Does your data suck? You’re not alone.
Lots of people are stuck working with incomplete data in their CRM. They want to do more with the client data; after all, they got their CRM with the promise that it would help make more sales, but it’s hard to do that when it’s missing important details and metadata. And that happens to just about everyone.
So no, you’re not alone.
Gathering client data by way of CRM or other tools in your tech stack is only one small piece of the puzzle. In order to unlock the full potential of your data, it likely needs to be enhanced—or enriched—with missing or incomplete information.
It’s kind of a whole thing. And it’s not just for sales, everyone benefits from data enrichment. For example, 88% of marketers surveyed use data acquired by third parties to improve customer insights.
In this post, we’ll look at what data enrichment is, types of data enrichment, the benefits of data enrichment, how to maintain your data once it’s been enriched and completed, and how to enrich your data.
- What is data enrichment?
- Types of data enrichment
- What are the benefits of data enrichment?
- How to maintain data enrichment?
- How to enrich your data
- Go deeper
What is data enrichment?
“Data enrichment is the process of combining first-party data from internal sources with disparate data from other internal systems or third-party data from external sources.” (Trifacta) In other words, it completes your data using all the other resources possible, in order to give a 360-degree view of the client and their behaviours. Data enrichment provides the missing puzzle pieces, in order for the data to be complete and valuable. And usable.
Types of data enrichment
There are three main types of data enrichment: demographic, geographic and behavioural.
- Demographic. Information about individuals helps sales and marketing professionals to better target the right audiences. It keeps them highly competitive and able to customize marketing strategies. Demographic enrichment answers these kinds of questions about potential customers:
- How old are they?
- What is their gender?
- What is their credit score?
- What size is their family?
- How many dependents do they have?
- What kind of car do they drive?
- How many vehicles do they own?
- What is their marital status?
- What is their income level?
- Geographic. Location-based information also helps sales and marketing efforts by targeting the audience based on the specifics of their location. This kind of data is integral for any kind of marketing campaign. You can’t target a potential customer for a physical business if they live in a completely different region, after all. Geographic data answers these kinds of questions:
- What is their office address?
- What is their postal code or zip code?
- What is their home address?
- What is their phone number?
- What are their geographic boundaries?
- What is the latitude and longitude?
- Behavioural. Data enrichment can also be achieved by looking at customers’ behavioural patterns. It would look at actions like:
- Past purchases
- Web browsing behaviours
- Purchasing path
- Purchase frequency
- Average purchase
What are the benefits of data enrichment?
There are a number of highly valuable benefits to enriching your data. Finding the missing puzzle pieces allows you to reveal customer insights that will ultimately close more deals and increase revenue. The individual benefits laid out look something like this:
- Better customer insights. Really get to know your target audience, what’s important to them, and what will make them spend their money.
- Better lead nurturing. You can be ready to address your customers’ hesitancy or concerns based on the insights you’ve garnered from data enrichment, keeping you nimble and better at nurturing leads. (Which means closing more deals)
- Better customer experience. Your customers are getting the most personalized service possible, which makes them feel acknowledged and important. This helps to build more meaningful relationships with your customers.
- Maximize targeted marketing. Data enrichment helps marketers execute the most targeted campaigns possible, offering a true 360-degree view of the customer and their key priorities.
How to maintain data enrichment
Data enrichment, unfortunately, isn’t a one-time affair. It needs proper upkeep and maintenance in order to have any kind of impact. As we’ve reported many times before, data decay is a real pain.
There’s a famous study on B2B data decay that gets cited a lot because it exposes just how dire the dirty data situation is. It demonstrated that “B2B data decays at a rate of just over 5% per month, or 70.3% per year.”
Specifically, the study found that over the course of any year, you can expect the following changes to the contacts in your book:
- 3.8% name change (women still do change their name upon marriage/divorce)
- 65.8% title and/or job function change (changed firm or new job in the same firm)
- 41.9% address change (changing companies or company/individual’s relocation)
- 42.9% phone number change (changing companies and company move as above)
- 37.3% email address change (slightly less than above as some use personal email addresses)
- 29.6% of individuals changed companies (new job)
- 36.2% of individuals changed jobs in their company (promotion or reorganization)
- 4.6% of the companies changed their name (merger or rebranding)
- 12.3% of companies moved office locations
That’s a lot of change to keep up with.
How to enrich your data
It sounds like a lot to chew on, but not to worry: there are data enrichment solutions out there that will help you keep your data squeaky clean and properly enriched, helping you to smash your sales goals and foster meaningful relationships with your customers.
Best of all, these tools help your CRM do its job without anyone having to manually cleanse data. They autonomously keep your database full of clean, reliable information by continuously cleansing it to update changes and remove outdated data.
All without anyone having to do a single thing to make it happen.
Get the most out of your client data by finding a data enrichment solution that works for you.
Introhive uses machine learning and artificial intelligence to clean up dirty data and enrich the valuable data that you’ve captured in your CRM. It then helps to reveal important behavioural data and relationship intelligence that allows everyone at your organization to build better customer relationships and increase sales. And one of the best parts is that it requires no extra work from anyone.
Sound amazing? That’s because it is. Book a free demo today to see what Introhive is all about.