With the rising importance of data, the number of B2B companies focusing on database management and sanitation is growing. There is an industry-wide move to data-driven thought and decision-making which requires database improvement. This has led to a proliferation of techniques such as data authentication and database cleaning.
Data can be enhanced manually or at a fixed rate with the assistance of automation software. Although manual enrichment can initially save the company from additional spending, a proper data enrichment tool can save you time and effort in the long run.
So, why is it worth investing in data enrichment?
Database Investment Benefits
An error-free, complete, and clean database is a blessing for sales reps. Data enriched with crucial firmographic and technographic information paves the way for more conversions and a higher ROI.
The benefits of data enrichment are not limited to the sales department. They extend across marketing and customer success departments too.
Here are some of the activities where data enrichment can help you drive the revenue:
- Account-based targeting campaigns where you can build the ideal list of accounts
- Focused segmentation by refining contact lists
Building on data to gain insight into what motivates decision-makers
- Development of tailored marketing campaigns
- Improved client servicing to improve acquisition and to raise customer retention rates
- Time saved by no longer needing manual data corrections
Enriched CRM data enables your sales team to use additional insights to create the right messaging and address the prospect’s need through data-driven intuition.
How Data Enrichment Helps Sales Team
Key data enrichment benefits for the sales team include better targeting and segmentation, effective lead nurturing, higher conversion rates, cost-saving, and increased sales opportunities.
Let’s dig in deeper to understand how data enrichment helps sales reps achieve more sales productivity.
A penny saved is a penny earned, and enriched data helps you do exactly that.
You can get all the data from your leads and customers. However, clients or leads often don’t provide all the data at once.
Let’s consider two cases.
Suppose you have asked for all the necessary information in your lead generation form. You will actually lose out on data because more leads will bounce off the form or only partially fill it out.
Now consider, you have kept a few fields in your lead generation form and decided to collect the remaining information step-by-step on call or through email. You’ll see more leads come through, but you’ll lack the info needed for prioritization and personalization.
Both the cases lead to data loss, and you need to invest more time from your sales conversations for collecting the remaining data. Also, manually collecting data often leads to errors, and we have already explained how bad data costs more to the B2B companies.
Adding a data enrichment tool to your tech stack will help you discard unnecessary data and retain the most relevant data in greater detail.
It helps you focus on the right prospects that have a better impact on your bottom-line.
Enhanced Customer Experience
The specific level of detail from data enrichments helps you develop a deeper understanding of your clients, so you can personalize the prospect’s experience.
Improved consumer service can be accomplished by giving your team the full of your leads and clients. Customers give greater priority to companies that take care of their dynamic needs and desires.
The client wants to make a transaction with someone that knows their business and tailors the solution to their needs. No one likes hearing the same pitch or service as everyone else. Data enrichment tool allows you to offer a better customer experience.
Improve Effective Targeting
What if you are wasting money on untargeted, cold outreach strategies? Are you producing and sharing irrelevant content? Are prospects not noticing your emails? Have you seen clicks drop on your campaigns?
Even if your team is doing everything right, you can have the painful experience of watching your sales team putting in their hours chasing low-quality prospects and leads. It only gets worse when they are working on incomplete or outdated data.
Imagine a situation where you are targeting a company that you think could be a good account for your product. You call, luckily get the decision-maker, and start the discussion.
However, after a long discussion, you come to realize that they don’t fit your ideal customer profile criteria. Or you are speaking to the executive, but you are under-prepared as you don’t have enough data about the company to engage them. Having bad data could easily lead to an awkward discussion with your prospects and a waste of time.
The right way to turn your sales revenue around is to get insights into your audience before you reach out. Data enrichment will help you achieve this. If you have the data, you can plan how you should structure the call, what should be the next action, and how you can speed up the sales process.
To efficiently reach prospects, sales needs to concentrate on data enrichment. It will help you get a better view of your audience and more accurately target them. The more you know about your audience the more you can win their confidence and loyalty.
Discard Redundant Data
Customer data is constantly being collected, but can you be certain that all engagements with your customers are centralized in one record?
Imagine this scenario:
2 sales reps contacted David Bloggs independently. Both add David Bloggs in the CRM.
An account executive then contacts him for the demo and discuss further.
Now, where should he add the new details or notes for David Bloggs? He picks one contact out of the two and goes on with his day.
A second account executive sees the David Bloggs contact without notes and reaches out. David is now confused about why he’s having to repeat himself to the same company.
All this confusion makes it difficult for the team to work successfully with clients. If David Bloggs’ contact is duplicated in the CRM then he’s likely not the only one. How many conversations are going wrong because of misinformation?
Your CRM is supposed to help you analyze clients and prospect data faster, but now you have to question all the knowledge in the database. CRM trust is weakened and efficiency is slowed. Everything has to be double-checked. Or worse, sales reps start keeping individual silos of data and spreadsheets outside of your CRM. You start to lose all the ROI you gained from originally investing in it.
Redundant data occurs in any company. Data enrichment tools not only avoid the problem but also clean and integrate data to solve any past issues.
Data Enrichment is a valuable tool for adding more value to the sales team without bothering your prospects. You gain higher completion rates for forms and the ability to quickly find contact data for leads.
You get accurate data that includes:
1. CRM Enrichment: Enhance the data carried on connections and accounts by importing data from various sources to your CRM system. This gives you real-time details without having to look for it yourself. And, no more duplicates.
2. Technographics: Get a full understanding of your target’s software stack by adding technological details to your CRM. Know ahead of time if a competitor is being used or if they’re using software that integrates with yours.
3. Buying Signals: The habits and actions of prospects are some of the best data points to act on. Bring news-driven, social media, and content-driven events to your CRM system so that your reps can respond.
4. Firmographics: Get a perfect overview of the firmographic details of your target account. Geographics, business, and company size fields will all be filled with data.
Laws, such as the GDPR of the European Union and the CCPA, have imposed limits on what customer data can be processed and for how long. If you do not have programs in place to scan your files and line up your records, your only option is to delete potentially valuable info.
The data enrichment process can be optimized for compliance with GDPR, do-not-call lists, and all other regulatory requirements. This ensures that the data is not only accurate and complete but also valid. Even if the laws change in the future, continuous enrichment guarantees the compliance of the results.
How to Enrich Your Data and Drive Revenue with SalesIntel
SalesIntel’s Data Enrichment allows you to:
1. Get Advanced-Level B2B Info: Get full data from our data portal in a few clicks to immediately be able to start a conversation with a prospect.
2. Increase Form Submission with Fewer Fields: Fewer form fields mean more lead form submissions. If you’re depending on inbound leads, just ask for an email on the form, and we’ll help you fill in the rest.
3. Append Current & Incoming Leads: You can enrich existing leads. SalesIntel has 10 years of historical match rate data as well as matching against a contact’s job history. It automatically incorporates additional business and contact details you need for your sales and marketing strategies.
So, get ready to up your sales game to the next stage with data enrichment. Prepare to capitalize on the best opportunities by mastering data-driven features such as lead score, segmentation & customization.