What is data enrichment and how to harness its benefits?
Data enrichment is, essentially, intelligently enhancing data. It's a widely used process in the business world to update databases with customer information, but it's not limited to just this work field.
Data enrichment (also known as data appending) can be implemented within a broader data hygiene process in any workspace, including translation. The goal is to ensure that data becomes more accurate, strategic, and reliable, thereby improving work productivity and even reducing costs.
Check out the article to fully grasp how this process functions.
- What is data enrichment?
- What are the benefits of data enrichment?
- Data Enrichment vs. Data Cleanliness
- 3 best data enrichment practices
What is Data Enrichment?
The process of data enrichment involves two fundamental steps. The first one is adding data to the existing system. But as the focus isn't merely increasing volume, the second step involves verifying the accuracy of information from third-party sources.
It’s all about elevating the value of data. For example, consider a bookstore's customer database that contains basic information such as name, address, email, and phone number. But these details aren't sufficient to implement a reading incentive campaign on an International Book Day, right?
To effectively reach the audience, the accuracy of data is a strategic detail. Knowing preferences for literary genres, age, average books read per year among others specific information is crucial.
What are the Benefits of Data Enrichment?
- Personalization is Key
Data enrichment is the key to enhancing and personalizing the experience for all types of customers, whether they're consumers of a product or services. A customer treated according to their needs is more likely to become loyal.
Data enrichment processes ease the identification of critical information, enhancing productivity.
In the realm of translation, data enrichment can also be valuable in word and style databases, helping the workflow.
Information requires storage space, and storage space means costs. With data enrichment, you prioritize and pay to securely store only what's important, clearing redundant data.
Data Enrichment vs. Data Cleanliness
Imagine learning something new for a human mind. It's much easier to absorb and process new information when the mind is clear, right? In other words, when there's free space.
The same rule applies to data processing. While data enrichment involves adding new information, data cleanliness is a preceding process, focusing on creating space.
3 Best Data Enrichment Practices
There isn't a single manual of practices for data enrichment. It all depends on each company's reality, service provider, and type of business.
Sources for collecting audience data can range from traditional tools like online forms, engaging public events, CTAs in blogs and websites or call center services. However, depending on the data volume, performing this process without software assistance and AI integration is nearly impossible.
Here are some tips to help you implement a data enrichment process:
Define your data enrichment criteria
Having clear criteria and measurable goals is important. For example, if the aim is to have more accurate customer data, the goal could be achieving 80% more accuracy when testing information from a third-party verification source.
Implement processes continuously
Develop processes that fit your business reality and can be repeated regularly. Updates need to be periodic, and process automation can help maintain continuity.
Utilize data enrichment tools
Tools lead to the practical aspect of data enrichment and how to harness its benefits.
Softwares and tools promising in this process:
The HubSpot CRM provides useful contact management tools, such as web forms for data collection. It also offers sales features like live chat, email scheduling, and a centralized dashboard for management.
Clearbit assists you in utilizing data to identify individuals most inclined to buy your products or services by understanding their interests and demographics. As stated before, the focus on personalization is a fundamental aspect to maximize your sales.
Datanyze enables users to collect data straight from a company's website or a user's social media profile. This helps you quickly reach potential customers. Additionally, it assists in organizing email lists and creating messages to guide more leads towards making a purchase.
It's a business database specifically for B2B that helps you confirm B2B lead details for forming stronger connections with potential customers.
In summary, enriching data is a competitive advantage in the market. Data enrichment tools can assist in targeting the desired audience in marketing campaigns and translation services.
Cleaning and updating databases are necessary processes that can be accomplished with clear objectives, methods, and digital tools.
As a reward, the gains include improving customer relationships, optimizing productivity, reducing costs, and increasing the chances of closing new deals.