Do you value your data and see it as a great intellectual asset in your company? You’re not alone. According to a publication in the CMR Journal i.e. The Importance of Intellectual Capital Management in the Knowledge-based Economy is as follow:
“An organization’s intellectual capital is said to be a source of competitive advantage and there is evidence that business success can be partly explained by its intellectual capital”.
This is true! Especially if you are a business with a few years of experience. It becomes essential to log in your data since it provides valuable analysis.
So what is the need for a service like data enrichment then? The answer: data decay rate.
Percentage of data loss is ‘data decay rate’. According to MarketingSherpa, research shows that B2B data decays at a rate of 2.1% per month. This is an annualized rate of a stunning 22.5%! For example, if you have a 2-year-old list of five thousand prospects, which you wish to re-engage with, chances are that only half of that list will be useful. This is simply due to change, a data scientist can testify to the fact that data cannot be static. Data decays due to multiple factors such as the following:
- When people are promoted within a company (implying a change in job title or job role)
- Employees leave jobs to continue elsewhere (constantly changing jobs)
- People change their names
- Businesses or people move to a new geographical location
- Company expands their product/service portfolio etc.
Hence, the logical thing to do is to utilize services from a data enrichment expert business that uses a mix of software and human verification to replenish or enrich the data for you.
If this weren’t enough, you can check the top three reasons why it would be a good idea to opt for data enrichment:
Facilitate your Re-engagement Strategy
Getting in touch with previous clients is a great source of business as they are familiar with your services and therefore need less convincing. The second most important point about this function is that both parties will get the chance to see the change in services for e.g. Initially CloudLead didn’t provide data enrichment services, but as our expertise grew, the company decided to introduce this service as well. Who knows, a client may decide to use more of your services this time around. Finally, referrals are often found with this strategy. You can straight up, professionally ask your customer if he/she is willing to introduce you to another potential client who may be in need of your services.
Deeper Customer Insight
Enriching your data means that you can easily update important information such as the age, location, job role and financial status of your current customers. Hence, getting your data enriched will basically upgrade and update your existing data. Now you could even know the ethnicity, first name, verified phone numbers and email addresses and more. Just think about how such information can help you achieve your business objectives.
In today’s data driven business world, the game is all about having deeper insights into your prospects and current customers. Merely knowing their name, title, business, email or industry is not enough to show them that you care. What you have to do is dig deep into your customers – their hobbies, interests and other such information. This shows them that you care, which is the main selling point of any business today. Of course, this information only serves to supplement basic B2B contact data. Hence, you have to carefully peg down what additional information you want in your database and ask a trusted data provider to enrich your current database of prospects/customers with these additional verticals.
Armed with this information or new data, you could initiate a killer cold emailing campaign. You can check how to send cold emails that convert here.
Another benefit from data enrichment is that your data is automatically cleansed, that is, irrelevant or invalid data will be either corrected or removed. This essentially means that you will get less invalid emails and you know what your customers have been up to since you last saw them. This ensures accuracy and improves your decisions based on data. According to Ray Kemper, a CMO at Televerde and Forbes writer, “Staying on top of your data quality can create a ripple effect of greater conversions, stronger customer service and higher-performing campaigns.” Need we say more?
The simple takeaway from all of this is that high quality and enriched data is a huge business advantage. It is essential to stay on top of what you have; therefore, investing in data enrichment is surely fruitful for a business who sees value in data as a global connector.
Co-founder & Marketing Professional at Cloudlead, a B2B data company aiming to make outbound predictable and smarter. Moaaz is a certified Content Marketeer, Graduate in Marketing and Management, completed an enterprise sales course for SaaS at Stanford. He also has a keen interest in analytics and data-driven marketing.