Account based marketing is all about creating a best-in-class experience for your highest-value leads. It’s about figuring out which potential customers could yield the most business over time for your company, and then aligning your sales and marketing teams to deliver a highly-targeted lead nurture and conversion strategy.
And for companies that make the time investment in account based marketing, the good news is that it works. 60 percent of companies that have used account based marketing for at least a year saw a minimum 10 percent increase in revenue as a result.
It’s a strategy that works for both large corporations and small businesses, making it a powerful marketing tool. But to do it right, marketers need a wealth of data. Simple demographics aren’t enough to distinguish your brand from other companies vying for a potential client’s attention. You need to know everything you can about the decision makers within your target account in order to create a highly-personalized customer experience.
Collecting that data is a challenge in itself. The combination of the right technology and some good old-fashioned internet sleuthing may get you part of the way there, but most teams need a scalable, automated way to fill the gaps in their customer data. And that’s where data enrichment technology comes in.
How Data Enrichment Helps Your Account Based Marketing Strategy
The right data enrichment tools allow businesses to supplement existing customer data with new information about a decision maker or an overall account. Marketers then use that information for a variety of purposes, including:
- Determining which accounts to target for account based marketing
- Identifying decision makers
- Finding connections between decision makers and employees of your company
- Determining the best channels for targeting
- Identifying pain points and ways to personalize content toward the company’s needs
- Providing salespeople with relevant information on decision makers to enhance their communication
Data enrichment tools elevate your account based marketing strategy by offering deeper knowledge of your target accounts so that you can create hyper-personalized campaigns. Those campaigns show potential customers the level of care and service behind your business while also forging personal relationships that improve conversion rates.
How Data Enrichment Technology Works
Different tools operate in different ways, but from a high-level point-of-view, data enrichment technology sources additional information on a specific person or account through outside, third-party channels. That may mean important demographic details like location, previous roles, personal likes and dislikes, etc. It may also mean behavioral information, including other tools a company invests in.
A good data enrichment tool — like ReachForce — will also enrich your customer profiles from within your own database: merging duplicate profiles, collecting key data points (like contact information) for related profiles, and standardizing the information in your data management solution all help marketers pull more accurate and relevant insights from the information they collect.
Data enrichment also makes collecting information from potential leads easier. Because you know your data enrichment tool will automatically contribute additional information on any incoming leads, shortening lead capture forms and content gates becomes a lot more realistic. There’s no need to ask a lead to fill in eight different fields of information when you know your data enrichment tool can automatically complete four of them.
How ReachForce Can Help With Data Enrichment
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization, and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.