Data enrichment can boost sales performance and stand out from competitors.
Don’t believe it?
To explain, it’s uncertain to say that there is a lack of audience data for any business in the world.
However, do you think it is enough to target your intended audience appropriately?
Definitely not! It’s obvious that quality always matters over quantity almost every time.
Unless you have precise insights into your audience, the companies can’t reach their target audience at the right time with the right offers.
Research conducted by Ascend2 and its associates observed that one of the most significant data-driving marketing objectives cited by marketing professionals is enriching data quality and completeness (37%). (Source: Ascend2.com)
This stat might have excited you to know more about data enrichment for your business.
Here in this article will cover all your questions related to data enrichment such as-
- What is Data Enrichment?
- Types of Data Enrichment
- How Does it Work?
- Why Marketers Need Data Enrichment?
- Keep Data Enrichment Process Ongoing
- Benefits of Data Enrichment
- How Do Data Enrichment Tools work?
What is Data Enrichment?
Data enrichment is the process of enhancing your first-party data by appending missing or incomplete details. Usually, it’s obtained by using external data sources.
For example, most of the individuals hesitate to submit their complete details to the companies, either they give incorrect or partial data to the companies.
That is something of a head-scratching task to get a single view of the customer with their complete details at the centralized place. Here is where data enrichment comes in handy for marketers.
Let’s Move to Types of Data Enrichment
Data enrichment you can perform using data from various sources, but some data points are more useful and common for any business, let’s put a light on it here-
Demographics enrichment involves data such as-
- Marital status,
- Income level,
- Credit score,
- How many members of the family?
- Number of kids, pensioners, salary employed,
- Number of vehicles they use,
- Type of car use,
- And many such granular level details.
All this information helps the marketers to enhance their campaign targeting performance. It’s very vital too for the marketers to deliver a personalized experience to their customers. Certainly, customer experience is the competitive differentiator and mandate factor to focus on.
It’s the most vital detail for the businesses to target their audience based on the geographic location. If someone is looking for a restaurant or saloon or similar other things, they definitely look near to its location.
Knowing these details of your audience will help you to target them better. It makes no sense if you’re targeting a person who is far away from reaching your product/service. Example of geographic details include-
- Zip Code
- Postal address
- Mapping insights
- Geographic boundaries
- Latitude & Longitude
- Home address
- Office address
- Phone number
All these details are most useful for marketers/brands who want to target an audience within a specific area. Even you can use this data for bulk mailing to the target audience of a particular location.
Whatever the details you use for it will help you in one or other way in your business process and achieving your end goals.
However, for getting a piece of very accurate information, you need to select specific categories of data. The more precise you will be in targeting your audience, the more fruitful results you get from your ad campaigns.
Important to consider is that whenever you make use of third-party data, make sure that you must have some common factors that connect the two data sets.
You can consider this, for example- for a known customer’ their mail id, or first name, last name or mobile number can help you, and for an unknown customer, their device ID of mobile or PC can help to ensure it’s the same customer.
All this Might have Created an Eagerness in You, How Does it Actually Work.
Let’s discuss it here-
It originates mainly from data integration concept that involves three steps Extract, Transform and Load (ETL). That involves-
Extract- collecting data from various sources
Transform- validating the gathered data and transforming it to the desired standard.
Load- Storing the data at the destination.
It‘s the advanced idea of the data integration process to get better insights into the customer.
88% of marketers surveyed by Forbes use data acquired by third parties to improve the insights of each customer. (Source: Forbes)
Generally, data comes to every company from different departments, various channels, third-parties and many other ways.
And it’s rising at a very rapid rate with the increase in the use of devices, technologies and sensors by the individuals year by year.
You can’t use the entire data for your use until it’s structured into some format to make it useful for your business needs. Otherwise, even though you have lots of data from your audience, it will not fetch you any results.
How Can you Achieve This?
Most probably, you can perform this in two ways- Automated and Manual Process.
Let’s discuss both of them in details for better understanding which one to choose for your business-
In this, you need to check data manually of each user and append the missing information and remove the duplicate information.
It has no doubt that humans can understand the data better and create a profile more accurately and spot errors than computers.
But the manual strategy is worked fine in olden days. Now, where every company is generating ample of data from different sources daily. And handling it manually is a never-ending task.
The automated process involves a suite of algorithms, techniques, deployments and integrations for-
- Appending missing data points
- Spotting spelling mistakes
- Checking for duplication
- Updating information
- Segmenting audience data based on their interest.
The operations mentioned above can be handled automatically by using artificial intelligence techniques.
To illustrate, it’s the process begins with the quality of the existing data. In case the existing information is not up-to-date or lacks in quality, it’s impracticable to append what’s missing.
Also, it will be quite expensive too to append every data point from various external sources that need a charge or specific regional data sets.
Generally, it’s a very daunting task, and you have vendors in the market who can provide you with information on the match rate of the data based on some factors like-
- Automatically accepted
- Matches have to be manually analyzed to determine if they are fine or not.
- Automatically refused
Once a match is found, the extra information delivered by the reference source can be used to enrich the present data.
The challenge comes when there are conflicting details. In the case of automated systems, it’s needed to examine what details are common based on the business implications. Or it can be overcome by manually checking the details.
Why Data Enrichment for Businesses?
It can help you in reaching your business goals. Even though you have a list of challenges specific to your business data, it can resolve for you.
Let’s discuss them out here-
Advanced Audience Segmentation
Segmenting your audience on a granular level precision can help you to get much higher ROI. It opens an advanced opportunity for you to market your targeted audience and provide tremendous growth potential.
Advanced Lead Scoring
Examining your audience on a regular base with their precise level of information can help your sales team to prioritize your audience based on their evaluated lead score.
It becomes challenging for you when you have less information to continue. In-depth audience profiles can be reliably scored but scoring inadequate details profiles is somewhat challenging and most probably ends with more guesswork.
Sales and marketing team collective efforts can help you to define the lead score and take the appropriate steps in the long run.
Customers are more inclined towards the business who are more likely to provide them with the personalized experience. Data enrichment techniques using machine learning can help marketers to reach their targeted audience at the right time with compelling messages.
For example, you can target decision-makers by analyzing their pain points than other persons in the family members. Similarly, many more use cases can be achieved using data enrichment techniques to make the deal.
Data enrichment processes can be arranged to enhance compliance with GDPR, and do-not-call lists and other prominent security policies. It guarantees that your data is not only complete but also secured and satisfies regulatory compliance.
Even if security measures and legal policies change, ongoing data enrichment processes can preserve the utility of the data.
What Do You Think the Data Enrichment Process is a One-Time Process or On-Going?
Similar to other customer data management techniques, the data enrichment process is also something that is continued in the process. Even though you have collected data in recent time, it will get obsolete in some time.
To explain it with examples like- people get married their marital status will change, job changes, physical addresses may change similarly many other details will change, and that makes a big impact on the preference of the audience.
By keeping this possibility in mind, it must be run continuously. Otherwise, if you ignored this, your customers may get irrelevant offers and that ultimately leads unsatisfied customers.
Using machine learning techniques, you can easily keep your data enrichment process ongoing round the clock or real-time information update. Obviously, the more you updated with your audience details, the more satisfying results you will get from your customer.
Benefits of Data Enrichment.
It has outstanding benefits that can take any business to its next level of business. Let’s check out here-
No doubt, companies collect plenty of data from their customers, but they don’t use to that level they keep the effort on obtaining and maintaining it.
Adopting a Data enrichment process in their business operation can help them to discard the irrelevant data and keep the most relevant data with better-enhanced details.
It saves your cost spending on the right activity that has a great impact on your end goals.
Enhanced Customer Experience
The precise level of information helps the business to get better insights into their customer and provide a more personalized experience.
At the end customer experience that all you need will be achieved by just implementing it in your business operations.
Customers give more preference to the brands which take care of their dynamic interests and preferences and provide the right offers.
A customer is most probably intends to make a purchase when they believe that your company knows their needs.
Enhances Customer Nurturing
Customers always expect something from brands that can help them to get what they want.
It can help the brands in doing so by providing the complete details of the audience.
It helps you to focus on a particular segment of the audience and deliver the service they actually in need at that time. That creates a good probability that they may get converted in a next second without your further efforts.
Improve Effective Targeting
To effectively target your audience, the primary need of the business is to focus on data enrichment. It can help you to get better insights into your audience and target more accurately. Eventually, the more you know about your audience, the more you can gain their trust and loyalty of your customer. It is how the power of precise target works for the business.
A Higher Gain in Sales
Obviously, every business spends some time, money and efforts in generating sales for their business.
What if they are spending money on outdated information that is of no use, people even don’t consider your approach and most probably they get irritated with your messages or ads.
The right way is to get insights into your audience before approaching them. Data enrichment techniques can help you in doing so.
Even it helps you in cross-selling and up-selling when you have the accurate details of your audience.
Discard Redundant Data
Holding redundant data for any business operations will always cost the business and loss in revenue, customer and reputation in the market.
Redundant data exist in every organization because they are not clear of which data to keep and which to let go.
It can work here for you to remove all the redundant information and enhance the quality of your data.
How Do Data Enrichment Tools work?
Data enrichment tools take data from your CRM database either directly or with some connectors. It’s all based on the type of data enrichment tool you’re making use of it.
Consider an example of Audienceplay Data Enrichment:
Your data coming from various sources, either in a structured or unstructured way are fed to the Audienceplay.
Based on your business, you can easily segment your audience by considering various factors such as -age, income level, geolocation, and many other precise levels.
Point to highlight here is Audienceplay possesses a huge publishers network, where one publisher can get insights from other publishers to enrich their missing data points.
Isn’t it something very much useful for you?
Let’s know here what more you can do:
- Create an unlimited precise level of audience segmentation instantly
- Altogether a place to handle all your audiences.
- Segmentation of the audiences based on their dynamic behaviour.
- Track analyze and optimize audience data
- Even you can use these data for audience monetization in the same tool.
- Use data to run marketing campaigns.
Data enrichment is the base for building the effectiveness of your marketing campaigns.
It appends the missing data points to your existing data and improves the quality of the data.
This you can perform using data enrichment tools.
Audienceplay is one of such tools to enrich your data.
Data enrichment has a lot more benefits, as discussed above. Don’t wait. Give it a try, it’s free!