Data Enrichment in Marketing: A Path to Success

Do you want more accurate data to understand your target audience better? Well, data enrichment can help you in doing so. Many reputed companies are using data enrichment in marketing strategies to penetrate more new markets.

Having a clean database is an asset for any organization, especially a database with customer information. A business can reach the height with the effective utilization of a clean database. However, maintaining a clean database is a challenge for such organizations that handle huge quantities of customer data.

Now you may ask why there is a need for data enrichment as collected raw is enough. If you think like that then imagine a situation. You want to know what your customers are thinking about products with honest reviews. You have collected information from primary questions in which you have asked direct questions to your customers. But, will your customers share their honest opinion with you like this?

Let me tell you, it’s a NO! Your customers may hesitate to share their opinions if you question them directly. As per the survey results of the Advertising Research Foundation, 54% of US customers have shown hesitancy when they were asked to share their email addresses. Not only email addresses, but many customers also did not even share their names when the survey was conducted.

Therefore, the hesitancy of the customers may affect your data collection. But worry not! With the use of data enrichment in marketing tactics, you can accomplish the data requirement needs. This blog aims to show how data enrichment can become your success path when applying it to marketing efforts.

So let’s start by explaining the process of data enrichment and the benefit of using data enrichment in detail.

To reduce friction while launching marketing plans, you need proper customer data. The more data you have about customers the more you can gain their trust. But if your customers become hesitant then how can you have their data? Therefore, as a solution, data enrichment comes into the picture, which can help in accomplishing data enrichment needs.

The data enrichment process sources data from various data points, which are available in the public domain. For example, you can meet the customers’ demographic data requirements by collecting information from government portals. Therefore, you do not need to depend on customers to share their demographic information.

The term data cleansing often appears with the data enrichment process but both are different concepts. Through data cleansing, you can have a clean database where there will be no data errors or incomplete information. On the other hand, data enrichment in marketing strategies adds more information to the database.

The process of data enrichment is quite elaborate and it follows some specific measures. This process aims to collect the information that customers do not share, due to hesitence. Nowadays, businesses are outsourcing Data Enrichment Services and meet their data requirements. Here are the types of data that the data enrichment process helps to find.

Businesses usually aim to understand customers’ purchasing intent or willingness. By understanding the customers’ intent, businesses can project the product better. With the best approach to data enrichment, marketers can launch target-oriented campaigns. Therefore, businesses can project their products to those customers who are willing to buy that product.

Usually, purchase intent data markers are collected to make proper targeting decisions. In simple words, businesses can only target the intended customers if they have a database full of intended customers’ information.

The process of data enrichment in marketing campaigns includes demographic elements. In this case, the enrichment process includes filling up an existing dataset with demographic information. The demographic information can include income level, marital status, etc. Demographic data is useful when it comes to assessing customers’ basic information. Usually, most customers show hesitation while sharing demographic details.

Therefore, businesses use government and other valid sources to get the demographic data of their customer base. However, to use the demographic data properly, you must know the purpose of utilizing the data. For example, loan companies use demographic data to find the best customers who can return the loan amount within time.

Moreover, demographic data also helps businesses to frame personalized messages for customers. Sending personalized messages can easily attract customers and ensure their conversion. Businesses can efficiently implement demographic data to send personalized messages to customers with the help of data enrichment process.

To enrich the database with geographic data, you need to add geographic data to the existing database. The geographic data includes postal codes, city information, town details, etc. Adding geographic data to the existing database helps in deciding business strategies regarding opening up new stores. This data will help in deciding whether your store would be successful or not if you open in a particular area.

The process of data enrichment in marketing strategy helps in segmenting customers, identifying their preferences, and so on. data gathering and enrichment provide clarity to the business and help to understand customers better. Therefore, businesses can project themselves in a personalized way before the customers.

Read our Related Article: Power of Data Enrichment: Fuel Your Business Success.

To project your business better, you need to incorporate modern marketing marketing strategies. In these strategies, a marketer must know how to promote the business and identify the target market, and the competition. However, framing the strategy is not that easy as it requires a huge quantity of data. This is the area where data enrichment comes into the picture to solve the issues. Undertaking the data enrichment needs will help businesses to frame competitive strategies.

Here’s how data enrichment improves your marketing strategies explained.

Segmenting the audience is one of the most critical elements of marketing that businesses use to decide on targets. Segmenting audiences based on demographic data helps businesses frame efficient targeting strategies. Therefore, businesses need to have properly assessed demographic data integrated with the database. This will help the business target more audiences precisely with the best marketing efforts.

With the integration of data enrichment in marketing, you can create segments of customer profiles. Your overall marketing outcome will turn out wheel if you successfully integrate demographic data into your database. But remember that, you need to utilize the benefit of using data enrichment to add only quality demographic data to realize better outcomes.

To improve the marketing strategy, you need to integrate the lead scoring process into your system. Having a quality database is an advantage for a business if it wants to penetrate the market. Among the best marketing strategies, lead scoring plays a crucial role in finding potential customers. With the integration of purchase intent data, businesses can target only potential customers for better conversion.

When you know whom you can convenience then conversion becomes easy for the business. Data enrichment allows to gathering of relevant data from useful sources so that it helps streamline the business operation. With the data enrichment process, you can get quality leads and appropriate conversion.

Simultaneous growth you can observe in your business when you choose to in the data enrichment process. You can grow your audience as well as the market with the effective enrichment of data into your operation. The process of data enrichment in marketing helps businesses to reach out more people at the right time.

Reaching out to more customers is a business decision and it can only be possible when you have quality data. Data enrichment helps to boost business operations by updating the database with current data. Besides that, you can make more informed business decisions when you have an updated database. With the help of data enrichment, you will have a record of updated customer records. So, you don’t have to waste your time finding valid contacts at all.

The quality of the customer data also determines how you can acquire more customers. The process of data enrichment helps businesses acquire more customers and enhance business presence. Businesses gain quality data support with the best practices of data gathering and enrichment. In simple words, businesses will have updated email lists, phone numbers, etc with the data enrichment process.

Therefore, you can approach more customers with the help of an updated database, which will boost your customer acquisition technique. This will also help in boosting your business visibility by increasing your website visitor rate, social media engagement, and other things. Data enrichment in marketing also helps boost engagement and gain potential customers eventually.

From personalized products to personalized advertisements, businesses can grow more with the help of personalized information. Imagine two conditions here to understand personalization better.

In condition 1, you have approached an intended customer by telling your product details. You have told the customers about the product and addressed all the benefits associated with the product.

In condition 2, you have approached an intended customer by focusing on his needs first. You have made the process smooth for the customer to understand what are the major elements that your product has. Moreover, you have prioritized the customer’s needs and helped the customer to figure out your product.

Now, you tell me which condition the customer would likely buy the product. Obviously! It is condition 2, but have you thought why? It is simply because you made the process personal for the customers so they cannot resist purchasing the product. Hence, personalization plays a major role in converting customers and making them convinced.

Similarly, the process of data enrichment in marketing helps businesses to make personalized strategies. Businesses would have the personal information of the customers so they can easily make personalized strategies. Without having current data, a business cannot make personalized strategies successfully. Therefore, data enrichment comes into the picture which helps businesses in getting current and accurate data.

Providing better experience to customers can become your competitive strength to survive in the industry. But how can you provide a better experience to customers? Well, for that, you need to understand your customers first. You need to know what your customers like, and dislike, what is their expectations, etc.

An updated database consisting of customer information can make your task easy. You can effectively incorporate the updated customers’ data with the help of data enrichment process. It does not matter whether your business is online or offline, the process will make everything easy for you. Put simply, you will have an idea of what your customers would like to get from your business. Therefore, you can make the process better so that it can satisfy your customers.

By implementing the strategies of data enrichment in marketing, you can improve customer lifecycle. Once a customer gets the best experience from your business then you can have that customer for a lifetime, if you continue to satisfy them. With an updated database through data gathering and enrichment, you can track the preferences of the customers. Therefore, you can come up with different products to satisfy the current data enrichment needs.

A business sells products and services to customers and earns profit, the equation is simple but there is a catch. A business will only make a profit if it can create a utility for its product. For creating a utility, a business needs a proper plan along with market data. Hence, data enrichment helps businesses in providing updated market data along with customer details.

Businesses can utilize the process of data enrichment in marketing strategies to find growth opportunities. Besides, it will help businesses to find the utility of their products in the present business scenario. Also, it will help in assessing the competition in the market and gaining industry insights. With the help of an updated database, businesses can develop products and services with a broader aim and interest.

Having updated customer data helps marketers come up with new ideas, which businesses can use to conceptualize products. Conceptualizing is the first element that helps businesses develop interesting and unique products. With the insights directly from the current business data, businesses can come up with new products or new product ideas. This will be counted as a benefit of using data enrichment process.

Lastly, the process of utilizing the process of data enrichment in marketing is not as easy as you thought. This requires a lot of effort to find and update the database with proper and accurate datasets. That’s why outsourcing comes into play it can reduce the complexity of the tasks. If you need to update your database to initiate marketing plans then you must outsource the data-enriching services.