Enriched Data: Adding Depth and Accuracy to Customer Insights
Turn existing data sets into business gold with an invaluable process called data enrichment.
We live in a world in which customer data reigns supreme. However, we also live in a world where data is constantly piling in to businesses from various platforms and systems. Many professionals have access to random pieces of information in multiple places about both their potential and existing customers. One can imagine the headache this creates when it comes to launching marketing campaigns or knowing the needs of their ideal customers. This is where having enriched data is important, which can only be possible through data enrichment processes.
What is enriched data?
Data enrichment is the process of taking data that is incomplete or has missing elements and enhancing the data using internal or external data sources. The result of this process is enriched data.
Data enrichment updates all the random information and mostly unusable data businesses have, transforming it into an impactful asset for their business operations. For example, enriched data can be integrated into a business’s CRM (Customer Relationship Management) system or Customer Data Platform (CDP). Types of data that can be enriched include CRM information, cold lead lists, email newsletter subscriber lists, form fill information from website visitors, former customer lists, point-of-sale data points, and social media subscribers or followers.
Why is data enrichment important?
With the depreciation of third party cookies, it’s more important than ever for marketers to have their own data assets. However, owned data sets are only as good as their quality. So, the process of data enrichment adds value to raw data that companies already have, increasing its quality, accuracy, completeness, and relevance.
Having enriched data means businesses and organizations can lead a better business, from the marketing arm to the sales team, and every department in between. Let’s look at the many benefits of having enriched data and how important it is to achieving business goals.
Enriched Data is Higher Quality
Often, data exported from various platforms can be missing information, inaccurate, or not currently up to date. Data enrichment fills in missing information, corrects inaccuracies, and updates data with recent details. This allows businesses to make decisions based off a clear, correct image of who their customers are, as well as their customers’ various attributes.
For example, imagine a business that has a customer list that is a couple of years old. Chances are that many of the customers on this list have changed their basic contact information like their mailing address or email. Or, they may have gone through big life changes like having children or buying a home. By enriching the business' on-hand customer data, the business is more likely to have correct information about their past clients.
Understanding the Customer
Having enriched data means businesses can truly understand their customers and their attributes, behaviors, demographics, and preferences. Enriched customer data gives more insight into customers, allowing businesses to create targeted, personalized marketing campaigns based off these insights. Overall, this leads to a higher level of customer satisfaction and brand loyalty.
Informed Business Decisions
Leaders who have enriched data can make more informed decisions across various aspects of their businesses. Enriched data sets offer the most accurate view of a business’s customer data, meaning they can better understand their ideal customer. They can conduct market research and make strategic decisions based on relevant and up to date information. It takes the guesswork out of important decision-making.
Stronger Sales & Marketing Efforts
By having enriched data, teams across an organization can thrive. This is because enriched data allows for precision in campaigns, whether they’re for the marketing department or the sales team. Department leaders can identify customer preferences, demographics, purchase behaviors, and more. These insights allow them to segment their audiences into groups and deliver marketing and sales strategies that are poised for success.
Ability to Integrate Data
There are countless places where businesses can integrate data, from CRM systems, marketing automation platforms, and email marketing software to e-commerce platforms, customer support systems, data warehouses, social media platforms, and many more. However, integrating old data sets into these platforms just doesn’t cut it. That is because enriched data is typically better suited for integration with other existing datasets and systems. Combining various data sources can give a more comprehensive picture of the information, allowing for the best possible analysis and comprehension of the findings within the data.
Stay Ahead of the Competition
In business, it's not survival of the fittest; it's survival of the smartest. To stand out and stand ahead of the competition, enriched data can be a key survival tool that even the savviest professional will want to have on hand.
Industries like technology, e-commerce, automotive, and banking are all highly competitive in nature. That’s why it’s more important than ever to have enriched data to keep a competitive edge over the competition. The edge is having a clear understanding of the market, ideal customers, and business operations. It allows businesses to stay savvy in their day-to-day operations, from marketing to sales. This will allow them to better predict trends, find opportunities, and respond fast and effectively to potential changes in the market.
Staying Compliant
In some instances, having up-to-date and accurate data sets is a requirement of a business or organization. Data enrichment allows these organizations to stay in regulatory compliance by ensuring their existing datasets are up to par with regulations and standards.
Now that we understand the advantages of data enrichment, let’s dive into tools that can help businesses of every size ensure their data sets are the most correct, up to date, and useful.
The Path to Enriched Data
It’s clear that data enrichment is an invaluable process that allows companies to turn their existing data assets into business gold. Data enrichment empowers companies to reveal surprising customer cohorts that were previously unrecognized, and there are a variety of other ways businesses can use enriched data. Let’s identify one tool that will allow businesses to enrich their data with ease.
VisitIQ™ offers a solution called EnrichID™ that allows businesses can use internal data resources to improve business efforts. Here are some examples of how businesses can enrich data:
- Businesses can convert any data source that has an email address into an audience for analysis or marketing.
- Businesses can convert their disparate data sets into usable audiences with the right details to drive smarter decision-making.
- Business can match their existing customer within VisitIQ’s Identity Graph. They can then develop an exact consumer profile, avoid guesswork, and gain insight into customer segments that convert to buyers and produce revenue.
Overall, EnrichID™ allows businesses and organizations to transform disparate data sets into actionable audiences. This tool is available now inside the VisitIQ™ Audience Management Platform. To learn more about VisitIQ™, EnrichID™, and the other data-driven Solutions that VisitIQ offers, request a demo today with our team of experts.
