The term “data enrichment” refers to merging first-party data gathered from internal sources (such as subscription forms) with data gathered from other internal sources or third-party external sources.
It’s easy to get the two terms mixed up, but data enrichment differs from data cleaning. Data cleaning eliminates incorrect or out-of-date items from datasets, whereas data enrichment adds value to preexisting first-party datasets by drawing from other data sources. In the end, data enrichment may be seen as enhancing the quality of datasets by adding additional information
Start advertising more specifically.
Data enrichment and the capacity to allow better segmentation are essential to the success of targeted marketing. Targeting specific demographics like age ranges or income levels is easier with granular segmentation, which may be based on preferences, requirements, or pain issues.
Enhance the satisfaction of your customers
Today’s consumers have higher expectations of the brands they patronize. Clients want businesses to read their minds and provide them with the knowledge they can’t get anyplace else. Personalized content based on finer-grained segmentation is one way in which data enrichment may be used to satisfy these customers’ needs better.
Maximize efforts to nurture customers
With the help of data enrichment, sales teams may zero in on the demographics of consumers who are most likely to make a purchase. This data may be used to build a customer nurturing strategy. The company’s communications with these clients center on helpful, engaging material designed to pique their interest in making a purchase.
Raising the bar on customizability.
Opportunities may be more easily taken advantage of if organizations adopt a customer-centric strategy that considers each consumer’s specific wants and requirements. Your company needs more than just data — it needs enhanced information from third-party sources. It wants its efforts to learn consumers’ preferences to be recognized and not squandered on marketing initiatives that aim for the masses instead of individuals.
Enriching data is an ongoing (and sometimes sensitive) procedure.
There is no such thing as a “done” data enrichment process. Even if it has been gathered meticulously from the outset, client data is in a perpetual state of flux, requiring ongoing maintenance and updating to keep up with customers’ ever-evolving expectations. Companies who fail to invest in continual data enrichment miss out on the chance to increase sales by providing customers with more valuable products and services.
Keeping privacy and compliance intact is a vital part of data enrichment that should not be overlooked, even if data has to be helpful, valuable, and simple to comprehend. It is critical that the third-party data utilized to enhance data assets have completely consented and compliant, especially in Europe’s more rigorous privacy environment. It’s hard to guarantee from many service providers in this industry.
Only Email Oversight’s proprietary third-party data enrichment software guarantees that industry-leading levels of security and compliance protect all external data sources. Click here to contact Email Oversight for a demonstration if you’re interested in learning how to centralize your data management efforts while maintaining the strictest levels of privacy.
Is your company making use of machine learning-enabled audience segmentation? Discover how we can turn the time-consuming process of designing and activating machine-learned segments into a three-step breeze.