How to Improve Quality of Data with Data Enrichment Services

Delivering a great customer experience is a key competitive advantage in today's digital economy. Customers demand seamless, relevant, and contextual interactions from every business they deal with. Data is valued as a crucial asset by companies prioritizing their customers' needs. Every connection made with a potential consumer or new client opens up fresh possibilities for business expansion. Despite the many advantages, only some businesses can obtain this difficult-to-find 360-degree image of a potential client or business partner. Relationships suffer, and opportunities are lost when possible business prospects are not fully disclosed. As raw customer and prospect information is collected through many channels and entered into various systems, its utility outside of the framework of the system in which it was collected is limited. Even then, the value of the data is further reduced if it contains missing values, erroneous data, or data presented in a non-standard format. Before data enrichment services are carried out, this raw data is often cleaned and standardized.

The process of merging internal and external information with current data to improve data accuracy and value is known as data enrichment, and services related to this are known as data enrichment services. Better company choices and consumer experiences are made possible when reliable and authoritative information is combined with existing data. For instance, insurance companies can better evaluate whether a prospect resides in a high-risk area by merging genocides and address data with other company data. A marketing department could examine where customers or prospects live to decide the most successful advertising plan. An organization can benefit from data enrichment services, including improving customer experience, increasing prospect conversion rates, and managing risk and compliance. Let's think about this in greater detail.

Personalization and segmentation: Marketers can obtain a 360-degree view of their clients by enhancing customer profiles with reliable external third-party data and their contact data records. By adding geo-coordinates to address locations, marketers may pinpoint exactly where their target audience is. This enables marketers to visualize consumer locations differently and identify the areas of clusters of their most devoted clients. Marketing professionals now have more tools at their disposal than just zip code analysis. Additionally, the client record can be supplemented with firmographic and demographic information on the nearby residents, businesses, and organizations. Marketers may more effectively target and communicate with their audience with the help of demographic data without having to worry about personally identifiable information (PII) or the rules that go along with it.

Scores for leads and higher sales: Marketers can also prioritize their leads more effectively by using lead scoring with a 360-degree picture of their clients. Combining data from the leads with first-party data and data from reliable external sources gives lead-scoring engines the complete view possible, improving performance. I've observed leads entering sales systems in the past needing to be considered and flagged as useless or incomplete due to data gaps. Salespeople start to doubt the quality of the leads as a result, and marketing experiences a decline in campaign ROI. Sales and marketing should work together to define the essential data components and data augmentations that would give a complete image of the client to address these issues. This results in more interesting interactions and improved sales productivity. Additionally, sales and marketing can immediately spot upsell and cross-sell opportunities with a 360-degree perspective of the customer.

Utilize data enrichment services to understand your consumers' preferences, brand affinities, purchasing patterns, visit patterns and areas of interest. As a result, customers will have a more enjoyable experience. COVID-19 has hastened consumers' shift to online shopping, as we have observed over the past year. According to a survey, e-commerce has grown by ten years in just three months. Consumers seek as much information as they can before making a decision when they shop online. Modern consumers are aware and will swiftly change to a different website to acquire the required information and complete their transactions. As a result, the product data must be exhaustive, consistent, and correct. Get started with data enrichment services today with CXO Level.