As a demand generation marketer, you know that the success of any marketing campaign hinges on the quality of your company’s data.
There is just no way around it. If your data lacks integrity, there is an undeniable trickle-up effect that resonates throughout your company. Poor data affects conversion rates for marketing and sales, leading to missed targets by both teams and, eventually, unfulfilled revenue expectations.
It can be tough to know exactly why your data quality is so low. That is because bad data comes in many forms. Duplicates can be just as harmful as missing data. Incorrect or “fake” contact information plagues databases across countless companies. The problems only continue to proliferate if you do not make course corrections.
That is where data enrichment comes into play. Rather than let the success of your marketing strategy fall victim to poor data integrity, data enrichment enables marketing and sales teams alike to maximize conversions and increase the bottom line.
The Impact of Data Enrichment on Lead Generation
Top-of-the-funnel demand generation strategies rely on quality data for a few core areas:
- Segmentation. You likely use segmentation to some degree today, but few marketers really recognize the full potential of customer segmentation when combined with high-quality data. Data enrichment gives marketers all the information they need to divide customers along a number of different demographic lines such as location, industry, company size, and job title to name a few. Better segmentation means improved experiences for leads and customers alike with targeted content based on their goals and needs.
- Lead Scoring. Lead scoring should be a collaborative effort between marketing and sales, where sales teams detail exactly what they want to see out of a “top-rated” lead and marketing works to build out a scoring system based on those qualifications. What do you think the number one thing salespeople ask to see is in top-rated leads? It is contact information, of course. After all, what good is having a lead without the means of getting in touch with that lead? That is where data enrichment steps in to help.
- Lead Nurturing. A huge part of your job as a demand generation marketer is nurturing leads throughout the entirety of the customer journey. For those leads that need a bit more love before being passed off to sales, data enrichment plays a critical role. With fully enriched data, you will be armed with everything you need to nurture leads across multiple channels, including social media, where 70 percent of U.S. adults are active.
- Brand Reputation. Accurate and complete data ensures your customers maintain a positive view of your company and brand. Missing contact information might mean leads who requested more information are left out in the cold, while duplicate emails could result in frustrated customers unsubscribing from your mailing lists.
Of course, all of this leads to the ultimate goal of increasing your conversion rate. That can mean conversions of prospects to leads, or leads to customers (which will be discussed in the next section).
Data enrichment improves initial conversions from web visitors to potential leads by enabling you to ask less of your prospects when having them fill out a form. If you are currently gating content or placing sign-up forms on landing pages, you might be asking for too much information upfront, which can have a direct negative impact on your conversions.
With data enrichment software, you can strip down your lead capture forms to the most basic information and allow your platform to fill in the gaps. That means more people in your pipeline and eventually, more revenue for the company.
The Impact of Data Enrichment on Sales Prospecting
The buck does not stop with marketing initiatives - data enrichment has a positive impact on sales prospecting as well.
Think about it. What do salespeople need in order to run a proper sales prospecting session?
- Prioritization. Sales reps who start their prospect sessions by just randomly contacting leads in their pipeline lack any real strategy and ultimately see lower conversions than their more calculating, strategic colleagues. The best salespeople spend time ahead of prospecting sessions prioritizing their outreach for the day. This can include some of the same segmentation methodology used by marketing, which of course requires enriched data to accurately implement.
- Contact information. It may seem obvious, but there is no such thing as a sales prospecting session if sales reps do not have the means of actually contacting leads. A phone number just is not enough anymore. Lead callback rates are less than 1 percent, which is why sales teams need multiple channels where they can reach out while prospecting. That includes emails and social channels like Twitter and LinkedIn.
Ultimately, poor data quality brings prospecting sessions to a screeching halt. Data enrichment combats bad data and allows sales teams to prospect with better efficiency and effectiveness.
When it comes to choosing a data enrichment platform that helps both sales and marketing, ReachForce SmartForms has everything you need to improve your data quality, boost conversion rates, and increase company revenue. To learn more about how ReachForce SmartForms can help you optimize lead generation and improve your impact on revenue, sign up for a free trial and get a demo today.