8 Benefits of Data Enrichment You Can't Ignore

Are you seeking ways to improve your sales process and drive better results? One strategy that has gained significant traction in recent years is data enrichment. In fact, you can better understand your target customers and optimize your sales process by incorporating data enrichment.

This article discusses the data enrichment benefits and how this approach improves your sales endeavors.

Why Do You Need A B2B Data Enrichment Process?

About 54% of businesses state their biggest marketing data management challenge is data completeness and quality. In fact, your available customer data's consistency varies depending on its source. This issue leads to low-quality B2B data affecting your sales team's performance. 

Furthermore, it negatively impacts personalized customer interactions resulting in lower conversion rates or unnecessarily extended sales cycles. 

The best way to leverage the B2B data is to ensure that it is accurate, current, and relevant. This is where data enrichment comes into play. With a complete and accurate view of the data, your revenue team can use it more effectively.

How Sales Data Enrichment Works: 3 Tactics To Use

Let us understand the working process of data enrichment through these 3 high-used methods: 

1. Web Scraping

Automated web scraping involves extracting vast quantities of data from the internet. It imports publicly available web data into a spreadsheet or CRM. Using data enrichment to improve your CRM is a scalable and cost-effective method for enhancing a B2B database. 

The good news is that you no longer need programming skills or scripts to set up web scraping. In fact, with no-code scraping tools, you can easily extract data from websites without getting too much into technicality. Some good web scraping tools include Captain Data, Octoparse, Diffbot, etc. 

Scraping offers complete flexibility in choosing which data to extract. Once set up, automated workflows repeatedly ensure your team has always enriched data available. 

However, note that all scraped data from the web may not be entirely accurate. Therefore, you must validate scraped data before using it in outreach campaigns. There are tools available that you can use to verify data. For instance, email verification tools, spider monitoring systems, etc. 

2. Manual Data Research  

It is another good option for enriching leads' data. It involves searching for leads on platforms such as company websites, Google, or LinkedIn – and then manually adding the gathered information to a spreadsheet or database.

This approach may work for small amounts of data. However, it can be time-consuming when dealing with massive data that require enrichment.

3. Data Enrichment Services Or Tools 

• Collecting third-party data from the internet
• Cleaning and formatting the data
• Consolidating data from multiple sources

Some of the best-performing data enrichment tools available include Clearbit, Dropcontact, and Zoominfo.

While these services are effective, one disadvantage is that you get limited information from the data available in their databases. Unlike web scraping, you may not have the same flexibility to choose specific data sources and data points.

In my experience, web scraping is the ideal method to get the best data enrichment benefits. 

8 Sales Data Enrichment Benefits for Your Business

Let us explore the valuable benefits of data enrichment for your business growth: 

1. Segmented And Structured Data

87% of marketers believe that their company underutilizes available data. Generally, the reason is data mismanagement. However, data enrichment lets you restructure disordered and poorly formatted data into a well-organized format. The process emphasizes enhancing the data quality that is paramount for your business.

After acquiring the required data, you can easily categorize leads into distinct segments based on their common attributes. These may include:

• Company size
• Department
• Industry
• Seniority

Utilize these segments to form email lists and target audiences for advertising campaigns. This way, you can set up targeted outreach campaigns with ease.

2. More Tailored Outreach With Data Segmentation

A well-structured and customized approach is necessary when targeting your audience. You can use segmented data obtained from data enrichment processes to develop the appropriate marketing strategy for each target group. 

It allows you to create highly targeted campaigns for every segment, emphasizing the key value propositions. Consequently, your prospects are more inclined to open and respond to your emails if the messaging is more relevant and meaningful to them.

3. Richer Customer Profiles

Demonstrating that you understand your prospects is vital to differentiate yourself from your competition. The quality of the data you possess about them significantly enables you to understand them truly. Further, you can personalize your messages accordingly.

Data enrichment provides detailed information about your prospects. Plus, it helps you create comprehensive customer profiles. As such, you can deliver a well-prepared pitch to your target customers. 

Moreover, maintaining current customer information can enhance the chances of better client interactions.

By incorporating only the best-quality data into your marketing campaign, data enrichment can boost sales conversions. Hence, it leads to a high ROI (Return on Investment) for your marketing campaigns.

4. More Web Form Conversions

One of the best benefits of data enrichment is that you can visibly increase lead conversion rate through web forms. Generally, visitors are reluctant to fill out lengthy lead capture forms.

But, data enrichment tools offer a beneficial solution for both you and your site visitors. You can use shorter forms requiring only essential information, such as an email address. 

Consequently, this fosters a superior user experience for website visitors and aids to boosted conversions. 

A data enrichment tool can then be used to acquire additional information and build a more accurate customer persona.

5. Quicker Response To Business Signals

Signals or triggers in the business world are events that indicate a shift or significant trend in your relevant operational landscape. 

By promptly monitoring and identifying these signals, you can take advantage of the opportunity to prepare for upcoming changes. Hence, you can establish a competitive edge.

This type of information is typically time-sensitive and comes through different media outlets, including your company's social media profiles. 

One example of a business signal can be a new competitor entering the market. It signifies a potential threat to you and other existing businesses. Thus, you'll be prompted to take proactive measures to strengthen your competitive position.

Data enrichment extracts such signals directly from the internet and incorporates them into your contact database.

6. A New Lease On Life To Lost Leads

Your old prospect list still holds potential value. 

Using data enrichment methods, you can review your old list by supplementing it with current data and insights. As a result, it can unveil new opportunities that were previously overlooked. In fact, it's the perfect approach to highlight new possibilities.

7. Reduced Opt-Out Rates

• Campaign bounce rates
• Opt-out rates
• Unsubscribes

It can label marketers as spammers or get their companies blacklisted. As a trustworthy marketer, you would not want to take such a chance.

However, using data enrichment and audit can mitigate the risks of bad data. 

How? 

It validates all contact information before sending out campaigns. This approach enhances the chances that your campaigns will reach their intended prospects and be well-received by recipients.

8. Cost Savings Through Data Enrichment

IBM states that businesses lose over $3.1 trillion annually due to poor data quality in the USA alone. 

Data enrichment can help reduce costs by eliminating the storage of irrelevant data. It combines internal and external data sources to extract useful information for your business. 

Thus, you can invest funds in other business activities instead of spending funds on managing databases. It will eventually positively impact your revenue.

Conclusion

Data enrichment is a valuable strategy that can help you unlock the full potential of your sales process. Furthermore, combined internal and external sources give you in-depth insights about target groups, improve outreach efforts, and help bring better results. 

Why not leverage data enrichment benefits in your sales process today and see how it can enhance your revenue?

The best way to do this is by partnering with a trusted data enrichment and auditing agency. We at Revnew take care of all your data-related needs. With richer data, we help you effectively engage with your potential leads.