7 Superpowers of Data Enrichment—And Why Your Marketing Team Needs Them
If you’ve been in marketing for almost any amount of time, odds are you’ve taken your share of heat when things have gone wrong. Your martech probably has, too. “Why are leads [sales, profits or ROI] down, when our martech budget is so high?” is a common and understandable refrain in an era where most companies collect a lot of data. But maybe the problem isn’t skimpy data, it’s wimpy data that could use some enrichment.
Why Data Enrichment Works: The Devil’s in the (Data) Details
With new ways to collect data proliferating, organizations’ customer datasets grow larger every day. That means you probably know a lot about your customers’ interactions with your brand—what they’re doing on your website and on your app, which emails they open, what they buy, and when they contact customer service.
But here’s the thing: Targeting and persuasion are tough without a lot of very accurate and specific information. With details about a customer spread throughout dozens of martech platforms, it’s hard to get more than a fuzzy picture of each person.
Marketing consultant Elizabeth Gardner has been quoted as saying, “It’s hard to target a message to a generic 35-year-old, middle-class, working mother of two. It’s much easier to target a message to Jennifer, who has two children under 4, works as a paralegal, and is always looking for quick but healthy dinners and ways to spend more time with her kids and less time on housework.”
Data Enrichment: Think Popeye’s Spinach
This is where data enrichment comes into play. It’s like Popeye’s spinach—putting meat, muscle and flesh on the skeletal data you’ve already got, bringing together all your data for fully powerful customer profiles. And once you’ve got the profiles right, you can use them, update them, and add new data to each profile about what each customer finds appealing and persuasive enough to close a sale.
By automating data enrichment, you can get closer to building a golden customer record for every customer. Your teams can use these enriched records to design better marketing campaigns and sales outreach efforts. Ultimately, this means they’ll be more likely to improve conversions, hit revenue targets, and increase retention over the long-term.
Data Enrichment Superpowers for Marketing and Sales
Within every organization, first-party customer data is almost always the most accurate, followed by second-party data, which is somewhat less accurate. The value of third-party data is often that it provides the most scale—most of it is inferred and then modeled.
Enriched data provides you with an opportunity to segment customers according to new parameters previously unavailable to your organization. These new segments may appear after cleaning and unifying your own data from various silos. Or, they may be revealed after augmenting your data with newly added third-party data. These segments can then be used to power targeted campaigns across a wide range of channels that—informed by the exact information, content, or offers—are most likely to grab each group’s attention.
Expand your reach with new segments and markets.
Some companies use data enrichment to test and experiment with different markets or expand the scale of their campaigns. A third-party data provider’s total audience can be added to your databases and then analyzed for patterns of similarity with your own proprietary customer data. This can help you identify new customers and segments for targeted personalization.
For example, imagine a hotel chain that wants to expand the reach of its display ads. It can use third-party data to identify prospective customers who have not visited its website but who have searched for flights near its locations. Then, it can target ads directly at those prospects. In another example, you might build a third-party segment like “In the Market for a New Tesla” by collecting users who visited Edmunds.com and read something about Tesla. Those users can be modeled against a larger third-party dataset to increase scale. Subaru, for example, regularly unifies its data to understand when people are probably ready to make a vehicle purchase, rather than “just looking” or “fantasizing” about a new car.
Turbocharge lead scoring.
The more data you have, the more accurate your lead scoring will be. Data enrichment can attach critical new information to your leads to make each lead score significantly more accurate. For example, let’s say a lead enters your system by filling out nothing more in a lead capture form than a first name, last name, and personal email address. Data enrichment can augment such leads with additional information, like a business email address, job title, and location, which helps you recognize the visitor as a decision maker at one of your target accounts.
Make new customer acquisition easy, effective, AI-powered and automated.
Increasingly, marketing and sales are focused on building smaller, more detailed lead profiles because they’re the most likely to convert. Data enrichment gives you in-depth insights into your customers so that you not only know your current customers better, you can also build more sophisticated buyer personas. This data might be the answer to helping you understand whether your buyer personas are valid. With deeper insights, you can improve customer acquisition strategies because you’re always talking to the right people at the right time in their buying journey.
Make personalization pay off better.
It wasn’t so long ago that personalization with customer data consisted of little more than adding a customer’s name to an automated email. Now, with data enrichment it’s possible to gain deeper insight into customers’ lives, with nearly perfect personalization. Demographic and behavioral data can provide important personal insights (like when customers are moving, getting married, or starting a business) that enable you to offer personalized coupons and shopping recommendations just when they need them. This type of personalization is important in building customer loyalty because it helps customers feel like your organization really “gets” them.
Improve customer experience with better customer journeys.
Enriched customer profiles are really the starting point for a better customer experience. The more conclusions and insights you’re able to draw from your customer data, the more accuracy you’ll have giving customers what they want. When you’re able to identify customer hobbies, interests, likes, devices, and channels, you can design each touch point and message to meet customers exactly where they’re at in the customer journey. For example, can you direct them to content that’ll inform them of new ways to use your product? Are some features particular to their individual use case? When you know these answers, you can anticipate customer needs to deliver exceptional experiences.
Customize offers and customer experiences.
Customers don’t all use your product the same way. Different segments will value some features over others. When each customer begins using your product, behavioral analytics will tell you which group they fall into. At that point, you can guide them toward content and features that their group values. With data enrichment, however, you can customize their experience from day one. Say your company specializes in marketing tools. Your customers typically fall into two categories: startups and mid-size firms. Startups value product tours that demonstrate lead generation and conversion features. In contrast, established mid-size firms value marketing automation. With enriched data, you’ll know exactly which features to highlight as soon as they sign-up.
Data Enrichment Can Supercharge Your Marketing Strategy
Data enrichment has never been more important for impactful marketing. Adding personal and professional data to proprietary customer profiles with today’s customer data platforms—such as Treasure Data’s award-winning CDP—can supercharge your ability to use data efficiently and effectively.
All of these superpowers unlock new opportunities for better segmentation, personalization, and customization at every step of the customer journey. Over the long-term, enriched data helps you deeply understand who your customers are and what they expect from you. In turn, this helps you fine-tune every campaign and communication, which means you could spend less to get better results. And that’s a powerful combination.
Find out how Treasure Data enterprise CDP can help your team do more with your data. Request a demo today.