Data Enrichment – What is it?
The process of adding first-party and third-party to make your data more useful is referred to as data enrichment.
First-party data is obtained straight from your prospects themselves, while third-party data is the data you obtain from a trusted external source.
First-party data enrichment creates a fully updated, holistic view of your target audience.
The ideal way to do this is by being clear with your data including what your team wishes to know and bridge the gap with enriched prospects’ data.
For example, suppose your team wants to learn about specific metrics of organizations in your CRM, you can find those details by collaborating with a database enrichment provider.
As you are here, I believe at some point in time, you will be working on building the email list.
“Here is a protip to find emails of your prospects;
If you are not sure how to get someone’s email address, you can use email lookup tools like GetEmail.io. This is an ideal tool to locate the email format of your prospect.
Start with the free plan and if you like the result, upgrade for the paid plan”.
Why data enrichment is essential?
Inaccurate data costs money
The cost you may pay for inaccurate and outdated data will be huge.
If you didn’t know, every time a salesman calls an incorrect person, it costs them around eleven dollars.
And B2B businesses spend around thirty percent of their revenue on an irrelevant audience.
Build a meaningful bond with customers
How would you feel when you receive emails that start with “Dear customer”?
Doesn’t it sound generic or spammy?
Likewise, everyone loves a personalized experience and appreciates it when only the right information is shared with them.
Data enrichment helps you to have a more meaningful promotional communication with your desired audience.
Define a clear path to your staffs
One of the best parts of data enrichment is that it lets you work on constantly updated data which in turn keeps your staff focused on bringing value to the company.
Time is precious for everyone, isn’t it?
With an updated data you get important insights, this allows the management to get your staff’s major concentration on the tasks that create more revenue for your organization.
Enhances the B2B and B2C sales processes
Businesses now focus more on outbound sales and inbound calls.
Almost every organization recommends their team to devote a larger portion of their day to outbound to acquire new customers.
To ensure the optimum use of the time invested on outbound calls, it is vital to make sure that businesses focus on the right prospects.
Enrich your CRM
Did you know that seventy percent of the leads you paid become outdated?
Isn’t it obvious? People change their workplace, residence, etc. Even their interest changes and if your data is not an updated one, your CRM will be like a dumping ground.
Only when you enrich your data, your CRM will have valuable detail otherwise it would cost you at least thirty percent of your revenue.
Data enrichment is essential to ensure that you are updating your data with the latest information so as to create personalized messages, direct your staff to concentrate on the important tasks.
Keep the data you collected with so much effort is always fresh and updated.