What Can Data Enrichment do for your Company?
Do you value your data and see it as a great intellectual asset in your company?
You’re not alone, according to a publication in the CMR Journal i.e. The Importance of Intellectual Capital Management in the Knowledge-based Economy, “An organization’s intellectual capital is said to be a source of competitive advantage and there is evidence that business success can be partly explained by its intellectual capital”. This is true because if you are a company with even a few years experience, it is essential to log in your data as it can provide valuable analysis. So what is the need for a service like data enrichment then? The answer: data decay rate.
Data decay rate is basically the percentage of which data is lost. According to Marketing Sherpas, research shows that B2B data decays at a rate of 2.1% per month. This is an annualized rate of a stunning 22.5%! For example, if you have a 2-year-old list of five thousand prospects, which you wish to re-engage with, chances are that only half of that list is only useful. This is simply due to change, a data scientist can testify to the fact that data cannot be static. The logical thing to do is to utilize services from data enrichment expert companies that use a mix of software’s and human verification to replenish the reliability of your list for you.
If this weren’t enough, you can check the top three reasons why it would be a good idea to get your data enriched:
Facilitate your re-engagement strategy:
Getting in touch with previous clients is a great source of business, as they are familiar with your services, hence, less convincing could be needed. The second most important point about this function is that both parties will get the chance to see the change in services for e.g. Initially CloudLead didn’t provide data enrichment services, but as expertise grew, the company decided to introduce this service as well. Who knows, the updated client may decide to use more of your services this time around. Finally, referrals are often found with this strategy. You can straight up, professionally ask your customer if he/she is willing to introduce you to another potential client who may be in need of your services.
Deeper Customer Insight:
Enriching your data means that for example if you previously knew the age, location, job role and financial status of your current customer but it’s outdated information, getting your data enriched will basically upgrade your data. Now you could even know the ethnicity, first name, verified phone numbers and email addresses and more. Just think about how such information can help you achieve your business objectives. You could initiate a killer cold emailing campaign. You can check how to send cold emails that convert.
Another benefit from data enrichment is that your data is automatically cleansed, that is, the irrelevant or invalid data will be either corrected or removed. This ensures accuracy and improves your decisions based on data. According to Ray Kemper, a CMO at Televerde and Forbes writer, “Staying on top of your data quality can create a ripple effect of greater conversions, stronger customer service, and higher-performing campaigns.”
The simple takeaway from all of this is that high quality and enriched data is a huge business advantage. It is essential to stay on top of what you have; therefore investing in data enrichment is surely fruitful for a company who sees value in data as a global connector.
Contributor: Moaaz Nagori
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