What is your go-to source for information when it comes to planning business expansion, analyzing sales effectiveness or to get more insight into customer satisfaction and retention?
It is what forms the basis for formulating marketing strategies, sales & customer service strategies etc. It is what powers the growth of your organization in today’s digital age. In order for businesses to grow they need to use data, glean information from it and make it actionable.
Therefore to ensure that effective business plans and strategies are made, businesses go to great lengths to ensure that the data is accurate, complete and up-to-date.
Many businesses depend on their marketing and business development teams to manually update the database, remove old data and correct incomplete data however this may not be feasible in the long run.
In today’s rapidly changing times, teams may have a hard time keeping up with the data decay rate. Considering the diversity in communication channels, customer data like phone number, addresses, emails etc may change rapidly and it may difficult to keep a track of every little detail manually.
So how do you do this?
Enter Data Enrichment Services to help you offset the burden and reduce the cost of data management, reduce human errors and increase data accuracy for your business.
What is Data Enrichment?
Data Enrichment refers to set of processes to enhance refine and improve raw data so as to convert it into a valuable asset for the business.
This includes correcting errors, adding more information to data tables, converting data into formats like graphs, charts, tables etc which can easily be shared amongst key stakeholders and extrapolating data to produce more value from existing data set etc.
Importance of Data Enrichment
In short data enrichment ensures you are able to benefit from the data you have. It is what transforms data into intelligence.
That being said, data enrichment is a complex task and isn’t something which can be done manually. Well…you can of course correct, delete and update data manually as a part of data enrichment but even then you are prone to errors. (Redpoint Global)
Fortunately this can be made easy with the help of data enrichment tools and platforms which serve to help you manage your data effectively and promote growth and development for the organization as a whole.
Alternately you can also partner with companies offering professional data enrichment services in exchange for a fee so you can be assured that your data management is being handled by experts.
Software/Tools for Data Enrichment
Openprise – A complete automation tool for data management, it includes data onboarding, data cleansing, data enrichment, data unification etc. It’s a one-stop shop for all your data orchestration needs. Pricing starts at USD $2500 per month and is available with 14 days free trial.
InsideView – It’s a full service platform for marketing, sales and data management needs of an organization. The data management services include data cleansing, lead enrichment by encouraging use of shorter forms and customer data validation.
Introhive – Introhive is an advanced Enterprise Relationship Management that works to enhance business growth and improve your relationships that exist across your business ecosystem.
Clearbit – Clearbit is a data enrichment tool that works excellently for data enrichment for sales leads. It helps identify your potential customers, understand them and as a result personalize every marketing/advertising initiative. It enables you to find out more information about a person/company by simply using the email address.
Benefits of Data Enrichment
It can be said without doubt that data enrichment is instrumental in organizational growth and success. Following are some of the benefits of data enrichment that companies can enjoy:-
More Accurate and Clean Data – The process of data enrichment not just adds additional/missing data to the database but also cleans/deletes duplicate or old data resulting in a database that is more clean, accurate and up to date. Current and up to date can then easily be converted into the desired format and distributed to authorities and stakeholders for decision-making etc. With an accurate and complete data set, you can plan more effective campaigns, strategies and decisions.
Targeted Marketing Campaigns – If you want your marketing campaigns to do well and yield more results, you have to have personalized and targeted campaigns and marketing efforts that can connect with the audience better. Data enrichment is a must for running targeted campaigns. Data enrichment will ensure your data is segmented as per profile/geography etc and will make your data more relevant. And more relevant your data, more effective and relevant will be your campaigns thus driving greater ROI for the business.
More Sales Closure – Data enrichment has a direct impact on your ROI. Data enrichment enhances and refines your existing leads by adding more information, deleting wrong/incorrect information thereby making it more complete and accurate. You can then use this database to run email campaigns or targeted ads on Facebook. Having a more accurate and relevant data will up your conversion rates.
Enables Sound Decision-Making – Rates at which data become obsolete these days is growing at an unprecedented rate. Data is what is used in presentations, research findings, growth trends and sales projections, it is imperative to have data that is correct, accurate and up-to-date. Having a practice to regularly clean and refine existing data will ensure that your CRM will have reliable figures which management can access anytime.
Outsourcing Data Enrichment saves Time and Money
Data enrichment remains a complex yet tedious task which can take up a lot of time, effort and dedicated resources. Therefore it is for this reason that companies today decide to outsource data enrichment processes to third parties as it helps them save valuable time and resources. Also outsourcing data enrichment is more cost-effective for businesses today as they save on the operational expenses associated with hiring additional resources for the task.
In a nutshell:
Data enrichment has paved the way for better communications and sound decision-making. It is what makes the business go the extra mile to stay ahead of competition. Data not just helps you make plans and strategies for future growth and expansion but can also help in improving customer experience.
With the help of effective data, you know where your customers are coming from, anticipate where they are going and how you can make them come your way. You cannot deny that fact that customers drive your business forward and an enriched data set can provide with valuable insights into customers preferences, buying pattern, behavior etc. Take strategic decisions, maximize your brand communication and better your customer experience. All with the help of clean, well-enriched data!