Top 5 Benefits of Using Data Enrichment Services for Your Business

Are you seeking methods to enhance your sales procedure and achieve greater outcomes? Data enrichment is one tactic that has been increasingly popular recently. By using data enrichment, you may streamline your sales process and gain a deeper understanding of your target consumer base.

This article explains the advantages of data enrichment and how this strategy can help your sales efforts.

Why Is A B2B Data Enrichment Process Necessary?

The completeness and quality of the data are cited by 54% of firms as their largest marketing data management difficulty. The consistency of your available consumer data varies based on where it came from. This problem causes low-quality B2B data that negatively impacts the productivity of your sales staff. 

Moreover, it has a detrimental effect on tailored client interactions, which leads to decreased conversion rates or needlessly long sales cycles. 

Ensuring that the B2B data is correct, up-to-date, and pertinent is the best approach to making the most of it. Data enrichment is helpful in this situation. Your revenue team can better use the data if they have a comprehensive and accurate picture of it.

3 Strategies To Use in Sales Data Enrichment

Let’s examine these three widely used techniques to understand better how data enrichment functions: 

  1. Web Scraping

Using automated web scraping, enormous amounts of data are extracted from the internet. Data from publicly accessible websites is imported into a CRM or spreadsheet. Enhancing a B2B database with data enrichment is a scalable and economical way to improve your CRM.

The good news is that setting up web scraping no longer requires scripts or programming knowledge. Without becoming too technical, you can easily scrape data from websites using no-code scraping solutions. 

When it comes to selecting which data to extract, scraping offers total flexibility. Once established, recurring automatic workflows guarantee that your team always has access to richer data. 

However, keep in mind that only some online data that has been scraped are reliable. As a result, it must be verified before utilizing scraped data in outreach initiatives. You can use accessible tools to confirm information, such as spider monitoring systems and email verification programs. 

  1. Manual Data Analysis  

It is an additional effective way to enhance the data of leads. It entails looking for leads using search engines like Google, LinkedIn, and company websites. The information found is then manually entered into a spreadsheet or database.

With limited amounts of data, this strategy might be effective. However, working with large amounts of data that need to be enriched can take a while.

  1. Data Enrichment Tools Or Services 

A data enrichment service or tool serves three primary purposes are:

  • Gathering information from third parties over the internet
  • Data formatting and cleaning
  • Combining information from several sources

Even while these services work well, one drawback is that the information in their databases could be more comprehensive. You might not have the freedom to select particular data sources and points as you would with web scraping.

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

According to 87% of marketers, their business uses data that needs to be fully utilized. The cause is typically poor data management. However, you may reorganize disorganized and improperly formatted data in a well-organized manner via data enrichment. The procedure strongly emphasizes improving the data quality, which is critical to your company.

Once you have the necessary information, you can quickly divide leads into different groups according to the characteristics they have in common. 

These could consist of:

  • Size of the company
  • Division
  • Sector
  • Age

Make use of these categories to target audiences for your advertising efforts and to create email lists. In this manner, you can easily put up outreach initiatives that are targeted.

2. Personalized Marketing Through Data Segmentation

It is imperative to use a methodical and tailored strategy when addressing your target audience. Segmented data from data enrichment procedures can be used to create the right marketing plan for every target market. 

It enables you to develop highly focused advertisements that highlight the essential value propositions for each category. Therefore, if your email messaging is more interesting and relevant to your prospects, they are more likely to open it and reply.

3. Improved Client Profiles

To set oneself apart from the competition, you must show that you comprehend your prospects. The caliber of the information you have about them greatly contributes to your ability to fully comprehend them. You can also tailor your messages to the recipient.

Detailed information about your prospects can be obtained through data enrichment. It also assists you in developing thorough client profiles. As a result, you are able to present your target audience with a polished pitch. 

Furthermore, keeping up-to-date customer data might increase the likelihood of more positive client encounters.

Data enrichment helps increase sales conversions by ensuring that your marketing strategy only uses the highest-quality data. It consequently results in a strong ROI (Return on Investment) for your advertising initiatives.

  1. Web Forms Conversions

Increasing lead conversion rate using online forms is one of the best features of data enrichment. Long-form lead capture forms are typically filled out reluctantly by visitors.

However, data enrichment technologies present a win-win scenario for you and your website’s users. You can utilize shorter forms that just ask for the most basic details, such as an email address. 

As a result, this improves website users’ experience and contributes to higher conversion rates. 

After that, a data enrichment tool can be utilized to gather more data and create a client profile that is more accurate.

  1. Faster Reaction To Business Indications

Events that point to a change or noteworthy trend in the operational landscape that is relevant to your organization are known as signals or triggers. 

Through early detection and observation of these indicators, you can seize the chance to get ready for impending adjustments. As a result, you can get a competitive advantage.

This kind of information usually originates from many media sources, such as your company’s social media accounts, and is time-sensitive. 

  1.  A Fresh Start For Forgotten Leads

Your previous list of prospects is still potentially useful. By adding up-to-date information and insights to your previous list, you can review it using data enrichment techniques. Therefore, it can reveal fresh prospects that were previously unnoticed. It’s actually the ideal strategy for showcasing fresh opportunities.

  1. Decreased Rates of Opt-Out

Data inaccuracy results in high levels of uncertainty and unreliable outcomes.

  • campaign retraction rates
  • Rates of opt-out
  • Unsubscribes

Marketers may be blocked from using their companies or branded as spammers as a result. You would not want to take such a chance as a reliable marketer.

Data enrichment and auditing, however, can lessen the dangers associated with inaccurate data. Before campaigns are sent out, all contact information is verified. Using this strategy increases the likelihood that your messages will be seen by the right people and that the receivers will find them appealing.

  1. Savings on Expenses via Data Enrichment

According to IBM, in the USA alone, companies lose more than $3.1 trillion a year as a result of poor data quality. 

Data enrichment helps cut expenses by removing unnecessary data from storage. It extracts information that is beneficial to your organization from both internal and external data sources. 

Therefore, rather than investing money in database management, you might use it for other commercial endeavors. Your revenue will eventually be positively impacted by it.

Final Thoughts

One effective tactic to help you realize the full potential of your sales process is data enrichment. Combining internal and external sources also helps you obtain deeper insights into your target audiences, enhances outreach initiatives, and produces better outcomes. 

Why not use the advantages of data enrichment in your sales process right now to discover how it can increase your sales?

Getting in touch with a reliable data enrichment and auditing company is the best approach to accomplish this. Sterling handles all of your data-related requirements. We assist you in effectively engaging with your potential leads by providing greater data.