Data enrichment is more than just the latest buzzword in the field of B2B sales data. Data cleansing and enrichment are changing the ways companies generate leads, contact leads, and finalize sales. To learn more about the difference between data cleansing and data enrichment, read our blog on the topic. By enriching their data, companies find ways to be more efficient and support their customers more effectively.
But you’re a bit skeptical. Perhaps you are wondering whether data enrichment would be worth the investment. Or perhaps you feel like data enrichment is a good idea for other companies but isn’t the right choice for you. That skepticism is healthy, and we at SalesIntel are here to help field those questions and help you decide if data enrichment is right for you.
Two Reasons Data Enrichment is for Everyone
One of the biggest concerns that we hear from companies who are considering data enrichment is “I think that my company may be too small for data enrichment to be useful.” Smaller companies have to be careful with their finances and avoid spending too much on superfluous services. However, many small companies are realizing that data enrichment is not only affordable but can save them money. Here are two reasons we believe that data enrichment is a good choice for a company of any size.
Data Enrichment Saves Your Company Money
Although data enrichment can be a reasonably large initial investment, ultimately, it is a fantastic way to save your company money. Dirty data, data that your company has not been able to keep current, can cost your company far more money than data enrichment services. In one Forbes article, an expert determined that dirty data costs companies over $9.7 billion per year.
Not only does this hurt your company’s bottom line, but bad data can also destroy employee productivity. One study found that sales employees who were working with bad data wasted up to 27% of their working hours trying to remediate bad data and find correct customer information. That’s over 500 working hours per employee per year that your company has to pay for. Although a data enrichment service can seem like a daunting financial investment, it can actually save your company a lot of money in the long run.
Your Company Does Not Have to be Big to Use Data Enrichment
Recently, a study found that the majority of companies with at least eleven employees use customer relationship management (CRM) software. This software can be quite helpful in terms of managing prospect data, but it can also hinder your company if it is not used in conjunction with a data cleansing and data enrichment program. This is because your CRM will retain dirty data, which your sales team has to ultimately sift through.
However, if you pair your CRM software with a data cleansing service or data enrichment technology, your company will increase sales productivity rapidly. If your company is large enough to use CRM software, it is large enough to need data enrichment. If you’re worried about how your small company can afford data enrichment, don’t worry. You can.
Data Enrichment Improves Customer Experience and Improves Retention
Perhaps your bottom line is not the only concern for your company. An equally important concern for many businesses today is customer service, customer experience, and customer retention. Data enrichment can go a long way in helping companies improve their customer experience. Here is how companies can use data enrichment to improve customer satisfaction, and as a result, customer retention.
Data Enrichment Allows You to Keep your Customer Data Updated
One of the biggest challenges for client success teams is keeping their CRM data up to date for their client success campaigns and outreach programs.
While companies always strive to enable sales and marketing teams to maintain and continuously update their sales database, customer databases don’t always get the same attention. And so often, if the contact person at a client organization leaves or there are changes to their contact information such as email, phone, title, and so on, customer contact data becomes obsolete.
This is a common occurrence where the client organization is large and there are several key contacts or stakeholders at the same customer account such as a product manager, a technical manager, an engineering manager, and so on. This is where enrichment prevents data decay and obsolescence and potentially improves client retention rates significantly.
An up-to-date customer database allows client success managers to engage with the right contact person at the client organization at all times, improving the client’s experience and improving renewals rates.
Four Ways Data Enrichment Helps Your Sales Team Thrive
Not only can data enrichment make your customers happier, but it can also make your sales team happier. A happy sales team is a productive sales team, so making this investment in the wellbeing of your sales team can increase company profits in surprising ways. Here are just a few ways that data enrichment can make the sales team happier and more satisfied.
1. Data Enrichment Goes Beyond Data Cleansing
Many software companies offer data cleansing services, where bad data points are removed. Although this is a great start, it can be frustrating for the sales team to watch their hard-earned sales data disappear into thin air. Services that perform data enrichment along with data cleansing take the process a step further. They replace the bad data they remove with accurate good data. This can significantly improve employee morale.
2. Constant Database Upkeep is Better Than Infrequent Purging
For sales teams who do not use a data cleaning service or a data enrichment service, sales, marketing and operations professionals find themselves dreading the times when they have to purge their database of bad data. It can be quite a chore, and data is going stale faster than ever these days. A data enrichment service will automatically do this job in the background, taking this job off of the sales team plate and freeing them up for more important work.
3. Data Enrichment Allows You to Score Your Leads Accurately
But even with the best data enrichment, there will always be leads that have incomplete data. Some companies are just unwilling to provide all of the information your sales team needs. Fortunately, in this situation, data enrichment services will score incomplete lead data lower and suggest that your sales team focuses on leads with more complete data. This means that when your sales team starts making calls, they already know that they are calling the businesses that they have the most data for.
4. Data Enrichment Fills in the Gaps Of Event-Generated Leads
Many companies rely on events to generate sales data. This is a great strategy, but there is generally one small issue. Companies cannot control what registration information event planners ask for in an event. Often, opt-in lists don’t even have key information like phone numbers. After an event, completing the data for leads generated from the event can be an onerous task for your sales team. Fortunately, data enrichment services can help complete this data as soon as your company has input it into your CRM.
How SalesIntel Can Help Your Company With Data Enrichment
There are many ways that data enrichment can help your company improve its customer satisfaction, sales team satisfaction, and profits. But how do you choose the right data enrichment service?
There are many ways that you can make this decision, but the most important decision is deciding to use data enrichment in the first place. Every data enrichment service offers slightly different tools, so we will give an example of some of the tools that your company might be interested in by telling you the tools and services that we at SalesIntel offer with our data enrichment services.
SalesIntel Provides Constant Data Enrichment
SalesIntel’s Enrichment allows your teams to set up 100% customized, auto enrichment updates in your CRM and marketing automation platform. This allows our users to set specific criteria for what contact fields they want to keep up to date and control the update frequency.
For example, if the majority of your contact records do not have mobile numbers then it is significantly more difficult to reach decision-makers in the work-from-home environment. With Enrichment, you can create triggers that will automatically enrich a contact’s mobile phone number as it enters your database. Similarly, users can set up a one-time enrichment to enrich all mobile numbers for all the contacts in their database or set it to auto enrich every week, month, or however frequent you’d like it to run.
SalesIntel Provides High Customer Service
SalesIntel provides services that are personalized to the specific needs of your company. We always prioritize your needs by offering fantastic customer service and support. We’ll personally set up your data verification services and make sure you always have what you need.
SalesIntel’s Data is Human Verified
What exactly does it mean to have human-verified data? Many data enrichment services are completely automated, meaning that your sales team is the first pair of human eyes that checks the data for accuracy. SalesIntel has a team of people who verify the data for you and ensure that the data is at least 95% accurate.
SalesIntel Works Within Your Company’s CRM
Finally, your company probably already has CRM software that they know and trust. We don’t want you to have to give that up to use SalesIntel’s services, Fortunately, you don’t have to. Our data enrichment services work within your company’s CRM system, making it easy for your sales team to adjust to the change.
No matter the size of your company, data enrichment can improve your profits, customer satisfaction, and employee satisfaction. It may seem like a big change, but it is an investment in the future of your company.
Get access to over 6.2 million human-verified B2B contacts and make the most of your data using features like buyer intent signals, data enrichment, search filters, and more. Start a free trial if you want to double-check our data’s accuracy.