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What is Customer Data Enrichment? Does it provide any real benefits to the customers and the company? If yes, then how do we derive them? Unlock your answers here.
To know more about your potential customers, you need to keep your hands on the right kind of customer data. It will not only draw in sales but also set the tone for customer experience which will help you to stand out from your competition. To get the quality information of your customers for your company, you can safely rely on customer data enrichment to do the needful. Here, in this blog, we will delve into the definition of customer data enrichment and how it benefits a company. Let us get started.
It is a process that consumes smaller chunks of data points and clubs them into a larger database. To begin with, they combine first-party information from internal and external sources. This data can then divulge substantial information about the customer. They can be incredibly helpful in better targeting your audience and in analyzing valuable insights. Further, by leveraging customer data enrichment, companies can make informed decisions, expand their audience base, and personalize their experiences for revamped customer experiences. Let us now look at some of the other benefits via a magnifying lens.
There are several benefits that customer data enrichment can provide to a company. Here, we enlist top six of them. Let us see them in detail.
There is nothing better than targeting customers with a personalized experience that makes them feel special. But then again, it does come at a cost. To deliver individualized experiences to each of the customers in your client base, you need to have a complete picture of their needs and interests. On that note, acquiring first-party data will only help to show how the customer’s behavior when interacting directly with a company. However, taking the help of both second and third party data will allow the companies to get a panoramic view of the customers. Once, you are through this, you should have a better picture of their demands and tailor your offerings accordingly.
The process of data enrichment processes has been designed to keep up with your organization’s compliance, especially with regulations related to the privacy and security aspect. If you do not have a set mechanism that keeps their private information in check, you might just land in a world of trouble. Therefore, make it a point to establish some ground rules and scrub your databases time and again, when the need arises. Ensure that while you safely store their precious data, you keep your database absolutely compliant too.
A customer will more likely consider a purchase when he or she feels more connected to your brand. With data enrichment, you stand a chance to facilitate this understanding of customers and render them with a more personalized customer experience. Enriched data lets you tailor your offerings to the sheer needs of your customers. That data will also help you to set your pricing bar and pull in efforts that are more appealing to your target audience. As per a Forbes survey, 40% of business executives reported that customer personalization had a direct positive impact on their sales. And 74% of them reported to buy from a company based on their experience alone. Plus, 77% state that CX is as important as the quality.
The best part about data enrichment tools is that they help in reducing the inaccuracies and redundancy by automatically analyzing data and fixing errors while handling the customer’s profiles. When you have data that is no longer worth your time, you result in higher customer dissatisfaction rates and stand a greater risk of cyberattacks. Hence, make it a point to deploy the right tools and enhance the quality of the organization’s data. Stay updated and accurate at all times.
The protocols of data enrichment aid in managing the existing data and sees that you are not wasting your precious time and resources on the data that is not useful to your business. It saves the costs and savings by lessening the penalties found due to data noncompliance. And, it enhances sales by optimizing the profits by deploying effective marketing and customer success management. Further, it can help in tracing the upselling and cross-selling opportunities as well. Overall, in a nutshell, this gives rise to meaningful customer relationships that are healthy and which will stick around for more time.
The higher is the amount of data you have, the greater are the chances of even customer segmentation. Segmenting your customers can fetch you a higher return on investment. Moreover, this can get you a massive potential for growth. And, who knows – there could be many new marketing opportunities at your doorstep. The biggest attribute of enriched data is that it can vastly widen the range of the customers and segmented categories you have to work with. With the higher volume of data, you can reveal newer patterns and market product opportunities that might have been invisible before this.
Customer data is changing with their evolving needs and demands. Without a doubt, data is the fuel that drives the B2B customer journey. However, the first-party data alone isn’t enough to offer the insights you’ll need to stand out from the competition. This is where the third-party cookies are helpful in collecting customer data for marketing purposes which are then used to deliver personalized experiences to the customers.13
Without the help of these third-party tools, you might have to look for partners that have data enrichment solutions. The chief benefit provided by data enrichment is the enhanced value and precision of a company’s customer understanding or outlook. Companies require high-quality data to make crucial business choices and extract relevant conclusions.
Highly accomplished, motivated, and adaptable sales and operations professional with a track record of successful leadership. Known for an empathetic and consultative approach that consistently exceeds growth and revenue goals.
Published May 05, 2021, Updated June 07, 2023
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