For any business, data is like oil and fuel. Every organization collects large amounts of data on a daily basis. This data is an unstructured, unprocessed version of information, which isn’t beneficial for marketers in its raw form. So, organizations need to efficiently structure the data for utility. This is where data enrichment comes into the picture!
Data enrichment refers to a collection of methods that improve the accuracy and dependability of a database. It is done by adding new records to expand the dataset, ensuring data completeness, and verifying the data's accuracy.
Read on to know what strategies and tools to use for data enrichment to prepare your enterprise database for the data-related transformations expected in the coming year.
Few Strategies for Data Enrichment That Can Help Drive Growth
Here are some strategies to keep your data enriched.
Continuous data collection -
Data enrichment is an ongoing process. You can't improve data quality in a day or so. You have to perform continuous web scraping to collect data. Scraping will help keep your data current and updated. Additionally, you can leverage long lead-generating forms to collect more information than just names and email addresses. The more valuable data a business has, the better. It helps the business keep up with market trends, understand customer behavior, and sell on-demand products.
Keep high-quality data -
Collecting and filling your CRM with data is crucial, but the data should be valuable. Quality data means accurate, structured, and correct data. If the data lacks any quality, it's considered poor data. So, the company should specify standardization and data cleaning procedures to guarantee that the data is suitable for the task. It can also state some guidelines for accuracy, completeness, conformity, coherence, and duplication.
Carry out Data Deduction -
Because data is typically collected from a variety of sources, there is always the possibility of multiple entries of the same data. For example, instead of altering an entity's information, employees unintentionally create a new record rather than updating an existing one. So, the company should perform data analysis to remove redundant or duplicate records and maintain data accuracy.
Conduct data segmentation -
Data segmentation means grouping the data under specific tags. For example, dividing customers' details into categories such as title, age, type, etc. Data segmentation is a lengthy process, but helps businesses focus on targeted segments.
Perform data monitoring -
Any details about an entity could alter over time. Utilizing outdated data could hinder business operations. As a result, businesses should periodically monitor their data. Data monitoring includes implementing controls to guarantee that data complies with data quality and business needs. In other words, it is the process of verifying the authenticity and security of data, as well as its completeness, consistency, and accuracy.
Top Data Enrichment Tools for Enterprises
Here are two of the top tools that most businesses use for data enrichment. However, you must keep in mind that these tools are a way to collect additional data. At the end of the day, you will still need a resource to operate these and merge the acquired information with an existing database for effective data enrichment.
Lead feeder -
It is a lead creation technology that matches its contact database with site users' IP addresses and domains to identify them. This enables you to learn more about a visitor's business, including its size, address, and best way to contact them. The tool can also provide behavioral information on your leads, such as which blog they visited, how much time they spent on the page, where they left your site, and the number of company visitors.
Crunch base -
It is a handy tool for businesses. It gives information on private and public enterprises on topics like investments, funds, founding members, and executives. Crunchbase has gained popularity because of its verified and reliable information on companies that fit ideal target prospects. Additionally, the tool can be used to improve current lead data, create reports, and assess your marketing campaign’s effectiveness.
You can easily find similar tools with higher capabilities (and higher prices). Using them also requires a certain level of expertise in data management. Therefore, more often than not, it is profitable for a business to go with external data enrichment service providers.
Conclusion
Although different businesses have different strategies for enriching data, the main goal is to enhance the value of the data. Every kind of data enrichment is acceptable, depending on the business goals. So, when creating a similar strategy for your requirements, modify the approach to meet your targets.
Additionally, you can go for data enrichment services by contacting a third-party vendor. They will have the tools and resources that can save you time and effort while improving the overall quality and value of your databases.
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