Let us give you a quick intro before we get to data enrichment. When we are in the process of acquiring new leads, more data means better insights. And better data means greater chances to turn that lead into a customer! However, the data we get on our leads is usually not complete and doesn’t allow us to approach them as straightforward as we would like to.
There is a term for this in the digital world and it’s called non-enriched data. In a few words, it means that you only have an email, name and probably the name of their company. If you think about it, this is not close enough to prepare a targeted marketing campaign hoping to convert these prospects into customers.
Fortunately, some genius minds have come up with a service called a data enrichment tool which helps you extract more in-depth information about your prospect, crucial for the next steps of your lead generation strategy.
Let Us Spell Out what Data Enrichment Actually Means
At the beginning of the lead generation process, you possess raw data on your customers. This raw data can be easily explained as pieces of information that can’t provide you with much value on their own. When you gather these pieces of raw data, you put them into your system. It’s like dumping them in a data lake where all the parts float on their own and are unuseful out of a certain context. This is where the data enrichment process steps in.
The data enrichment tool can help you incorporate certain information into a specific context. Or, when you run the raw data through a service like this, different pieces of it are matched together giving you a more complete image of your target audience.
The result you get from these enrichment services is richer and more detailed data which enables you to better personalize your campaigns – since now you have a better insight into your customers’ profiles.
Why is Data Enrichment Essential?
If you were going to conduct the complete lead generation strategy without taking advantage of a data enrichment tool, think twice. Your database, as a unit, no matter how rich or detailed, doesn’t consist of all the transactional and behavioral data you need for building a comprehensive view of your customer.
All in all, enriching your data enables you to build the golden customer record. This record can be explained as more accurate, more complete and more contextual data than the one gathered from only one single source. From here on, you have what it takes to start your long-term strategy of delivering a personalized experience.
What Are the Benefits for You?
The advantages of a data enrichment tool for your brand are numerous. However, we will mention only a few which we’re sure you can relate to:
Advanced Segmentation
If you are working with big data, the organization means everything. With enriched data, you can segment your prospects by multiple factors: behavior, demographics, firmographics, and more. By doing this, you will automatically improve the way you target your prospects and the way you determine what are their needs and pain points.
Personalization
Mass campaigns were popular a long time ago. Today, marketing has definitely shifted to a more personal approach when it comes to speaking to the audience. To connect with people on a more personal note, you need to have the appropriate data to base your approach on. This way you can create a successful two-way communication channel with your leads.
Lead Scoring
Out of all the leads you have, only a certain percentage is going to convert into customers. The only way you are going to find out who they are is by having more detailed information about them. This leads us back to enriched data. With it, you can examine different attributes (behavioral data, business size, and location) and understand if the prospect is likely to convert. All in all, it will help you with the lead scoring process.
Customer Experience
The more detailed information you have about your leads, the better insight you have into their preferences. Having this as an asset allows you to be flawless when preparing your targeting campaigns. Having up-to-date data gives you the advantage of building promising relations with your customers. Hence, exceptional customer experience is the one thing that will convince customers to lean towards your company.
Data Compliance
An important element when it comes to data enrichment is GDPR. The law on GDPR compliance helps you address the rights of the data subject. Make sure you have a team that ensures that all the captured data is respecting the latest data privacy laws. You have to address the strict security and privacy requirements. It may be a tedious activity but it’s the new reality of marketing data management.
Final Thoughts
Data enrichment tools run on a continuous basis and match records much faster than any human effort. The final result is a data enrichment process that is as up-to-date as it can be. Ultimately, what you get is a high level of enrichment that allows you, as a brand, to move much more faster in the process of customer engagement.
Whether you are targeting your audience geographically or demographically, you have to do it strategically. More precise targeting leads to better customer experience. This then leads to even more data and ensures that you continue to work with customers with the most up-to-date information.
If you need support with finding the right data enrichment tool for you or mastering it, do not hesitate to contact Alite International. We have been working with multiple large organizations in supporting their move towards full marketing automation. Send us an email on filip.nedelkovski@alite-international.com.
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