While data is increasingly complex and difficult to understand, it is also an invaluable source of value, and so it is important to manage it at its best. How? Today we’re talking about Data Enrichment.
But what is Data Enrichment?
Often this term is associated with the possibility of combining data from different sources, but it is much more than this.
The “enriched data” in fact represent a very valuable value for “data driven” organizations, becoming very useful information, often more in-depth, and not least lead to discover new aspects of operational flows or consumer behavior.
Customer data, once collected, is usually placed in a central database. These data are then taken, cleaned and structured, further information is added and, where necessary, linked to each other.
It is important not to confuse data enrichment with data cleanliness.
The two definitions may seem similar, but the difference is substantial: the cleanliness of the data implies the removal of inaccurate or damaged ones, while the Data Enrichment refers only to the improvement and refinement of the raw data.
How can this process amplify business, and more specifically, sales?
Let’s say that there are countless ways and applications to support the business; certainly, the one that is within the reach of many organizations is the enrichment of internal information, related to sales, with the advertising and marketing data of third parties, so as to gain a better understanding of the effectiveness of campaigns.
Many companies that have applied data enrichment in marketing and sales contexts, have obtained tangible benefits, such as:
• Faster acquisition of new contacts and leads;
• Strengthened Customer Nurturing, with more in-depth customer segmentation;
• Raised the level of personalized communications, to increase the likelihood of meaningful interactions with casual customers;
• Efficiency of internal or external sales network increased;
• Improved return on marketing investment through stronger focus.
And what could you achieve by using Data Enrichment in your organization?
If you want to know more about the topic, stay tuned to our Insights section or on our Linkedin page.
