The secret of marketing success lies in catering to the needs, desires, and aspirations of the potential customers. Marketers often invest their time trying to understand their leads better and improve their lead conversion rate. Whether it is a case of lack of lead information or information overload, what exactly boosts a sale for a particular client is easier said than done. This is when data enrichment comes into the picture to give a clear understanding of the lead profile.
Basically, a lead means potential sales contact; it can be a person, an institution or a company. Researching how your product or service is suitable for your lead’s requirement is the sole purpose of data enrichment. Data enrichment is an analytical step taken before lead generation, i.e. when you specify a warm lead’s interest in your offerings. This helps you to get quality and accurate insights into a lead and win it effectively.
Why Data Enrichment?
- Collects, cleanses, and structures the valuable data of your business and helps the leaders, managers to make better business decisions.
- It enhances the data accuracy and inclusiveness of data entered in CRM.
- Quality and accurate lead database improve sales efficiency and sales conversion rate.
Some statistical figures validate the importance of Data Enrichment:
- According to Marketo, a 10% increase in lead quality can boost a 40% hike in sales revenue.
- 1-6.5% of customer data loses validity every month due to the turnover rate, says LeadGenius report.
Data Enrichment and Lead Generation Goes Hand-in-Hand
As a demand generation marketer, you know very well that the success of any marketing campaign depends on the quality of prospects’ data. Bad data pulls down the conversion rates for marketing and sales, which ultimately causes unfulfilled revenue expectations. It can be a challenge to find why your data is so low on quality, as poor data comes in various forms such as duplicate data, incomplete data, fake data, etc. That is where data enrichment comes into the picture. Data enrichment enables sales and marketing teams to increase their conversions and earn good ROI. Are you thinking, how? The answer is below:
There are few marketers who practice segmentation to recognize the full potential of the customer when collaborated with high-quality data. Data enrichment offers all the information marketers need to segregate the customers in various categories such as company size, industry, location, job title, etc. Improved segmentation means better experiences for leads and customers alike with targeted content according to their needs and goals.
As a demand generation marketer, one of the major parts of your job is nurturing leads throughout the sales funnel journey. There are some of the leads which need a little bit extra nurturing to get convinced of the sales. In such scenarios, data enrichment plays an important role. With finely enriched data, you will have all the information that you need to nurture the leads through varied channels, especially social media, do you know 70% of U.S. adults are much active on social media channels.
Lead scoring becomes possible when marketing and sales team take collaborative efforts, where sales teams brief marketing teams what they want as a top-rated lead and marketing teams put efforts to generate qualified leads. When the sales teams ask for qualified lead means indirectly they ask for contact information of interested prospects. That is the time when data enrichment steps in to help the marketing team.
Complete and accurate data depict that your customers have a positive sight of your company and brand. Incomplete contact information might mean leads who had asked for more information are left out; also duplicate emails can frustrate the customers and provoke them to unsubscribe your company.
Top-of-the-funnel demand generation heavily relies on the quality of the data. Data enrichment removes the bad data, filters out the useful lead insights, and triggers the sales efficiency and effectiveness.
Conclusion Datamatics’s data enrichment service improves your data quality by eliminating all the bad data, encourages conversion rates, and boosts company revenue. To know more about the service, visit our data enrichment service page.