A rapid evolution has occurred in human history: the realization of data.
We have transformed raw data into predictive and actionable insights. Incidentally, this has helped us usher in an age of digital personalization and unbiased decision making
From banking to marketing, each field has benefited by using data to get a complete view of its audience and users. Whether it is understanding which customer is likely to default on their payment to which user needs an email message— data validates decisions that we would have made with trial and error. Actionable data helps us align our sales and marketing teams.
Yet with data, we face a problem: its incompleteness. What if the data we have is outdated?
What if the data has undergone a change?
These gaps in our data will not help us make accurate decisions. However, what happens if we fill those gaps with accurate and relevant data?
Data enrichment bridges the gap with accurate and relevant data.
What is Data Enrichment, and why is it important?
Data Enrichment is simply the process of adding accurate data to already existing raw data. It gives us a complete view of our potential customers and makes our pre-existing data accurate.
For B2B marketers and salespeople, having this information could mean the difference between converting a prospect or not. Enriching data, thus, is one of the most crucial practices for a business. It will help us acquire high-quality leads and ultimately drive sales.
What are the types of Data Enrichment?
Each node of data is like a star in a constellation. Divided, we may not see the pattern or get a perfect picture. But when we connect the dots, we get a beautiful view of the whole, a map to guide us to where we want to be.
These nodes connect by enriching data based on: –
1. Geographic Data
Enriching data with postal codes, city, country, etc. Geographic data is any data that is appended or improved geographically.
2. Demographic Data
Demographic data enrichment adds their age, gender, marital status, income, education, job role, and more.
3. Behavioral Data
Behavioral data adds the intent with which our prospect is surfing the internet. What are they in the market for? What does their browsing history look like?
Cookies, anyone?
4. Firmographic Data
Data related to their firm is added. Company name, employee size, revenue, and hierarchy are appended to the existing data.
5. Psychographic Data
An overlooked but crucial piece of data is psychographic data. It adds the individual’s likes, dislikes, opinions, and values to the mix.
Why is Data Hygiene important?
Data Enrichment is a small part of a systematic process known as data hygiene.
Data hygiene is vital for businesses that thrive on data. What does it mean? Stagnated data or dirty data is useless. It has not been updated or renewed and has expired. Data hygiene practices clean this dirty data by data enrichment or deleting its unwanted parts.
This practice of eliminating unwanted data or updating it saves businesses cost, time, and server space.
It is also a great method for marketers, as clean data can make or break their decisions.
With clean data—
We can create a complete picture of our potential customers’ wants and needs.
From Twilio’s State of Personalization Report 2023, many businesses (39%) invest in personalization but cannot use it effectively.
We believe this comes from a lack of understanding of the customer. And this, as Twilio agrees, comes from inaccurate, real-time data.
How can data enrichment help businesses grow?
With data enrichment, we can find avenues that will go unexplored.
Example: Our lead, John Smith, has entered his details into our CRM. He lists his name, Email ID, and company name and size. We send him a message. Yet he never replies.
But through data enrichment, we can add valuable data like his online habits, his pain points and his preferred channel of communication. With this data, we can craft an outbound message that resonates with him and the problems he is facing. Personalized messages will ensure there is a high possibility of prospects replying.
As stated in this Mckinsey and Co blog: Companies that excel at personalization see 40% more revenue. And data enrichment is necessary to excel at personalization. It gives a comprehensive view of the data.
Data Enrichment is one of the best tools to get our high-quality leads to reply. In some cases, it will become the lynchpin in deciding whether they will buy our service/product or not.
Accurate data helps salespeople close more deals.
Salespeople are more consultants now than reps. They do not list the benefits of the product and sell it. Sales more than ever, needs to build a rapport with the prospect.
And salespeople who do the groundwork understand that very well. HubSpot’s sales report says that 96% of prospects self-research before buying. It means they know about our product/service before engaging with us.
Through a more accurate view of the data, our salespeople can connect with the potential buyer and help close a deal by forming a bond of trust. Building this bond is very necessary.
Why? From the same report, we found that in the last two years building trust with existing customers yields the highest-quality leads through referrals. Data enrichment does not end at sales, but it keeps gifting us by letting us provide an unmatched experience for our buyers.
Personalization is the present of the B2B market. Every year, with strategies like ABM, the need for personal touch in sales and marketing increases.
Every year demand for unshakable ABM tactics grows. Consumers demand personalization voluntarily. McKinsey & Co. say personalization yields 10-30% ROI. But personalization without good data is a no-go. It is not possible.
Data Enrichment will pave the way for our personalization efforts. Helping us reduce, as McKinsey says, 50% of the Customer-Acquisition-Cost (CAC).
Having complete data also means –
Better Customer Service
We can deliver an unmatched customer experience. Tailoring each interaction to the individual, making them feel valued and heard.
Becoming Omnichannel
Omnichannel marketing has gained instant momentum. The way it seamlessly flows in and out of channels and stores has made it a mainstay in personalization efforts. This seamless flow is made possible by having large amounts of personal data on individuals: Our potential buyers’ buying habits, selections, and more.
Data Enrichment will give us a solid foundation for building an omnichannel experience for our users/customers.
Data Enrichment services give you an edge over your competitors.
Data Enrichment services are the ideal choice for scaling businesses. It helps organizations save tons in cost and time.
Coleda ensures to give you the best of services. Our methods bridge the gaps between your data and help you gain insights that would stay uncovered if not for data enrichment services. Whether you are looking for data list building or amending, Coleda provides an unmatched B2B service.
Data Enrichment brings the unaware insights into focus
Every organization serious about growing its personalization efforts and acquiring high-quality leads must focus on obtaining good data. Personalization is gaining momentum and it won’t end anytime soon. In fact, it will keep growing and growing into a giant.
Businesses must refine their data to near-perfection if they want to outperform competition. Data Enrichment is a leap towards it—a way to connect with our leads/prospects/customers that form a lasting bond.
