We have seen how technology has changed the game for businesses. Companies are leaning more and more on data to help their businesses grow and succeed. Everyday, businesses are collecting data on users in many different aspects. However, only a portion of these businesses are using the data to its fullest capacity.
Although these businesses have access to more information, many are using dashboards and general overviews to make decisions. The businesses that have tapped into all the data that is available are growing at enormous rates. This is where data enrichment is taking businesses to new heights.
Data enrichment: What is It?
You don’t have to be a technological guru to understand what data enrichment is. It is the process of enhancing your data. Instead of general overviews and averages, you are taking a deeper dive into all the data has to offer you. When a business first collects data, it’s stored in a data warehouse. That data is then sent to customer relationship management (CRM) platforms where your business teams have access to it. The CRM platforms typically store general data about customers such as name, email, and deal sizes. The platforms will also display dashboards that give broad details of that customer or a group of customers. For example, you might see how many purchases were made in the last month. But what you don’t see is what other products a customer viewed, what their income level is, or how much time they spent on your website. This gives a deeper insight that allows your business teams to make better informed decisions based on individual customers and users.
To get more information on a user, your business teams have to go back to the data warehouse and pull that data from there. However, not just anyone can pull information from there. Only technological members who can write SQL can actually access that data for your business teams. The goal of data enrichment is to make all of that data readily available for your business teams without having to jump through hoops to get it.
Data enrichment Types
There are different types of data enrichment that can benefit your business. This data may be collected by different sources that you own such as websites, apps, and software. The data can also be collected by third parties and purchased from providers. The three types are:
Behavioral Data Enrichment: This data is used to show customer behavioral patterns. You will see how a customer behaves within your website, app, or opening emails. With this enrichment you have a deeper understanding of how your customer reacts to different products and services provided.
Demographic Data Enrichment: Demographic data will give you a deeper understanding of who your customer is. It shows things like job titles, marital status, income level, and age range. By having a better understanding of who your customer is, you can offer them the necessary products and services that work best for them. And avoid the ones that don’t.
Geographic Data Enrichment: Adding this data can help build personalized experiences for your customers based on where they live. The enriched data may include things like city, country, zip code, and time zones.
How this Helps the sales Team
Your sales team spends a lot of time working within your CRM platform and directly with customers. It’s crucial they have access to all of the data collected on customers and users. With more behavioral data, your sales team will be able to quickly spot opportunities for growth. They will also be able to see when a customer may prefer another product offered before the customer even realizes it themselves. This helps create personal customer relationships that will keep customers loyal to your business.
How this Helps the marketing Team
When your marketing team has access to demographic and geographic data, they can easily target campaigns based on who customers are and where they live. This can save companies a lot of money if they aren’t wasting advertising costs on campaigns that won’t work. Your marketing team has the most accurate data that is readily accessible to them instead of making campaigns using general dashboards and information. They will also be able to better manage product life cycles and targeted audiences.
Ins and outs of data Enrichment
General data just won’t make the cut. When businesses aren’t enriching their data, they are leaving gaps for their businesses teams. The teams are forced to fill in the blanks with the little data they have been given. Behavioral, demographic, and geographic data can help your sales and marketing teams create personalized experiences for customers and users. The more data that is accessible for your teams, the more actionable decisions they can make for the growth of the company.