To effectively target and engage your audience, you must delve into data enrichment. This process not only boosts the quality of your marketing data but also amplifies its relevance. Growth marketing strategies, in particular, thrives on these insights, shaping strategies to better engage and retain customers. With this enriched data, every step of the customer journey can be optimized, ensuring campaigns deeply resonate with the audience. Moreover, growth marketing continually evolves, using this data to adapt to changing customer behaviors and preferences.
For this, you need to embark on data enrichment activities. At its core, data enrichment enables the collection of value-adding, accurate, and actionable data that boosts the effectiveness of marketing and sales strategies.
If you want to know more about data enrichment, you’re on the right page. This topic discusses its common types and how to integrate them to boost your marketing strategies.
Steps Involved in Data Enrichment
Data enrichment refers to activities that improve the quality of a business’s current datasets by adding and updating them, validating their accuracy, and removing irrelevant data. As such, this undertaking involves:
- Needs identification: A company must identify the important datasets and tools required before embarking on data enrichment.
- Data collection: Internal and external sources can be used, including company files and websites, social media accounts, and specific apps, to name a few.
- Data cleansing: Involves spotting and removing duplicates, errors, and outdated information.
- Data integration: Enriched data must be stored in a repository other team members can access for a streamlined approach.
As a business owner, your goal isn’t to collect as much data as possible. It’s to access high-quality information to help you qualify leads and turn them into prospects and paying customers.
Focus Areas of Data Enrichment
Assessing your current data will dictate the information you need to enact a more effective marketing strategy. Data enrichment activities often focus on getting a few or all of these datasets:
Behavioral Data Enrichment
Behavioral data enrichment analyzes a potential customer’s buying patterns and habits culled from any event or information they provide. This could include subscriptions, online shopping activities, and website visits.
Lead and account enrichment functionalities from platforms like LoneScale are two examples that come to mind. These tactics work similarly, with marketers completing customers’ profiles by tracking their activities. The only difference is that lead enrichment is for individual customers, while account enrichment is for B2B clients.
Demographic Data Enrichment
Demographics means statistical data of a population and its subgroups. Creating categories of certain groups ensures you send the right messages to the right people. In business-to-business (B2B) companies, this means sending the right marketing pitch to the decision-makers.
Geographic Data Enrichment
Besides sending the right marketing messages, you must also ensure you communicate with your leads and prospects at the right time and in a relatable manner. Geographic data enrichment lets you determine a customer’s location and how it could affect their interests and buying decisions.
Firmographic data enrichment
This focuses on a business client’s information. Besides industry niche and location, it seeks to determine the company’s size, performance, and ownership structure. Thus, you’re targeting an organizational level instead of looking at personal data.
How to Integrate Data Enrichment Into Your Marketing Operations
With data enrichment, your business can target and categorize prospective clients and correctly pinpoint their position in the marketing funnel. As such, you can start your campaign to get more qualified sales leads. As an aside, the average conversion rate across all industries was 2.35 percent. Great marketers, or those in the top 10%, had at least 11.45 percent conversions.
Here’s how you can use data enrichment activities to boost marketing efforts:
1. Integrate Enriched Data Into Your Marketing Platforms
Companies often use customer data platform (CDP) and customer relationship management (CRM) software for data collection and management. The former collects customer data from multiple sources to develop a coherent client profile. The latter stores these profiles and records every interaction between the account and your company.
CDP provides a comprehensive look at a customer and enables targeting of the ideal buyer persona. Meanwhile, CRM is invaluable in identifying leads and nurturing them.
Because of this, your CDP and CRM must work together seamlessly for optimal results. Integrated customer data helps you nurture leads and better understand your potential and existing customers. As such, closing a sale or providing impeccable service is easier. But enriched data must be available to the team at the right time for this to happen.
2. Tap Data Enrichment to Shorten Lead Forms
According to Wyzowl, page visits last less than one minute on average, and users leave the page in about 20 seconds. Your landing page and lead generation forms must quickly capture the most important data. Removing unnecessary fields prevents potential customers from skipping the page.
In most cases, users should only fill out their name and email, as your data enrichment efforts can find the rest of the information from other sources. Shortened forms can help improve your lead-generation efforts as you create a positive first impression on your potential customers.
3. Use Enriched Data to Improve Lead Scoring
Lead scoring is a marketing and sales metric to determine clients likely to buy. This activity is necessary for better segmentation, qualification, and targeting. Through an accurate lead scoring system, your staff can identify low-quality leads and focus on leads with better conversion potential—making them more efficient, productive, and likely to close a deal.
Each business has its categories, and without enriched data, it is challenging to get accurate scores on a lead. 28% of surveyed marketers said additional account-level fields improved their lead-scoring efforts. With updated and accurate data, it’s easier for businesses to segment their clients and use the most relevant pitches.
4. Analyze Enriched Data to Understand Customer Behavior and Preferences
Building trust is one of the primary objectives of lead nurturing. And to build trust, you must understand your customers’ needs, preferences, and pain points. A recent survey found that 66% of consumers want brands to understand their unique needs and preferences.
Data enrichment activities help your company gain valuable insights into these aspects simply by adding age, location, gender, website visits, online shopping activities, and so on. Some advanced CDP and CRM software run on artificial intelligence (AI). They can better predict future behaviors and purchases and analyze customer emotions, improving the efficiency of your marketing operations.
5. Use Enriched Data to Deliver Personalized Marketing Messages and Better Customer Experience
Personalized marketing and sales messages help increase conversion and build trust. It also develops connections that drive conversions. According to a McKinsey study, 70% of customers expect personalized interactions with companies, and 76% get frustrated when they don’t get it from them. The study further discovered that companies employing the right techniques could grow 40% of their revenues.
With accurate and value-adding data, businesses can customize their buyer’s journey and adjust their communications, improving their personalized campaign strategies and making them more effective. As a result, you’ll experience a boost in revenues, customer acquisition, and loyalty.
Data enrichment helps businesses attract quality leads, understand customer behavior, and improve customer experience, leading to increased sales. With enriched data integrated into the steps above, your marketing and sales strategies will improve, and your business will reap greater results.
Time and resources are too precious to waste for marketers. Doing so can lead to missed opportunities, which can be costly to any enterprise. That’s why continuously embarking on data enrichment is vital in every organization, whatever the size, niche, and setup.
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