While today’s marketers have plentiful access to data, ensuring the data is relevant and up-to-date is important. Customer data typically comes from a variety of sources including website forms, social media, email lists, and more.
We all come across fake lead information, every now and then. This is where data enrichment as a practice comes into play. Here are 5 use cases of data enrichment for B2B businesses.
Increased Web Form Conversions
Lead generation is a prime KPI for most marketers. From that perspective, data enrich can reduce the barriers to web conversions. For example, if you have data enrichment tools to fill in missing data, you can also reduce the number of entry fields on your web form, making it simpler for the visitors to the site. That means, you can have only the “must-have” fields on your form and the rest is taken care of by your data enrichment app.
You will qualify the leads at the top of your funnel with better data and consumer signals, and improve the lead-to-sales ratio exponentially. If you are associated with a B2B data provider with enriched data, it can help you populate the missing data from your CRM leads or existing list of prospects, which in turn can significantly boost your lead scoring.
This way, with the highest buying intent and product fit, you can prioritize and follow the leads. Data enrich also helps you get more data about your current clients, thereby allowing you to manage, upsell, and cross-sell your product.
Enhanced Customer Segmentation
This is a step that extends from lead scoring to the classification of your prospects and customers into segments according to their propensity to sell. Through updating the data from time to time, a data mining tool provides you with adequate knowledge about your opportunities and leads and, more importantly, guarantees up-to-date knowledge. The source of the leads, therefore, the enrichment app will help you segment your customers and thus tailor your communications to them.
Marketing today boils down to the relevance of conversations. We are not in the age of mass marketing anymore. Both personalization and hyper-personalization have progressed to mass customization. Enriched data, lets you customize on a large scale. Rich qualitative data about prospects and customers allows productive conversations to be formed immediately and enhance the overall customer experience.
Your interactions need to go beyond the understanding of their demographic and firmographic data. You need to be relevant to their current interests, and that is why data enrichment is the way the next big thing.
Improving Customer/Prospects Experience
Customer Experience allows all the difference between two vendors/partners for a prospect to choose from. From a data point of view, you need to be able to go beyond readily accessible data and recognize the data that really matters, in order to provide a better customer experience.
Enriched data means that you have data that is updated and complete. It means greater accuracy of the insights obtained from the updated data. Hence, the marketing campaigns, targeting, and consumer and prospect interaction get more meaningful than ever.