The demand for data enrichment has risen in recent years, with companies being tasked with providing valuable customer information. Current methods for data enrichment are often inadequate in providing the necessary information to understand the customer’s needs and wants, ultimately leading to a decline in business.
Data enrichment can also provide insights into customer behavior patterns which will help determine where efforts should be placed within the company.
What is data enrichment?
Data enrichment is a process that makes data more valuable by adding or enhancing it, usually to increase the chance of selling or monetizing this data. Data enrichment can be performed in many ways.
Data enrichment can be performed on any type of data, but it is more common with private or sensitive information. Data enrichment involves adding additional information to the original data set which potentially increases its value for marketing purposes, assisting in sales forecasts, and understanding customers better.
In many cases, data enrichment is used by companies to enhance their own internal datasets with public or open-source information that was not originally available when they collected their data.
Data enrichment may include a number of different tasks such as a name lookup, a search on social media platforms, identification of relationships between people in a list, etc.
Why is data enrichment important?
Data enrichment allows businesses to make data useful and reliable for end users. When organizations enrich their data, they are adding value to it by making it useful. Businesses also generate a greater understanding of their customers when they enrich data, allowing them to tailor products and services to their customers’ needs.
While there are numerous benefits to enriching your data, here are three of the most common benefits that businesses attain when they enrich the data they are working with daily.
Data enrichment improves data accuracy
One dataset without anyone else isn’t sufficiently incredible to fabricate a solitary perspective on a client. This is the place where information enhancement assumes a pivotal part in making crude information more valuable.
Through information enhancement, organizations add extra and missing information to their unique dataset of a client. With information improvement, organizations gather the information that is important to them.
Data enrichment aids in customer targeting
At the point when information is exact and state-of-the-art, organizations can customize promoting efforts to clients. Information enhancement empowers you to section your information if you decide to make notices and proposals more applicable to explicit clients.
By advancing your information, you close in on fostering a “brilliant client record” that your business can benefit from pushing ahead. Advanced information will probably prompt an increment in transformations for promoting efforts and deals outreach endeavors, hence expanding the likely profit from the venture for that client.
Data enrichment improves your customers’ experience
Data enrichment allows your business to stay relevant to users with advertisements that cater to their needs. When messaging is personalized to users, it not only improves your customer relations but also shows users that you care about their needs and understand them as clients.
For example, when a user enters a company email into a form, and it just so happens that someone else from that same company interacted with that form earlier, data enrichment allows you to personalize content for that user based on the information you already gathered on that company.
Three steps to enriching data at your organization
1. Establish your Data Enrichment Goal
2. Know the Data You Need
3. Data Enrichment Methods
If you are just getting started with data enrichment, then establishing your Data Enrichment goal is the first step to take.
There are many different Data Enrichment methods you can use in order to obtain the most accurate and up-to-date results for your Data Enrichment process.
Use data enrichment tools to prepare your data
This step is arguably the most important step when it comes to data enrichment. Utilizing the right tools allows you to effectively enrich your data, which leads to high-quality data in your organization. When it comes to data enrichment, there is an abundance of tools out there to aid you in enriching data from third-party providers.
Not only do data enrichment tools collect, organize and cleanse data, but they also format data in a useful form for your business. It is common for companies to use more than one tool when enriching data since each tool has its own focus in the enrichment process.
Some of the top tools for data enrichment include:
- Leadspace
- Beam Enrich
- LeadGenius
- MaxMind
- Clearbit
Data enrichment isn’t a task that is done once for your organization. It’s an ongoing process to ensure your business works with data that has value for your organization. With that said, it’s crucial to make sure data is up to date and is continuously enriched either in real-time or in your data warehouse.
Conclusion
Data enrichment is the process of adding more data to your existing dataset so you can get better insights on the information. The first step in enriching your data is to identify what additional sources and datasets might provide valuable information, and then prioritize those for inclusion.