Data Enrichment Services: Here’s what you need to Know

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Data Enrichment Services Heres what you need to
Know
By Anupam Rajey
What is your go-to source for information when it
comes to planning business expansion, analyzing
sales effectiveness or to get more insight into
customer satisfaction and retention?
Data.
It is what forms the basis for formulating
marketing strategies, sales customer service
strategies etc. It is what powers the growth of
your
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organization in todays digital age. In order for
businesses to grow they need to
use data, glean information from it and make it
actionable.
Therefore to ensure that effective business plans
and strategies are made, businesses go to great
lengths to ensure that the data is accurate,
complete and up-to-date.
Many businesses depend on their marketing and
business development teams to manually update the
database, remove old data and correct incomplete
data however this may not be feasible in the long
run.
In todays rapidly changing times, teams may have
a hard time keeping up with the data decay rate.
Considering the diversity in communication channel
s, customer data like phone number, addresses,
emails etc may change rapidly and it may
difficult to keep a track of every little detail
manually.
So how do you do this?
Enter Data Enrichment Services to help you offset
the burden and reduce the cost of data
management, reduce human errors and increase data
accuracy for your business.
What is Data Enrichment?
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Data Enrichment refers to set of processes to
enhance refine and improve raw data so as to
convert it into a valuable asset for the business.
This includes correcting errors, adding more
information to data tables, converting data into
formats like graphs, charts, tables, etc which
can easily be shared amongst key stakeholders and
extrapolating data to produce more value from
existing data set etc.
Importance of Data Enrichment
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In short data enrichment ensures you are able to
benefit from the data you have. It is what
transforms data into intelligence.
That being said, data enrichment is a complex
task and isnt something which can be done
manually. Wellyou can of course correct, delete
and update data manually as a part of data
enrichment but even then you are prone to errors.
Fortunately this can be made easy with the help
of data enrichment tools and platforms which
serve to help you manage your data effectively
and promote growth and development for the
organization as a whole.
Alternately you can also partner with companies
offering professional data enrichment services in
exchange for a fee so you can be assured that
your data management is being handled by experts.
Software/Tools for Data Enrichment
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Openprise A complete automation tool for data
management, it includes data onboarding, data
cleansing, data enrichment, data unification etc.
Its a one-stop shop for all your data
orchestration needs. Pricing starts at USD 2500
per month and is available with 14 days free
trial.
InsideView Its a full service platform for
marketing, sales and data management needs of an
organization. The data management services
include data cleansing, lead enrichment by
encouraging use of shorter forms and customer
data validation.
Introhive Introhive is an advanced Enterprise
Relationship Management that works to enhance
business growth and improve your relationships
that exist across your business ecosystem.
Clearbit Clearbit is a data enrichment tool
that works excellently for data enrichment for
sales leads. It helps identify your potential
customers, understand them and as a result
personalize every marketing/advertising initiative
. It enables you to find out more information
about a person/company by simply using the email
address.
Benefits of Data Enrichment
It can be said without doubt that data enrichment
is instrumental in organizational growth and
success. Following are some of the benefits of
data enrichment that companies can enjoy-
More Accurate and Clean Data The process of
data enrichment not just adds additional/missing
data to the database but also cleans/deletes
duplicate or old data resulting in a database
that is more clean, accurate and up to
date. Current and up to date can then easily be
converted into the desired format and distributed
to authorities and stakeholders for
decision-making etc. With an accurate and
complete data set, you can plan more effective
campaigns, strategies and decisions.
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Targeted Marketing Campaigns If you want your
marketing campaigns to do well and yield more
results, you have to have personalized and
targeted campaigns and marketing efforts that can
connect with the audience better. Data enrichment
is a must for running targeted campaigns. Data
enrichment will ensure your data is segmented as
per profile/geography etc and will make your data
more relevant. And more relevant your data, more
effective and relevant will be your campaigns
thus driving greater ROI for the business.
More Sales Closure Data enrichment has a direct
impact on your ROI. Data enrichment enhances and
refines your existing leads by adding
more information, deleting wrong/incorrect
information thereby making it more complete and
accurate. You can then use this database to run
email campaigns or targeted ads on Facebook.
Having a more accurate and relevant data will
up your conversion rates.
Enables Sound Decision-Making Rates at which
data become obsolete these days is growing at an
unprecedented rate. Data is what is used
in presentations, research findings, growth
trends and sales projections, it is imperative to
have data that is correct, accurate and
up-to-date. Having a practice to regularly clean
and refine existing data will ensure that your
CRM will have reliable figures which management
can access anytime.
Outsourcing Data Enrichment saves Time and Money
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Data enrichment remains a complex yet tedious
task which can take up a lot of time, effort and
dedicated resources. Therefore it is for this
reason that companies today decide to outsource
data enrichment processes to third parties as it
helps them save valuable time and resources. Also
outsourcing data enrichment is more
cost-effective for businesses today as they save
on the operational expenses associated with
hiring additional resources for the task.
In a nutshell
Data enrichment has paved the way for better
communications and sound decision-making. It is
what makes the business go the extra mile to stay
ahead of competition. Data not just helps you
make plans and strategies for future growth and
expansion but can also help in improving customer
experience.
With the help of effective data, you know where
your customers are coming from, anticipate where
they are going and how you can make them come
your way. You cannot deny that fact that
customers drive your business forward and an
enriched data set can provide with valuable
insights into customers
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preferences, buying pattern, behavior etc. Take
strategic decisions, maximize your brand
communication and better your customer
experience. All with the help of clean,
well-enriched data!