5 Ways Data Enrichment Can Benefit Your Sales Process
With a myriad of tools available for companies these days, marketing strategies and customer engagement techniques are improving at a remarkable pace. In particular, many of today's businesses recognize the importance of big data and analytics in understanding customers’ needs and have thus prioritized the use of tracking tools to build customer profile databases. However, these tools don’t always gather the most accurate information.
This is where data enrichment comes in. Data enrichment can improve the quality of information gathered to deliver more accurate and useful results. For example, let’s say a website visitor enters a name and address but accidentally inputs the wrong postal code. Data enrichment tools can detect this mistake and correct it by comparing it to the latest postal records.
Here, we will further explore the benefits that data enrichment can have for your sales process.
1. Improving existing data
In truth, data enrichment tools can correct more than just postal codes. They also have the capacity to detect and correct duplicates and fakes in your databases, saving you time and effort by producing more accurate customer profiles. The same tools can also identify which leads are priorities, empowering your marketers to follow up with clients that are most likely to engage with your content.
2. More possibilities for personalization
Personalization has long been an important part of business, and data enrichment takes it further to adjust for consumer expectations. In fact, reports on Infosys indicate that 74% of American customers feel frustrated when marketing content is not personalized for them — and simply personalizing an e-mail with someone's name is no longer enough to get the reader hooked. Through data enrichment tools and the utilization of more demographic data, more comprehensive personalization campaigns can now be put into effect. This, in turn, drives greater customer retention.
3. Better segmentation and targeted engagement
The Internet Crime Report estimates that businesses lost over $675 million in 2017 alone from having their emails marked as spam. Data enrichment can help decrease the frequency of these issues as well. This is because, with adequate data, your sales team can focus on sending leads via targeted campaigns aimed at the right people, at the right times. Marketing Dive reports that 81% of consumers want brands to know when to send marketing emails and when they shouldn't. One example of responding to this consumer preference would be a marketer sending out a specialized campaign targeting middle-aged women — instead of the entire customer base — on Mother’s Day.
4. More data available for analytics
When your data enrichment tool is churning out quality data, there is more opportunity to understand your target market truly. And if this is something your company is not actively equipped for, it may actually be an area in which to consider a fresh hire. The rising significance of analytics in modern business has led to a thriving online educational ecosystem that is regularly churning out job candidates qualified to help in this area. Maryville University's overview of the online masters in business data analytics lists "program analyst," "management consultant," "operations research analyst," and "market research analyst" among common jobs for this space. A qualified candidate in any of these roles can help your business make sense of your gathering's enriched data. This means turning information into insight.
5. Overall upgraded customer experience
When data enrichment is used to improve the quality of your business's information, you can respond accurately to customers by drawing more precise insights. When people are engaged with the content they receive, they are more likely to respond to it. This ultimately results in an expanded clientele, built on the foundation of data enrichment and the strategies it enables.
These benefits apply across industries and give companies today genuine competitive advantages. For example, our profile on the ‘Life Sciences Industry Focused Data & Analytics Strategy’notes that even pharmaceutical companies are under pressure to “effectively sell products globally in markets already saturated with competing sales reps.” The bottom line is that effective data enrichment and strategy implementation go beyond what those competing sales reps can accomplish. Thus, in pharmaceuticals and countless other industries, companies exploring deeper data use are seeing improvements in their sales processes.
Rona June, guest writer
With the help of simple changes, data enrichment can be implemented within any organization. The first step is to do the quality assessment of all the data. The assessment methodologies must cover the essential areas of integrity, consistency, and completeness. If the data can’t fulfill these three areas, it might need to be repaired. Your strategies go a long way in resolving your data structure issues and will make a difference in this initial assessment process.
Once this step is complete, it will be necessary to determine the best way to enrich the organization's unique data. This process is unique for each organization. Data enrichment should start by defining the need of the organization. It must be followed by necessary research to ensure an effective strategy by locating data from various sources and checking it for quality before implementation.
Data enrichment has critical benefits that affect the decision-making of the organization. It varies from one organization to another as data isn’t the same.
Please reach out to our Life Sciences Data & Analytics experts to find out more.
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