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Regardless of the domain, every B2B business relies heavily on data to launch marketing and sales campaigns, to understand its customers better, pitch their solutions in the most suitable way. However, to achieve the above, you need to ensure that the data you have is accurate, up-to-date, and, most importantly, complete. But how can you do that? Data Enrichment.
Data enrichment helps you add more value to your existing data, making it complete and enabling you to use it to the fullest. Want to learn more about how data enrichment can help your business? Read along.
This blog talks about everything from what data enrichment is, why B2B businesses need data enrichment, and where you can find the data required for enrichment.
B2B marketers collect prospect data from a variety of sources, such as lead generation forms. These lead generation forms usually have 3-4 fields for collecting information such as email, contact number, name, etc. That’s the type of data that generally sits in most companies’ databases.
However, while you have the contact data, you cannot do much with it. For instance, you know where to send marketing emails and what name to use while addressing your prospects, but can you determine if the prospect is qualified or even relevant? Of course not. That’s when data enrichment comes into the picture.
Data enrichment is all about enhancing the existing data to make it more valuable and relevant. It involves the addition of more variables of data to already existing data so that you can understand your prospects better and launch better-targeted sales and marketing campaigns, among other benefits.
Using relevant data such as firmographics, technographic, and buyer intent, you can easily determine if your prospect is quality or relevant and act accordingly.
Pro Tip: While data enrichment generally means adding more variables, you must also focus on verifying if the data is correct and up-to-date. This will exponentially improve the benefits data enrichment brings along.
While there’s behavioral, demographic, and geographic data that you can use to enrich your customer profiles, it’s more relevant for B2C businesses. For B2B, the following datasets make more sense:
Limited data points will offer you limited insights, which aren’t enough to understand your ideal customer. And any sales & marketing efforts without understanding your target customer is like shooting an arrow in the dark.
Data enrichment gives you the missing points to help you understand your ideal customer better. With enriched data, you can segment your target customer better, create appropriate content and launch more targeted campaigns leading to better conversions.
When it comes to lead generation, not all leads are qualified; in fact, most aren’t. However, the sales and marketing teams still spend time and effort on all of them, hoping for them to convert, which rarely happens. And this is because they don’t have enough data to qualify leads.
However, data enrichment solves this problem. When you have additional data, such as buyer intent, firmographic, and technographic information, you can draw additional insights and use more variables for qualifying and prioritizing leads (as stated earlier). And when you prioritize leads, your sales and marketing teams can focus their efforts and allocate resources effectively, reducing the overall time and money spent on sales and marketing.
Everyone loves personalization, and B2B customers are not an exception. However, launching personalized sales and marketing campaigns is impossible if you have outdated or incomplete data at your disposal. However, data enrichment is there to help.
Let’s say you have accounting software. By enriching your prospect information with technographic data, you now know what software your prospect is using and if they’re talking to your competitors for better solutions. Using this data, you can contact your prospects at the right time and portray your software/product in a way that solves challenges with their existing technologies. And this way, you’d most likely end up converting.
The above is just one way you can improve personalization. You can even send out personalized content pieces via email or tele-calling to offer a personalized touch to your sales and marketing.
If you noticed, all of the above points could help you boost your ABM or account-based marketing campaigns. Account-based marketing involves identifying high-value accounts (point 1), understanding them better (point 2), and launching personalized or targeted campaigns (point 3) to convert them.
In a nutshell, data enrichment can help you achieve better results with account-based marketing, which is good enough to give you an edge over your competitors.
No matter how valuable a content piece or lead magnet is, prospects don’t like long registration forms. But that’s how you extract information from your prospects, right? But it’s better to do it in steps instead of asking for everything at once.
If you have a data enrichment strategy in place, you’d know that you can enrich the data whenever you like. All you need are some necessary details such as the company name, name of the decision-maker, work e-mail, and phone number. This way, you can keep your lead generation forms short & crisp and convert more visitors into leads instead of scaring them away.
Web scraping is a process that involves the extraction of relevant data from different websites across the Internet.
Let’s say you want data points such as what company your prospects work in, the number of employees, and clientele. Now, this kind of information is publicly available on LinkedIn. You can choose the data points, and with the help of a web scraping tool, you can extract all the information from LinkedIn.
Pro Tip: While web scraping is entirely legal, sometimes you may end up extracting confidential or personal information.
For instance, in your country, extracting personal information may not be illegal, but if you mistakenly extract the data of users from other countries (let’s say within Europe) where data regulations are strict, it could be illegal. Therefore, make sure to check the source of your web scraping tool.
This method of data extraction is exactly what it sounds like. For instance, if you’re looking for firmographic information for your prospects, you could just visit LinkedIn, search for the prospect and add all the details one by one to your database. While the process is simple enough, it’s time-consuming, especially when you have thousands of entries.
Reaching out to a data enrichment service provider is perhaps the best thing to do. It saves you time and gives you access to high-quality and valuable data. Out of numerous data enrichment service providers, you can rely on DAT-A-CCURATE.
Experts at DAT-A-CCURATE can help you cleanse your database, that’ll improve the accuracy & relevance of your data, append new data to existing customer accounts, and add new customer accounts (based on your ICP).
We focus on using firmographic data, technographic data, and buyer intent data for profiling your target customers, enabling you to adopt ABM or account-based marketing. So, if you need assistance from a reliable data enrichment partner, reach out now!
Now that you know why B2B businesses use data enrichment, it’s time to include a data enrichment strategy and experience the benefits. However, if you’re too occupied or don’t have first-hand experience with data enrichment, connect with DAT-A-CCURATE for the best results
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