In the previous blog, we touched upon the topic of Sales Data Enrichment, where we explained – what is sales data enrichment, types of data enrichment and that left us with the question of when and why data enrichment is needed for businesses. In this blog we try to answer this question by looking into when data enrichment is actually needed for businesses and what are its benefits.
When do businesses need Sales Data enrichment?
Data enrichment is vital for businesses to stay ahead of the competition and make informed decisions. Here are a few situations where data enrichment becomes crucial.
1. You have a large or extensive database– The usual conception is, the more information on potential clients in the database, the more likely it is to be able to close sales. However, if the data is erroneous or insufficient, the larger the database, the more noise there will be. As a result, the database at hand is less effective. So, it’s not going to be reliable. To eliminate data inaccuracies and missing data, data enrichment is required. Data enrichment essentially provides for more effective, cleaner data.
2. You are planning an ABM Campaign– Account-based marketing (ABM) entails contacting the right individuals at the right organization at the right time and with the right content. Successful ABM necessitates a data-driven approach, and no amount of segmentation, personalized content, or strategic messaging will compensate for the inability to reach the correct decision-makers if the data is incomplete and inaccurate.
3. You rely on Inbound or Events for Lead Sources– When businesses rely on inbound marketing or events for lead generation, optimizing inbound lead forms and collecting all the information becomes a challenging task. The number of form submissions is inversely proportional to the number of data points one needs to gather, each additional field on the forms will receive fewer submissions. But one needs to equip the sales and marketing team with enough data points for them to effectively follow-up. Regardless of the source, there is limited control over the information a lead decides to share, that’s when data enrichment comes into the picture.
4. You are expanding your offering– Expansion of offerings or targeting new segments is one of the most difficult challenges for businesses. Before entering a new space, one must be certain that they have gathered all of the necessary information on the target audience. Data enrichment helps achieve a clear view of the information about the target audience and helps minimize the risks, and ensures the success of new campaigns.
What are the benefits of Sales Data Enrichment?
The entire marketing and sales funnel benefits greatly from data enrichment. It provides greater room for action, helps avoid poor targeting, boosts conversions, and much more. Below are few valuable applications of Data Enrichment that take the business to the next levels.
1. Improved lead scoring and segmentation– The more information gathered about a lead, the more precise lead scoring and segmentation will be (and subsequent conversion strategy depending on their stage in the funnel and segment). This procedure entails analysing data like location, demographics, company information, behavioural patterns, and so on, which is exactly what leads or data enrichment provide.
2. Improved personalization and targeting– Bulk campaigns are no longer effective in today’s marketing, and an individual approach has taken its place. In a highly competitive environment, it is necessary to deliver a personalized message in order to initiate a fruitful connection with the lead and actually give something of value. Precise targeting and personalization are the keys to higher open rates, click-through, and conversion rates, and data enrichment gives you all the necessary ingredients to achieve this.
3. Better nurturing– With more information on a lead’s desires and pain areas, marketing and salespeople will be able to develop an efficient lead nurturing plan for each segment, allowing them to convert faster and gain more loyal customers.
4. Customer experience– Having enriched data gives more insight into customer’s preferences, thus allowing you to create a truly captivating user and customer experience.
5. Higher sales and ROI– Sales are always the primary goal of any firm, and using enriched data/leads for marketing can result in a significant increase in sales. Everything is interconnected: more personalization comes from enriched data, and personalised outreach leads to better KPIs, sales, and ROI.
We at VAST Tec provide sales data enrichment and data cleansing services wherein we clean, standardize, and de-duplicate our client’s sales data and help them secure competitive advantage. Our experts use a variety of tools and techniques to consistently acquire and mine new data from public sources to fuel client’s sales efficiency.
Are you Data Enriched?