Quality wins over quantity. Every time!
When it comes to information, we know that there’s no shortage of it in the world. But what companies need is relevant and useful insights that can boost sales and help them improve their performance.
What’s the role of data enrichment here?
Now, to ensure drawing reliable insights, companies must have easy access to relevant data and they must be sure that the data they’re using is updated and accurate. This is where data enrichment comes into the picture.
In this data-driven world, data management is something that companies dread. Hence, we decided to give you a good read on what data enrichment is, its importance, examples, tools, and everything.
So, read on to know all of it!
What do we mean by “Data Enrichment”?
Simply said, data enrichment refers to the processes and tools that enhance, filter, or rather improve raw data. The main utility of data enrichment is in profiling. In other words, sales representatives use data enrichment to create an information-rich profile for their prospects and existing customers.
You can enhance your existing data by adding more relevant information. This will help you know your customers better and get a head-start to better opportunities and more efficient prospecting.
Hence, data enrichment is that which can add rich B2B data to your already built database. And it can be effectively done by using the right data enrichment tools.
Why does Data Enrichment matter?
There’s no greater asset than your B2B database.
It is quite easy and attractive to ignore the prevention of dirty data. But if bad data enters your system, then it will actually cost your business a fortune to clean it up.
If you’re consistent with CRM data enrichment, you’ll remain updated about the changes happening in your CRM accounts. You’ll know when your contacts change their office, join a new organization, or change their contact number. With CRM data enrichment, the changes in information will get automatically updated.
Also, data enrichment cleans up invalid, outdated, irrelevant, and duplicate data from your database. So, remember to refresh your data and ensure bridging the gaps and replacing inaccurate data with accurate ones.
How do the Data Enrichment Tools Work?
There’s abundant information online about almost every company out there. However, this massive supply of data isn’t going to bring a 360-degree change in the sales profession. Without advanced sales technology, mainly data enrichment tools, sales professionals will not be able to pull out relevant and useful insights from this huge heap of available data.
Simply put, the data enrichment process for CRM can be explained in three steps:
1. At the start, a data enrichment tool pulls data from millions of reliable online sources in real-time and thus, becomes a huge reservoir of company data.
2. Then, you need to integrate your CRM with the data enrichment tool. You can do it either directly or using an app connector. The setting up of the tool may initially require some effort depending on the tools you’re using. However, you can definitely pull it off.
3. The data enrichment tool, then adds the contacts in your CRM with missing data like technographic or firmographic and signals data from its database. As you get the third step done and dusted, your CRM will be enriched with accurate, reliable, and up-to-date data.
How does Data Enrichment Accelerate Sales and Marketing?
Here’s a list of 5 common ways in which data enrichment can speed up sales and marketing.
1. Helps in Finding New Prospects
Data enrichment tools help you to enhance your existing customer records in real-time. As a result, your sales and marketing teams can happily work with complete and enriched information.
2. Better Lead Scoring
Using CRM data enrichment, you can ensure that the data is complete, reliable, and of high quality. It will enable you to sync company data and technographic data to your CRM in real-time. Thus, you can ensure better lead scoring!
Also Read: Optimizing Lead Conversion Rate: A B2B Master Plan
3. More Form Completions
Using data enrichment, you can reduce the number of fields on your contact or sign-up forms. This will help you achieve more form completions as customers can do it almost instantly.
4. Improve ABM Strategies
With data enrichment, you can know more about your prospects. You can obtain accurate and relevant information about your prospects and with this information, you can easily identify your target accounts, improve them, craft and personalize content.
Also Read: Account Based Marketing (ABM) For B2B Manufacturing Companies
5. Enrich Contact Database
With data enrichment tools, you can enrich your existing database of leads. Get more information on the leads you received from trade exhibitions, shows, or other events. Search with a domain and you can find multiple relevant and useful information related to the company and contact information. Not only this, CRM data enrichment adds value to,
- Technology
- Contacts and
- Accounts
3 Data Enrichment Examples that You Can Refer to…
Though we have covered the entire concept, importance, and uses of data enrichment, why not provide you with examples that can add to your understanding. Here are three data enrichment examples that you can refer to at any time.
1. No More Long Forms
One of the most practical examples of data enrichment is shortened forms that are better at capturing leads. Initially, shorter forms came at a higher price which interfered with the increase in conversion rates.
But today, with the rise of data enrichment, marketers are no longer required to strike a balance between asking prospects for more information via elaborate forms and retaining the potential leads.
Data enrichment can be used to bridge the gap of missing information in your contacts database. This means you only need the ‘required’ fields in your contact forms and the rest of the information is filled up by the data enrichment process.
Also Read: Mapping Your B2B Buyer’s Journey – From Lead To Customer
2. State-of-the-Art Account Scoring
There’s no denying that account scoring processes are tedious and they take a lot more time than they are worth. With data enrichment, you can get away from accounting scoring altogether. You can categorize prospect priority automatically based on real-time data.
Let’s make it clearer with an example. Suppose a lead enters your contact database with the information – first name, last name & email address. Without data enrichment, this information is minimal and is likely to generate a low score in the lead scoring system.
With such minimum information, your system won’t be able to know the lead’s intent of buying and the product fit. However, with a data enrichment tool, you’ll be able to link the lead to more information or company data points. Hence, a richer profile will be built and your lead scoring system will generate a higher score, and thus, the lead can be reprioritized and passed along to the sales team. And – Effortlessly!
3. Power of Machine Learning
Artificial intelligence and machine learning have made it so easy for companies to offer personalized customer touchpoints. The sales and marketing professionals can now interact with existing and potential customers in a way that previously would have required a huge team of human agents.
A superb example of this is chatbots. Chatbots have made it easier for companies to gather data from website visitors through conversations. Data enrichment has made it possible to collect relevant customer information from communication with a chatbot. This collected information can then be enhanced with the existing information in your CRM or from a data enrichment tool. Hence, no more long and boring forms for capturing leads.
Final Words
With data enrichment, you can quickly dissolve your data-related woes. To boost your brand sales, all you need to do is select the right data enrichment tool out there. And rest assured, you’ll be able to access the right information whenever you need it.
Overall, with a data enrichment tool, you can improve customer segmentation and targeting, reduce barriers to web conversions and achieve game-changing transformations in accounting and lead scoring systems.
So, no more data-related pains. Right?!