Enriching Data for Lead Generation and Sales Acceleration

Marketing phenomena are driven by data, and their success is directly determined by how well they can cater to the needs, desires, and goals of their potential customers. In order to be able to do so effectively, a business must research whether or not their products or services suit the needs and requirements of a potential lead; as well as how exactly they fit. To be able to do this properly is why brands choose to employ data enrichment.

Data enrichment is the process whereby the internal data acquired through first hand source such as surveys or Google Analytics is merged with third-party external data. This leads to achieving more detailed information about individual leads, which eventually can be put to better use in order to improve marketing, sales, and lead-nurturing.

There are many pros in the implementation of data enrichment in a business. To begin with, by gathering, sorting, and structuring all valuable forms of data, business leaders and managers have far more information backing their decisions, allowing them to arrive at the best possible approaches for each prospective lead. The process also allows for enhanced accuracy and inclusivity in the data, providing the best results. As the quality of the lead database is improved and it becomes more accurate, it also leads to an improvement in the efficiency of sales numbers, as well as the rate of sales conversion.

Data enrichment and lead generation are interconnected in an intricate network, as one almost undoubtedly always leads to the other. The success of a marketing campaign is directly influenced by the quality of the lead prospects’ data. In fact, the lower the quality or the worse the data, the more the conversion rates seen in marketing and sales drop. Hence, yielded results are significantly reduced. Duplicate data, incomplete data and fake data are some such forms of data which reduce the data quality and result in overall bad data. Data enrichment helps in removing these and hence helps in increasing conversions, which leads the marketing strategy resulting in a good ROI.

Data enrichment aids in segmentation, i.e., the segregation of customers or leads into a variety of categories, such as company size, industry, location, job title, etc. Improving segmentation can result in better experiences of prospects and existing consumers both by utilising targeted content specified for their needs and goals. Enrichment also makes lead nurturing more effective throughout the sales funnel. Many a times, some leads may require extra nurturing for them to convert to a confirmed customer, and data enrichment provides the business with all the necessary information required for this nurturing. It may even indicate which marketing channel is the most effective to achieve the desired effect.

The collaboration between the sales department and the marketing department of a business is also made easier through data enrichment. The sales department can provide the details about potential leads and prospective targets to the marketing department, who then use data enrichment to build detailed customer profiles through contact information and improve their efforts and the consequent results. Data enrichment can provide a business with a lot of essential data about their leads, such as basic demographic information like age, gender, education, job title, etc. It also provides them with company related information such as the size, its industry, and its overall income level. Geographical information such as locations of the leads are also important, as they may often indicate which leads are more likely to convert than others. Finally, data enrichment also informs the brand about the purchasing history of their leads, not only in the context of their preferred products but also in terms of their preferred modes of business.

Brand reputation can be greatly improved through data enrichment. Accuracy and completeness of data make a company and its brand appear more reliable, and creates a positive brand image. On the other hand, if their database is incomplete, they may lose out on potential highly interested leads. Further, duplicate emails, which the data enrichment process would help avoid, can often discourage customers, and lead them to back out of consideration.

All in all, data enrichment plays a crucial role in ensuring business success and progress in the market. As per information from Marketo, a 10% improvement in lead quality can boost a hike in sales revenues by 40%. Additionally, LeadGenius reports indicate that 1-6.5% of customer information and data becomes invalid and redundant every month due to the turnover rate. Hence, data enrichment is experiencing a wide scale implementation rate across businesses around the world.

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