In today’s business world we often come across Clive Humby’s quote – ‘Data is the new oil’, it is an understatement to say that data is the core of every business decision for business leaders to foster growth and productivity of their organization. Sales, Marketing, and Customer Service is no exception from the use of data to power its day-to-day operations and ultimately improve the performance.
In our previous blogs, we extensively covered the topic of Sales Enablement. In this blog, we discuss on Data Enrichment, which plays a crucial role in today’s data-driven world of ‘sales’ and primarily determines sales enablement’s efficiency and effectiveness. To ultimately improve sales and derive insights from company data, organizations must have quick access to the data most important to them and must be confident that the data they are working with is correct and up-to-date. So let us try to understand, what is data enrichment and why it matters for the sales team and business growth.
What is Data Enrichment?
The data enrichment term has been explained by numerous publications, below are few of our favorite definitions available over the internet-
“Data enrichment or augmentation is the process of enhancing existing information by supplementing missing or incomplete data. Typically, data enrichment is achieved by using external data sources, but that is not always the case.”
“Data enrichment is defined as a type of data integration, filling in missing details to see a problem and its solution clearer. You do data enrichment by appending one or more data sets with other attributes and values from different data collections.”
“Data enrichment is the method of integrating raw data from your internal resources with data from other internal or external data sets.”
“Data enrichment refers to the process of appending or otherwise enhancing collected data with relevant context obtained from additional sources.”
Thus, enriched data is a valuable commodity as it converts raw data into more useful and informative insights for every organization. The majority of companies conduct data enrichment on their raw data so they can stay ahead of the competition and make informed decision-making. For example, most of the individuals hesitate to submit their complete details to the companies while filling an online or offline form (used for capturing leads information), either they give incorrect or partial data to the companies. This is something of a head-scratching task to get a complete view of the customer. Here is where data enrichment comes in handy for marketers.
Types of Sales Data Enrichment
Let’s say, we have the leads’ email address and name but we want to create a highly targeted personalized email campaign, we would need more details; below are some data we might require to find:
- Geographic Data
- Demographics Data
- Behavior Data
- Professional Data
Geographic Data:
Today, it is almost a necessity for every business to have a digital presence. If someone is looking for a restaurant or a car dealership or other things similar they definitely look for something near to their location so it is vital for businesses to target their audience based on the geographic location.
Geographic data enrichment involves data such as –
- City
- Country
- Time zone
- Zip Code
- Mapping insights
- Geographic boundaries
- Home address
- Office address etc.,
All these data help marketing and sales departments to target the audience from one particular region or location. It makes no sense if one is targeting a person who is far away from reaching a product or service!
Demographics data:
Demographic data enrichment involves data such as-
- Age
- Gender,
- Qualification
- Marital status
- Income level
- Credit score
- Number of family members
- Number of kids, pensioners, salary employed
- Number of vehicles
- Type of car they use etc.,
and many such granular level details. This helps the marketers or sales persons to enhance their campaigns and deliver a personalized experience to their customers. With so many options in the market customer experience is the competitive differentiator and mandate factor to focus on.
Behavioral Data and Professional data:
Behavioral data enrichment involves data such as buyer’s needs, desires, pain points, and preferred means of communication. Professional data enrichment involves data such as company size, job position, business niche, and so on.
To sum it up, these data are vital for both B2C and B2B business environments, and whatever the details one may capture or use, it will help the business process in one or the other way and help achieve the sales and marketing goals.
We at VAST Tec, provide data enrichment services wherein we clean, standardize, and de-duplicate our client’s data and help them secure a competitive advantage over their competitors in the market. 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.
Is your Sales Data Enriched?