The B2B industry is entirely data-driven due to the emerging technological advancements like Artificial Intelligence (AI), Machine Learning, and Analytics. It would be unfair to say there’s no shortage of clean information for any. But as we know, quality beats over quantity, so we still need to enrich our database. To develop reliable information from the company database and boost sales rate, marketers must have free access to the most relevant data. Be sure that the data they hand at hand is entirely accurate and up to date. This is where practices like data enrichment and data cleaning come into the picture for any company.
Once you have a successful data enrichment practice at hand, you can quickly achieve the following perks for your company:
- You can use segmentation on the basis of the type of prospects
- Reduce the risk of conversion through web forms
- Introduce up-selling
- Make accurate analytics and churn the right results
With the help of individual efforts, you can run the CRM data enrichment process successfully. There are multiple benefits hooked along the journey. But let’s first understand what exactly data enrichment is and on what grounds does it work?.
What is Data Enrichment?
Data enrichment works on the rule of quality over quantity. By sitting in one place, you can have information about your company or any other company too. However, the quality of data plays an integral role. If you wish to raise the sales rate and marketing performance, then you require accurate data that is generated from trusted sources and holds credibility. In such a scenario, your sales team will need easy access to the most enriched data, which is updated and holds value. Data enrichment takes its role from here, i.e., to enrich the value of data for the increase of sales, the elevation of ROI, and improve marketing performance.
Basically, data enrichment adopts the essential tools to refine and improve the raw data quality into the finest form used by the sales team. In a way, this current data is in its rich form containing data of all existing, prospects, and old customers of an organization. CRM data enrichment fills the gaps of the missing data into your database by using sales intelligence and tools to sync.
How is CRM Data Enrichment Helpful for You?
The database needs frequent updates in case a client changes the location or pick up new technology. It will turn to be a complete waste of effort if the information is simply stored over a long time, unused and outdated. If you go for manually updating the database, it might take long and reduce productivity along the way. CRM data enrichment tools allow you to make changes to the existing information and rectify it into the CRM system. With the accumulated load of outdated data, CRM data enrichment turns to be very helpful.
Some of the benefits of using CRM Data Enrichment process includes:
- It boosts the lead score
- It improves the account score models
- It enhances the customer experience
- It aims to sync the bond between customer and company
CRM Data Enrichment is classified into three categories. Such as:
- A plethora of company data is obtained through sales intelligence tools that fetch data from various reliable forms in real-time.
- The integration of sales intelligence tools with CRM under expert guidance.
- Lastly, the appending or filling in gaps of the missing or altered details in your CRM through sales intelligence tools, thereby transforming the CRM into a pool of accurate and reliable database.
Advantages of CRM Data Enrichment for Your Business
There are many advantages of using the CRM Data Enrichment process for your enterprise. Some of them are mentioned below:
Improves Customer Experience & Relation:
A quality CRM data is based on the information of authenticity collected from your database. This means that your sales are dependent on meeting the needs of your customers. CRM Data Enrichment assures marketers of updated information and relevant changes to churn maximum results for the company as well as the clients. With the help of these robust packs of information, your customer relations team can easily manage to work in sync and facilitate the clients’ needs, thereby satisfying the customers with your products and services. This process improves client experience and relations with the existing ones.
In today’s time, personalization plays a vital role. Your success is entirely based on how well you manage to support your customers’ changing requirements, keeping their interests as a priority. By carefully tracking their activities, preferences, technology advancements, and other aspects, you can sail through smoothly. CRM Data Enrichment enables marketers to identify the viewpoint of the prospects. It also allows them to categorize their priorities and send across personalized services. Therefore, it makes the company capable of delivering the right services to the right customers.
Account Scoring and Quality Leads:
In old times, lead scoring was a manual technique. They were slightly problematic, and the results they delivered were not sufficient in return for the resources spent. Data enrichment has eradicated the loss of satisfaction and prioritize the segments based on the data needs.
Precise Web Forms:
At times, genuine leads get annoyed if your forms are unnecessarily lengthy and repeated. With precise web forms, the interests of the users stay maintained. Data enrichment fills up missing details for every user in the customer database. In the end, the lesser categories to fill in the form, the better customer finds it to fill. The data enrichment method makes the whole process convenient for the clients and the sales team.
These ways mentioned above help eliminate the CRM data related woes with the Data Enrichment process. Data enrichment is an all-time need for uplifting the quality of the company database. Along the way, it improves sales and customer relations too. CRM data enrichment assures that all changes are well-recorded, and the database is in the best form ready to be used.