Enriched data is data that has been enhanced and improved before you begin working on it. Data enrichment as a whole can be a useful tool for refining the data that your business is using to market and sell to your customers.
Every business has data, but the quality of that data varies. The data quality is really what's going to make or break your business's marketing and sales techniques. When you're working with dirty data, you're not able to pinpoint which prospects are further in the sales funnel than others, specific demographics and behaviors of customers who are opting into your lead forms, and more.
Essentially, data enrichment is a critical part of your overall marketing strategy. You're doing your business a disservice when you ignore this important step.
Let's go over a few essential ways enriched data can improve your marketing strategy.
1. It improves your customer re-engagement.
How does your company go about reaching out to past clients and customers in an attempt to re-engage them and bring their business back? Data enrichment can help to improve this process for your business. Old customer data can occur from clients/customers or businesses changing their names, moving homes or offices, and more. However, if you're using data enrichment, you'll still be able to find quality data for old clients/customers.
2. You have more advanced customer insights.
Data quality is essential to understanding your customers, their wants and needs, their buying patterns, and more. If your data is dirty, you won't be able to qualify customers as easily, you won't know in what stage in the sales funnel they are, and so on.
Data enrichment helps you to dig deeper into your customer profiles, clarify customer data and insights, and understand more precisely how your business can resolve their pain points. This helps your marketing and sales teams to better sell your products/services, because they're acutely aware of how each potential lead may need them.
3. You've got clean data.
Enriched data equals quality data. Quality data equals more revenue. Dirty data equals loss. So you do the math. Do you want clean data, or do you want dirty data?
Data enrichment helps to improve the overall accuracy of your data, take care of any recurring entries, and improve the accuracy of your processes and algorithms. This means you'll have better chances of reaching the correct customers because you'll have the most accurate contact information. Your sales team will know what stage of the buying journey they're in based on opt-in information, interactions with your company, and other data within your data management software.
Enriched data will help your business as a whole to generate more conversions, increase lead prospects, and in turn create growth and revenue for the company. To find out how dirty your business data is, learn more in our complimentary data health assessment: Just How Dirty is Your Data.