Today’s data is more complex than ever. It contains a lot of information and hence it can often get difficult to handle it. This is why we often make this data go through several processes to make it more useful.
One such process is data enrichment. In this article, we’ll talk about data enrichment and its role in managing data.
Let’s get started.
What Is Data Enrichment?
Data enrichment can be defined as the processes used to refine, improve, or enhance raw data. It’s a general term that refers to a variety of processes. We need data enrichment because there’s too much data.
Most tools used in the process are meant to refine data and remove errors. As a result, you get data that’s more useful and reliable.
You can enrich all types of data but you will need such tools usually when you:
- Have to deal with a lot of data. This is because the more data you have, the more will be the chances of errors and mistakes. Plus, a lot of data can be difficult to handle manually, hence you will need the help of a data enrichment tool
- Are planning a campaign. This is because if you do not use reliable data to run a campaign then you will not get your desired results. Your email or cold campaign will not give you good results if you use poor data.
- Are expanding your business. You will need data to understand exactly how and where you need to expand so that your efforts can give good results. Poor data is one of the major reasons why businesses fail to hit the bull’s eye.
Benefits of Data Enrichment
Here is why it may be a good idea to consider using a data enrichment tool:
#1 Lets You Collect Valuable Data
We have already covered about the need and importance of data. You need it to make informed decisions. Plus, data needs to be in the right format for it to be shared with others including managers and shareholders.
The fact is that businesses have to deal with a lot of data and not all of it is in a digestible format, i.e: shareable. Data enrichment makes this data shareable and also improves its accuracy so that you can make important decisions.
You can use this data to collect more data by coming up with the right generation technique. In fact, businesses now using AI to collect and manage data. This has become possible thanks to having access to data.
Data tells businesses what clients want. If they do not have data, they will never be able to collect more information from clients.
#2 Improve The Accuracy of Data
Believe it or not, data decays every moment. Think about a simple contact list. About 30 percent of it will become useless in about a year due to buyers or potential clients changing contact numbers.
Hence, it is important to keep your data clean and accurate, otherwise your efforts will not produce good results. Let’s consider an emailing list. You prepare kickass emails and send them to the 1,000 people on your list but 30 percent of the emails are not valid anymore.
This means only 700 people will receive your email, hence there will be a lower rate of success and a lower return on investment. Data enrichment can solve this problem by verifying the information to ensure you have up-to-date data.
Plus, it can even correct issues such as typos and remove double entries to ensure you have reliable and correct data.
#3 Helps You Save Time
We spend a lot of time logging maintaining data. Consider CRM tools, the average user spends about 5.5 hours per week entering contacts, updating records, and logging activities into the system.
Data enrichment reduces the time and effort one will need to do the job since it allows automation. As a result, employees become more productive. They can use their time elsewhere, which benefits the company.
You will need to invest in a reliable data enrichment tool but it’s an investment worth making since it will help you save money and time in the long-run.
How is Data Enrichment Different from Data Cleansing?
Data cleansing involves detecting and removing inaccurate or corrupt data. On the other hand, data enrichment only refers to refining, improving, or enhancing raw data.
Data cleansing involves cross-checking and validating data, whereas data enrichment, by definition, does not. However, the line is getting thinner as many advanced tools offer a mix of both data enrichment and data cleansing services.
Data Enrichment Use Cases
Here’s how data enrichment is making business easier.
#1 More Useful Forms to Capture Leads
Every marketer wants to generate leads. One of the most important steps in the process is to minimize barriers to entry for visitors by shortening the process.
However, there is an opportunity cost because the more information marketers ask for, the longer it will take a visitor to fill the form. This can cause users to turn away and not fill forms, hence preventing marketers from getting access to important information.
Data enrichment tools improve the situation by helping both marketers and visitors. It tells marketers the information that they need, thus making forms shorter. As a result, marketers get access to useful information only. Plus, more people end up filling forms.
#2 Better Segmentation
No marketing campaign can be successful without proper customer segmentation.
Marketers often find it difficult to segment customers due to a lack of information. Data enrichment improves the job by providing valuable information regarding customers that businesses can use to segment them.
Segmentation can give a business an edge over competitors.
#3 Improved Lead Scoring
Your overall success rate depends largely on how you score leads and how many of them convert. The job is to develop a healthy relationship between marketing and sales teams since they need to work together to find new buyers and keep them loyal.
However, manual processes can be troublesome and very tedious. For example, if all you know about a buyer is a full name and personal email then your lead generation tool will assign a very low score to the user based on the available information.
But, if you have a data enrichment tool then you will be able to link the information that you have to more data including a professional email. This will not only improve the score but also increase your chances of finding success.
#4 Personalized Services
Customers want customized and personalized services. It makes them feel special. Back in the day, it was difficult to personalize communication. Most emails started with a typical salutation like Dear Buyer or Hello Client. However, today you can send customized emails as each appears to be directed at a specific user.
Data Enrichment Tools
There are many data enrichment tools but if you’re looking for one that’s affordable, reliable, and easy to use then consider the many products from WinPure.
All our products come with a free trial and are easy to use. Whether you’re running a small agency or a big, multinational corporation, our tools can be customized for your needs.
Contact us today to know more about how our software can help your business reach newer heights.