselves, but the quality of the data should be far superior to that of any other data source.
Types of Data Enrichment
There are several major ways that data enrichment can assist you in learning more about your prospects, whether you use one or a combination of the previously mentioned strategies to obtain your data. These pieces of information can be divided into five types in general
Geographic data
This type of data enrichment involves merging an already existing dataset with geographic data, from postal codes to geographic boundaries between cities and towns.
Furthermore, geographic information can be helpful in a variety of situations, such as choosing a location for a new store or determining how many customers can be attracted to a given area.
Demographic data
Thanks to demographic data you can choose to target particular demographic groups.
Demographic data enrichment makes it possible to identify specific demographic groups based on age, gender, occupation, or any other demographic characteristic, ensuring that the messaging is relevant and tailored to the target audience.
Firmographic data
This third type of data is based on the prospects’ company information, such as firm name, size, industry, location, etc.
When datasets are enriched with firmographic data businesses can more accurately identify user preferences that can improve the entire customer experience, identify the apps that need to be developed, and support personalization initiatives.
Behavioral data
Last, behavioral data enrichment uses user behavior as a main component to learn more about them. In fact, the main determinants of a campaign’s effectiveness are online behavioral patterns, such as interest areas and purchasing motivations.
Now that you have an in-depth understanding of today’s topic we are ready to tackle the benefits that you could gain by implementing this process.
What Are The Benefits of Data Enrichment?
Undoubtedly, this digital process has a lot of benefits to offer, let’s discuss some of them.
First, data enrichment promotes meaningful customer interactions. Personalized communications are encouraged by enhanced data, which also raises the possibility of profitable client interactions and business opportunities. Your company can create powerful communication strategies tailored to client preferences and needs by having access to pertinent customer data. If customers believe that your business is aware of their needs, they will be more inclined to make a purchase.
In addition, it boosts customer nurturing tactics. Thanks to data enrichment, marketers can pinpoint customer segments that may be more inclined to make a transaction. Businesses can use the data to target these customers with communication tactics based on appropriate and engaging content that encourages them to buy the company’s goods or services.
Your company should benefit from every newly acquired data to generate insights and boost conversions and revenue.
Furthermore, an updated customer database can prevent data deterioration.
B2B organizations highly depend on accurate and fresh data. Insights like phone numbers, email addresses, prospect details, and corporate information are fundamental to ensure the success of your company’s sales and marketing campaigns.
However, the most typical problem with data storage is data degradation. Frequently, because of mistakes, an inaccurate source, or aging data can become outdated. People change jobs or titles, businesses fail, and mergers take place so data degradation is common in every database.
However, to ensure that your marketing initiatives are successful and you do not lose potential sales, eliminating data deterioration is essential. Thankfully, CRM enrichment can help you remove outdated, incorrect, or redundant customer data supporting the sales team in focusing only on relevant and current datasets for prospecting.
Finally, data enrichment increases personalization and improves customer experience. Businesses can efficiently seize opportunities with the help of a customer-centric approach tailored to specific preferences and demands. In this case, statistics is not enough, you need enriched information from external sources to make sure that your company’s efforts to understand clients’ preferences are successful and not wasted in inefficient mass-market advertising campaigns.
Implement a Data Enrichment Process With Improovy
At this point, you should have an all-around knowledge of data enrichment and the benefits that this process reserves for you. However, now you might be wondering how to efficiently implement this process. Lucky for you, Improovy can help you reach all your goals by carefully collaborating with you and planning out an effective and consistent data enrichment strategy that will bring your business to new heights.
In particular, Improovy offers you an efficient data qualification and enrichment service. We use high-quality lead generation to qualify new interesting leads for you and add them to your sales pipeline. Improovy also takes care of updating each lead’s contact information to ensure that past and present leads are enriched with appropriate decision-makers. Finally, we search for ideal leads and suitable decision-makers for each prospect found for you using targeted search strategies.
If you want more, you can also check out our other services and decide to combine them to access your full potential! For example, you could benefit from our Marketing automation service which provides you with efficient outreach via email automation and LinkedIn, or our HubSpot integration service, where we take care of configuring your HubSpot environment.
Conclusion
You reached the end of our article. We hope we provided helpful insights to upgrade your business strategy and move towards your goals. If you liked the article, we encourage you to share it or leave a comment telling us what you think.
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