Enriched data is becoming a must-have for businesses aiming to stay competitive in today's market.
Customers have increasingly higher expectations, with many expecting personalization every time they interact with a brand. Yet, directly asking customers for extensive information can lead to lower form completion rates. So, how can you balance the need for detailed insights with the desire for easy data collection?
The solution: data enrichment. In this article, we’ll explain what enriched data is and how it fits into your marketing and sales data strategy, focusing on how betterfeedback.ai can help.
The Basics of Enriched Data
Enriched data is raw data that’s been enhanced with data from other, trusted sources. This process transforms basic data into a more valuable asset for decision-making. By enriching data, you ensure that datasets accurately and fully represent your audience.
Raw Data vs. Enriched Data
The differences between raw data and enriched data are simple. Raw data is unprocessed information collected directly from your customers or internal sources. Enriched data, on the other hand, is augmented with data from additional sources, making it a more strategic resource.
For example, raw customer transaction data might show what was purchased, but enriched data can also include the customer's demographic information, past purchase history, and social media interactions. This provides a wider, more complete picture of the customer and their unique needs, giving you an opportunity to provide them a more tailored experience. With enriched data, you can piece together more of the customer puzzle with higher certainty.
Data certainty is crucial, as customer feedback and behavior might not always align. Therefore, the more data you have to validate your strategies, the better.
Internal Enrichment vs. External Enrichment
There are two primary ways to enrich your data: internal or external enrichment. Internal enrichment is essentially the unification of customer data sources that you own. A common approach starts with aggregating data from your CRM and transaction records.
Unifying customer data sources and performing internal data enrichment is important for several reasons:
- Breaks down data silos
- Reduces data loss
- Builds a more accurate picture of your customer
External enrichment involves adding broader context through external or third-party sources. These sources can include social media platforms, data providers, public data sources, and more.
Manual Enrichment vs. Automated Enrichment
Just as there are two types of sources to enrich your data with, there are two main ways to enrich your data: manual data enrichment and automated data enrichment.
Manual data enrichment involves manually adding information to data sets. This method can be time-consuming and prone to errors and is best reserved for highly specialized or sensitive data where a human touch is necessary.
The best way to introduce enrichment to your data is to use automated data enrichment workflows, like those offered by betterfeedback.ai. By using automated tools and platforms to quickly and accurately enrich your data, you'll see more consistency and higher efficiency compared to manual enrichment. Plus, automation allows you to process large amounts of data, apply enrichment rules, and update your datasets in real-time.
How to Use Enriched Data
Now that we know what enriched data is, it's time to shift to how to use it. Enriched data can improve the quality of work for nearly everyone on your team. From marketing, to sales and product, to operations and finance, enriched data offers operational efficiency across the board.
Using Enriched Data for Marketing
Enriched data can bolster your customer data profiles and give you the upper hand in your targeted marketing campaigns. By understanding your customers on a deeper level, marketers can create targeted campaigns that are more likely to resonate with audiences. Enriched data can fill in the data gaps, so you can engage your audience on the questions that really matter, like their specific use cases or comments on your product.
Leverage it to unlock tailored interactions, which in turn builds trust and increases loyalty.
Another advantage of data enrichment is improving lead scoring and customer segmentation. The deeper insights offered by data enrichment help you identify and prioritize the most promising leads and prospects, leaving you with a more streamlined process and happier customers.
Using Enriched Data to Inform Product Development
Product teams claiming to make data-driven product innovations need to be using data enrichment. Without it, you're missing valuable customer data about what they need and want and what will meet market demands.
Knowing more about your customer will give you a better shot at meeting their needs and preferences. More data equals a better understanding of the gaps in the market and where the best opportunities for new offerings are.
Enriched Data: The Superpower Your Team Needs
Unified, automated data enrichment is essential for teams looking to kick data silos to the curb and provide better customer experiences. Enriched data can help teams make better, more informed decisions with more complete data. And with more complete data, you'll be primed to create more effective strategies, build better customer relationships, and ultimately, grow a more impactful business.
Explore how betterfeedback.ai can transform your approach to data enrichment and unlock new possibilities for your business today!