Data enrichment

Do you know the cost of incomplete or incorrect data for your company? Although this amount varies from company to company, analysts have estimated that the cost of bad data is 100 times greater than the cost of auditing the data. A neglected database is detrimental to all departments in your company. Do the right thing: update and enrich your data to grow your business.

 

Enrichment: a beneficial practice for all industries

Having an updated database that includes correct information is crucial for the success of a company.

Improving marketing with high quality data

Are you a marketer? You know how crucial a valid email address is for your activity.

Getting the best ROI is your main goal. Data enrichment will help you improve it. Are you a marketer? You know how crucial a valid email address is for your activity. Getting the best ROI is your main goal. Data enrichment will help you improve it.

  • Correcting and standardizing your emails maximizes the deliverability rate of your emailing campaigns.
  • Completing your file records with additional information (telephone number, website, number of employees, industry, etc.) increases your customer knowledge
  • Knowing your customers allows you to segment your database and customize messages or offers. This customization increases chances that your marketing actions result in a sale.
  • Having your clients’ or prospects’ contact information enables you to implement an omnichannel strategy. You develop touch points and reach your prospects at the right time.

 

Boost sales performance with data

Are you a sales representative? You have probably lost a sale because of outdated data. The person you want to meet has left the company; the company has relocated or has been shut down; you have to search the Internet for your contact’s telephone number, etc. Every week, you waste precious time correcting or udpating information encoded in your company’s database. With a regularly enriched database, this will never happen again.

  • Having up to date B2B or B2C information is the first step in qualifying prospects or customers.
  • Qualifying prospects, segmenting a database, and creating scoring allows you to focus your marketing effors on the right profiles. Adding NACE or SIC  codes allows you to discover in which business sectors your ideal prospects work.
  • Identifying characteristics of the best customers is critical to deciding which type of leads to add to your database. If you purchase a database, this allows you to know exactly which criteria to select.
  • Knowing your prospects and clients gives you an opportunity to better prepare your meetings. This increases the probability of closing a sale.
  • Geocoding  addresses in your file is an excellent way to know your most profitable sales area. Cross-referencing geographic data on your customers with your sales figures by zone also helps you maximizing your travels and scheduling your meetings.

 

Develop better products by offering enriched data

Are you developing online directories or review applications? Are you offering custormer database purchasing or analyzing services? Your clients won’t be happy if the information provided is wrong. Reliable data are key to boost your product and services sales. Of course, you can collect data yourself, but you will probably need to enhance your database.

  • Enriching your existing file and completing your data increases the value of your product or services for your clients.
  • Having an up-to-date file and high-quality data gives you a major competitive advantage over similar products or services.
  • Being better and more competitive allows you to not only increase sales but also offer your product or services at higher prices.


 

What is data enrichment?

Database enrichment involves a two-step process: enhancing information already in your file and adding new data.

Data enrichment

Data enrichment is the process of correcting, standardizing, and improving a database. This process is called “data enrichment “.
You verify every piece of information in your database, and you standardize and update it if necessary. This step consists in processing obsolete, incorrect, and duplicate data.
This is the time to go after wrongly encoded addresses or dates, outdated email addresses or telephone numbers, non-standardized VAT numbers, etc.


Adding data

This is where you complete your file with additional information. This process, called “data appending “, can be done manually or by using a specialized service.
This step addresses the incomplete rows in your database. For instance, if you have the name and address of a company but not its telephone number. By using a database provider, you can easily complete your database with highly detailed information such as turnover, NACE code, or geographic coordinates of companies.

 

Which data are targeted by this process?

All types of data can be enriched. Your needs determine what must be added, verified, corrected, standardized, etc. In particular, you should focus on data that tend to evolve rapidly over time.

Here is a non-exhaustive list of data that could be added or enhanced:

  • Phone number
  • email
  • postal address
  • geographic coordinates
  • turnover
  • number of employees
  • company name
  • decision-makers’ first and last names
  • legal form
  • etc.

When should I enrich my database?

Ideally, your database should always be up to date. To ensure this, you can choose a real time updating solution offered by some database providers.

The rate of enrichment depends on the importance of your file for the smooth operation of your business. In average, we recommend verifying your database at least 2 to 4 times a year. This means performin “data enrichment “: reviewing all records and updating, standardizing, and correcting them. Adding data (“data appending “) should be perfomed at least once a year.

 

Why should I enhance my files?

Data enrichment is a powerful growth leverage tool for your company. We have discussed the benefits for marketers, sales representatives, and product or service developers above. An optimized database has a positive impact on sales.

Owning reliable, valid, updated, and comprehensive data gives you an edge over your competitors. You save time and money by enriching your database as often as necessary.

You are looking to enrich your data, or you want to enhance your database ?

Our database contains 270 million business data. Contact us for a free quote.