An Overview of Data Enrichment

Feb 9, 2022

Data enrichment refers to the combination of third-party data with an existing customer data database. Its purpose is to help businesses make decisions that are more insightful and informed.

These days, data is the lifeblood of any company, informing the business on various aspects such as customer personal details, customer preferences, and customer demographics, for example. To succeed, data must be at the core of every decision that companies make for their profitability and growth.

Today, companies have cut-throat levels of competition and need to make sure that they continue being competitive and attracting customers. As a result, managing data has become an essential part of running a business today.

Data should be managed in an appropriate way to ensure that the business achieves the desired results. Data can be used to find out more about customer preferences, for example, which will allow the business to place a higher focus on customer satisfaction.

Data Enrichment Definition – What is Enrich?

Data enrichment is a process that is typically performed on raw data that is obtained from a range of sources such as social media or website traffic.

In its raw form, the data does not have much use to the company; to be used effectively, it must be cleaned and structured first, before being merged with external data to provide additional information.

Data enrichment refers to a process of making the data useful to the company. For example, a company may analyse sales data alongside advertising data to find out more about how effective their advertising campaigns really are.

The Process of Using Data Enrichment Tools

Data enrichment isn’t a process that is done only once. In order to have the desired result, it needs to be performed on a regular basis as customers will continue to change. The data enrichment process involves a range of different steps that should be followed in order to achieve the desired results.

Company Data Enrichment Steps Involved

There are several steps that are involved in various techniques for data enrichment.

The first step is to define the needs. Most companies today have a vast amount of data available; however, it is important to note that not all of it will be useful for business purposes.

In fact, some data might be distracting and even get in the way of the company achieving its main goal. Because of this, it’s important to decide what the main purpose of the data enrichment is to find the data that is most relevant to the objective.

The next step involves analysing the data. All relevant data should first be evaluated to get a better idea of its accuracy, quality, and usefulness. Along with this, any redundant data should also be removed.

The target audience should then be segmented, which allows the company to only focus on the specific target segments since not all data is going to be relevant to all customers.

What are the Benefits of Using the Best Data Enrichment Services?

Some of the main benefits of using a data enrichment tool include:

Save Money with a Data Enrichment Platform

Businesses will often spend large sums of money to manage the large amounts of data that is available to them; however, they do not always achieve the desired results. Data enrichment services provide companies with only useful data that is relevant to their goals, allowing them to save money on storing data that does not serve any purpose.

Use Email Data Enrichment to Improve Customer Relationships

Thoroughly analysing the customer data (e.g., via customer data warehouse) allows companies to place more focus on successfully meeting customer needs and expectations. By getting to know customer demographics, behaviour, preferences and more, companies can use a range of strategies and techniques to improve the relationships with their customers.

Use Email Enrichment for Targeted Marketing Such as a List of Company CEO Email Addresses XLS

Data enrichment is a process that allows for more segmentation of data, providing more relevant information regarding the target market.

Generate More Sales with Data Enrichment Services

When a business is more focused on the particular needs and requirements of customers, they will be in a better position to meet customer needs which leads to improved customer satisfaction. As a result, this can have a positive effect on company sales, providing the business with a more competitive edge.

Use an Enrichment Tool to Remove Useless Data

Removing any data that is repetitive or unnecessary is a key part of data enrichment. Using data enrichment tools allows the business to only use data that is best suited for the purpose or goal. This allows companies to avoid wasting time on other tasks and place more focus on important aspects, which in turn boosts effectiveness and efficiency.

What is Email Enrichment?

Email enrichment refers to the same process of enhancing the customer data, allowing businesses to make more informed decisions. The data can be used to ensure that your target audience is optimised to receive the most relevant emails.

Why Enrich a Contact List?

Email enrichment allows you to get more from your email marketing campaigns by designing and sending emails that are results-oriented. You can use the data to ensure that your marketing emails are relevant to specific subscriber segments.

With studies showing that irrelevant content is something that will cause around 70% of consumers to get frustrated with your business, sending out one-size-fits-all content rather than enriching your data to send out relevant topics and information to different audience groups has become a sure way to get your marketing emails ignored.

Benefits of Using Lead Enrichment Tools and Lead Enrichment Services for Email

When you use data enrichment tools with your email marketing campaign, this allows you to send out emails that are going to be more relevant and interesting to the people who are receiving them.

And when you send relevant email messages, subscribers are more likely to engage with them.

With most of us receiving a large number of marketing messages in our email inboxes on a daily basis, it’s no surprise that most people are only going to interact with the emails that they feel are worth their time.

How Personal Data Enrichment Allows You to Enhance Data Further

When you use data enrichment to get more from the personal data that you hold on your customers to send them more targeted and relevant marketing messages, this will improve interaction, which in turn allows you to gather more data on these subscribers and enhance their data even further.

For example, subscribers who receive relevant messages in their inbox that they are interested in are more likely to share these messages with others, follow through on calls to action, and take other actions that will provide you with further data on their behaviour, preferences and more, which you can then put to use in the future to ensure that they continue receiving highly relevant messages from your business that they are likely to continue engaging with.

How to Choose an Enrich Service

Dealing with enhanced data can be quite a tedious process. Enriching an email list manually is going to take a lot of time, so the best way to optimise this task is to use a tool that provides you with a comprehensive and seamless way to enrich your email list.

However, choosing the right tool is not always an easy task. The right tool should address any issues that you have in relation to data enrichment along with providing you with the flexibility that you need to run your email campaigns without additional hassle.

There are several factors that you should look out for when choosing a data enrichment tool, including:

Data Verification:

It’s essential to be able to verify subscriber details, since this will allow you to improve your email campaign accuracy and achieve better results from your marketing campaigns. Along with this, better real-time contact data will also improve your open rates while decreasing the bounce rate.

Get Deeper Insights

Improving the quality of the data that you gather will enable you to provide your subscribers with more relevant information and offers.

A good data enrichment tool should allow you to understand as much as possible about your subscribers including their interests, social status, life events, and financial status, ultimately allowing you to target them with products or services that they are likely to be interested in at the right time.

Predictive Analysis

Predictive analysis that allows you to profile your customers and personalise messages should be an important factor of any email data enrichment tool that you use.

Most people are unlikely to respond to a message from a stranger, and customer profiling is a method that you can use to send personalised and customised messages that customers are more likely to interact with. This is because these emails are targeted and optimised to subscribers.

Statistics show that personalised messages based on customer behaviour are three times more effective than blast-style emails.

Data enrichment refers to the process of gathering and analysing more customer data in order to improve message targeting. It helps you improve your understanding of customer needs and meet these needs, which in turn boosts customer relationship quality and engagement.

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