Data has become the lifeblood of B2B companies and is used to power marketing, sales, and support. Data is at the core of every decision business leaders make to foster the growth and productivity of their organization.
To derive valid insights from company data and ultimately improve sales, organizations:
- Must have quick access to the data most important to them
- Must be confident that the data they are working with is correct and up-to-date
This is why data enrichment and data cleansing have become crucial in today’s data-driven world of sales. In this article, we will help you understand what is data enrichment, when is it important, and why it matters for your sales team and business growth.
What is Data Enrichment?
Data enrichment is the method of integrating raw data from your internal resources with data from other internal or external data sets. Enriched data is a valuable commodity as it converts raw data into more useful and informative insights for every organization. The majority of brands conduct data enrichment on their raw data so they can use it for informed decision-making.
When Do You Need Data Enrichment?
Data enrichment is vital for B2B businesses to stay ahead of the competition and make informed decisions. Here are a few situations where data enrichment is crucial.
1. You Have an Extensive Database
In theory, the larger your database the better. Afterall, the more information you have on more potential customers the more likely you will be able to close deals. However, the larger the database, the more complicated things get if your data is inaccurate or incomplete. Too much inaccurate and incomplete data begins to create a signal vs noise problem where more data actually begins to make you less effective. And even if you start off with perfect data, it’s going to deteriorate at over 30% per year. So, it’s not going to remain reliable for long.
This is where you need data enrichment to eliminate data inaccuracies and incomplete data. Data enrichment becomes essential for more effective, cleaner data processing, and more focused campaigns.
2. You Are Planning an ABM Campaign
Successful account-based marketing includes an informed, data-driven approach that targets individuals with the most critical challenges when making purchase decisions. ABM means targeting the right people, at the right companies, at the right time, and with the right content.
Without complete and accurate data, no amount of tailored content, segmentation, strategic messaging, etc. will make up for not being able to target the right decision-makers or the right companies. Data enrichment is the best way to ensure you have the most accurate, up-to-date profiles for your leads and clients.
3. You Rely on Inbound or Event Lead Sources
Every marketer knows that optimizing inbound lead forms is a delicate balancing act. The number of form submissions you receive is inversely proportional to the number of data points you need to gather. So, for every additional field you add to a form, you will receive fewer submissions. However, you need to equip your sales and marketing teams with enough data points to be able to prioritize the right accounts and contacts as well as the contact information needed to reach out to and connect with them.
Similarly, for organizations that rely heavily on events for lead generation, gathering all of the necessary information to optimize follow up is often outside of their control. Most events determine which data points they require registrants and attendees to submit and often what they require will not match what you need to be effective in your follow up.
And regardless of source, you have very little control over what information leads choose to provide. For most lead sources you have few options for preventing leads from entering personal, generic, or inaccurate information in your forms. And there’s always the legitimate accidents and mistakes they make in filling out the form.
4. You Are Expanding Your Offering
Expanding offerings or targeting new segments is one of the most challenging undertakings you can take on. Before expanding into a new space you have to be confident in your footing. By compiling complete information about your audience, you can minimize your risks and ensure the success of your new campaigns.
Why Do You Need Data Enrichment?
Data enrichment has several valuable applications. However, there are a few B2B campaign-specific problems that data enrichment can potentially address successfully.
1. Advanced Segmentation
Segmenting your audiences will generate a much higher return on your campaigns by focusing your efforts and tailoring your content and outreach. As your campaigns are more specific to groups, they can uncover new opportunities and provide tremendous potential for growth. Data enrichment will allow you to take a laser-focused approach and create accurate segmentation categories.
Let us assume that you wanted to promote marketing content to all heads of technology at education institutions with over 20,000 students for your EdTech Product. If you don’t have the data you need to identify the right education institutions as well as the heads of technology at those organizations, then you will waste a lot of time and effort reaching out to the wrong targets and will likely miss many opportunities you should have prioritized.
2. Advanced Lead Scoring
Evaluating and ranking your leads will help set clear goals for your sales and marketing team. That said, if lead scoring is ad hoc, or not done at all, the effectiveness of your lead generation campaigns will suffer. When you have little knowledge to go on, lead scoring becomes even more challenging. In-depth customer profiles can be accurately scored, however scoring incomplete profiles can be guesswork at best.
Data enrichment can move a customer profile from the “incomplete” to the “in-depth” column, allowing you to assign a meaningful and precise score to the leads. Sales and marketing teams can work together to identify the most valuable data points for lead scoring.
Customers know their data is out there. While they may have mixed feelings about seeing it used for outreach, there’s an expectation that a company that really wants their business will do their homework and make thoughtful personalized overtures. In B2B, it’s not just a matter of meeting expectations. Knowing how to gain the attention of the decision-makers you’re trying to convert, and demonstrating that you already understand their pain points and priorities, can make or break a deal.
Data enrichment helps ambitious B2B marketers and salespeople to take personalization even further by understanding other details without asking them or wasting valuable time researching the requisite details they need to be confident in their outreach.
4. Data Compliance
The application of data enrichment processes to ensure compliance with data privacy regulations is less known than the previous use cases but equally important. Laws such as CCPA and GDPR set restrictions on what types and how long consumer data can be stored as well as what can be done with it.
Data enrichment can help ensure compliance with regulations like GDPR, do-not-call lists, and any other regulatory requirements. This means not only that the data is correct and complete but also legal. Even if regulations change in the future, continuous enrichment will maintain your data’s usefulness.
SalesIntel’s Data Enrichment Feature
SalesIntel allows you to connect different data points to your current B2B data and prospecting lists.
Here are the benefits of SalesIntel’s Data Enrichment feature to name a few:
- Get Advanced-Level B2B Data: Get complete data in a few clicks from our data portal to take your prospecting to the next level.
- Increase Form Submission with Fewer Fields: Fewer form fields mean more lead form submissions. If you are relying on inbound leads, just ask for the email Id and we will help you fill the missing data.
- Append Existing & Incoming Leads: You can also enrich existing data with as little as an email address, and SalesIntel can automatically append the missing company and contact information you need to execute your sales and marketing campaigns.
So, get ready to take your B2B prospecting to the next level with data enrichment. Bring lead enrichment to your tech stack and capitalize on every opportunity by mastering the data-driven features like lead scoring, segmentation & personalization.