The Role of Data Enrichment Software in Modern-Day Lead Generation
Generating and nurturing leads is the only way for a business to gain a competitive advantage. Here’s how customer data enrichment software can help.
Nowadays, modern businesses are as successful as they are capable of marketing their brands, products, goods, and services. Since so much depends on their marketing efforts, they are increasingly required to cater to their target audiences’ aspirations, desires, and needs.
Each potential customer is a loyal consumer in the making, and businesses have to invest a lot of time, effort, and resources to get every prospect on board. The trick to attracting more customers is understanding their needs and preferences and approaching them in a personalized manner.
The more businesses understand their customers, the more they can improve their lead generation and conversion rates. However, many companies have too much information or insufficient data to make their customer insights actionable.
That’s where customer data enrichment comes into the picture. It helps businesses understand their target audiences better, including their needs, wants, and pain points.
Customer data enrichment and lead generation
A lead can be another business, institution, or person. Each time your sales team receives a potential sales contact, that’s called a lead. Since each business has unique lead requirements, data enrichment helps companies find out how their service or product matches the specific needs of potential prospects.
Data enrichment is a process of taking several analytical steps before lead generation. It helps businesses achieve many goals, the most crucial being ensuring a steady flow of high-quality leads and helping with sales.
Customer data enrichment software helps a business in several ways:
- Gathering, filtering, and organizing customer and business data to help the decision makers create better business and marketing decisions;
- Helping with CRM by increasing data inclusiveness and accuracy;
- Helping generate more high-quality leads to improve conversion and sales efficiency rates.
If you’re running a digital business today, you know your business and marketing efforts greatly depend on the customer data you gather. The prospect information you collect must be accurate and
up-to-date to help present your target audience with relevant products, services, and recommendations.
Top-quality customer data drives your sales and marketing up, including lead generation and conversion rates, resulting in more revenue. However, gathering high-quality customer data is a challenging process that often doesn’t go as well as planned.
Most businesses end up with inaccurate, incorrect, incomplete, duplicate, or outdated data. Data enrichment helps you avoid these risks and make the customer data you collect up-to-date, complete, inclusive, and actionable. When you fuel your marketing with top data, your ROI and conversions will increase.
Now, let’s see why data enrichment matters for businesses.
Customer segmentation
Market and customer segmentation help businesses unlock the full potential of the target audiences. It needs high-end data to provide marketers with actionable and relevant insights on the products and services that are high in demand in different markets.
Data enrichment helps with segmentation by providing businesses with all the information they need to segregate target audiences into various categories such as job title, position, location, industry, and company size.
Different customers have different preferences, and you need to personalize your approach according to their needs to provide each customer with an exceptional experience. Moreover, data enrichment also allows you to target each customer segment with matching content according to their needs.
Lead nurturing
If you want to grow your business, you need to nurture every lead that comes your way. That means catering to every prospect throughout the sales funnel and customer journey.
You can win over some prospects right away, while others need more attention to make a purchase.
Whatever the case, data enrichment can help you achieve both goals. Since it helps refine the collected customer data, you’ll have access to the information that allows you to reach prospects through varied communication channels and address their needs.
More importantly, you can ask each prospect for feedback to improve your approach and build meaningful relationships with each customer segment.
The latest social media marketing statistics show that more than 70% of US consumers have active social media profiles on various platforms. Data enrichment can help you reach them all and provide relevant brand information to convert them into loyal customers.
Lead scoring
To make lead scoring possible, your sales and marketing teams need to make collaborative efforts by continually exchanging information.
Marketing teams send qualified leads and prospects down the sales funnel, where sales teams provide them with personalized offers and work on sealing the deal.
Customer data enrichment ensures both teams receive the most relevant information on interested prospects to provide each of them with real value.
It helps improve lead scoring models that result in better nurturing, marketing, and sales efforts. That particularly rings true when you implement AI and machine learning into the process.
Conclusion
Customer data enrichment helps a business in various ways, including ensuring the data a company gathers is accurate. It helps boost company revenue by improving lead generation and conversion rates and eliminating inaccurate, incorrect, and duplicate data.
Thanks to it, companies can gain helpful lead insights and provide their target audiences with complete and relevant information that matches their needs. Aside from increasing customer satisfaction and loyalty, that also helps improve sales effectiveness and efficiency.