How Data Enrichment Gives Businesses the Upper Hand: Best Tactics to Leverage It

It’s common knowledge that businesses require a large amount of data on their customer base in order to operate properly. Every decision you make, the campaigns you launch, the marketing strategies you implement — the success of virtually any endeavor requires solid data to back it up. 

Here’s the issue: simply having data doesn’t mean it’s bringing you any value, or that you’re really extracting the necessary info out of it. All the metrics and variables necessary to optimally target your audience for maximum sales and growth could be lost in the disarranged pools of data, unrefined and not fleshed out with supplementary parameters.

What matters is how you use the data and how you derive value from it. We’ll dive into the best ways you can leverage data enrichment, so you can be sure your data is working for you.

Boosting Sales With Data Enrichment

  1. Personalization

With the help of enriched data, you can better personalize your outreach so you hit the nail on the head for each client’s pain points and interests. 

  1. Segmentation

Segmentation allows you to launch targeted campaigns and zero in on your audience. Having outlined the characteristics and attributes of your ideal customers, you can then filter leads and better align your products with their needs. You can use data such as location, job title, company size, seniority level, age, etc. to fine-tune your approach.

  1. Updated Contact Lists

Focusing your sales team’s efforts on outdated contacts is counterproductive and hurts your business. Data enrichment combats this by regularly updating email lists so that your investments are worth it.

  1. Brand Reputation

A strong brand reputation thrives on accurate customer data. Don’t miss out or irk clients with incomplete information. Data enrichment provides high data accuracy and supports a lasting business-customer relationship.

5. Lead Scoring

Lead scoring is an essential component of constructing a successful marketing campaign. You assign priority to leads and distribute your efforts accordingly based on compiled lead data. But incomplete or inaccurate data can only get you so far; it could even steer your team in the wrong direction. Enriching your data allows you to more accurately score leads and make decisions that align with the facts, setting you on the right track for a campaign that ticks all the boxes for every lead.

6. Reduce Expenses

Storing and working with huge amounts of data is not a modest investment – it can eat away at your company’s budget, stunting growth without providing any decisive value. On top of that, developing strategies and approaches based on incorrect, inaccurate, or incomplete data starves your business of profits and presents minimal ROI.

Data enrichment saves you from this pitfall: no longer should you store unnecessary data that doesn’t contribute to growth. Just cut down on the data volume and invest in databases to store these narrowed-down, complete, meaningful sets of metrics.

7. Revisit Old Leads

Being rejected or ignored by a lead hurts. But just because it’s happened once doesn’t mean that lead is lost forever! Make the most out of your previous contact lists and enrich them with up-to-date information to discover new trends and statistics about your leads’ current circumstances. Maybe you’ll discover that former leads would now be ready for your solution!

Spotting chances like these and sparking lead interest again is made possible by the implementation of high-quality enriched data.

8. Trim down Your Forms

Many users are not keen on revealing excessive personal information when filling out lead forms. Consequently, you could be losing out on precious leads who chose not to complete your long, elaborate form. It’s best to stick to the essentials, such as email and first name, to capture as many potential buyers as possible. You can accomplish this by enriching your lead data. This way, additional crucial data will be collected another way, sparing your forms.

9. Hone In on Trigger Events

When a company experiences a change of management, is going through a merger, or undertaking any new projects, it’s a sign for your sales team to take advantage of this opportunity and direct your outreach to match the lead’s current needs. The listed instances are known as trigger events, a sign that you definitely don’t want to miss to maximize your revenue.

You can locate trigger events with information available on the internet, perhaps on the company’s social media pages. Data enrichment scrapes these insights and fills out your contact list accordingly. 

Thus, you can perfect and personalize your pitch to best cater to your customer’s current needs.

10. Effective Lead Nurturing

Lead nurturing is an essential part of the sales process, and it’s only optimized with the use of highly accurate and relevant data. Invest in data enrichment to enable personalized and targeted communication. This deepened, facts-based understanding facilitates tailored interactions, increasing the likelihood of successful engagement and conversion.

Best Practices for Transformative Data Enrichment

Diving head-first into data enrichment sounds tempting after hearing about all its benefits, but before you do, it’s important to keep a few principles in mind to maximize the benefits.

  1. Establish Data Quality Criteria

There need to be specific criteria in place to ensure proper data assessment. What standards are you holding the data up to, and what requirements does it have to meet? Consider properties such as completeness, accuracy, and uniqueness (i.e., absence of duplicate information).

  1. Use a Multitude of Sources

Expand the scope and depth of your data by using multiple sources. Scraping data from social media, company websites, and market research reports, among others, will give you a more holistic view of your lead information. Branch out to different data providers to ensure that your dataset is thoroughly and accurately supplied.

  1. Ensure Regulatory Compliance

Data collection should always be executed with exact attention to current industry norms and regulations. Save yourself from legal trouble and blows to your reputation by taking measures to comply with data privacy laws. 

  1. Consider a Data Enrichment Tool

Managing data is a laborious and time consuming process. Let data enrichment software do the job for you, taking care of data scraping, evaluation, quality assessment, cleansing and replacement. There’s a variety of powerful enrichment tools on the market, what remains is to identify the one that suits your needs best — there’s no doubt that taking your data under control is worth the investment. 

Content creator at Closely. I write about marketing & B2B sales. Welcome to our LinkedIn Sales Hacking Universe ;)