Blog

05 Nov 2019

Data Enrichment: A Key To Create Quality Leads and Accelerate Revenues

The secret of marketing success lies in understanding the Nth degree of details of your customers right from their needs, aspirations, behavior, and desires. And when personalization matters, B2B marketers have to often pay more attention to these aspects to create quality demand and further improve the lead conversion rate. But this is easier said than done. That’s one reason why ‘Data Enrichment’ helps you create an accurate picture of the potential lead or the intended target audience.

A lead means potential buyers; and it can be an individual, an institution or a group of institutions who may be interested to consume your product/service. Researching how your product or service is suitable for your buyer’s requirement is the sole purpose of data enrichment. Data enrichment is an analytical step taken before lead generation, i.e. when a buyer indicates a potential interest in your offerings. This helps you gather actionable intelligence on your lead and win it.

About 6.5 % of customer data loses validity every month due to the turnover rate, says LeadGenius report.

Data Enrichment in a nutshell:

  • Collects cleanses and structures the valuable data of your business
  • Enhances the data accuracy and inclusiveness of data entered in CRM
  • Helps the leaders make better business decisions
  • Improves the quality and accuracy of the lead database that ultimately boosts the sales conversion rate

According to Marketo, a 10% increase in lead quality can boost a 40% hike in sales revenue. Let’s look at some of the reason why B2B marketers should enrich lead data.

Customer Segmentation

Customer segmentation data based on demographics, psychographics and sociographics can power your campaigns to an advanced level by creating highly personalized messages and carving a niche within for your products/services. This also boosts customer loyalty revenue per customer considering you pay high attention to buyer’s needs.

Lead Nurturing

There are some of the leads that need a little bit extra pampering to convert them into client. With enriched data, you will have all the information that you need to nurture the leads through varied channels, especially social media. Some facts from TargetMarketingMag.com.

Lead Scoring

As an integral part of lead to revenue management cycle; ranking your leads based on explicit and implicit data improves the perceive value of the lead. Lead scoring bring sales efficiency, marketing effectiveness, tighter alignment between customer engagement teams and increase in revenue contribution.

Brand Reputation

Complete and accurate data depicts 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.

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