Why Data Enrichment Helps Boost Your Marketing Funnel
January 22, 2022
As a digital marketer your day is mostly comprised of two things – running marketing campaigns and balancing the analytics from said campaigns. Needless to say, you’re wrapped up in data. Probably for a good reason. Data enrichment has become somewhat of a buzzword in the digital space, and as it gets defined, it’s worth looking into just how it effects and molds your marketing funnel. After all, your marketing campaigns can only be as successful as the data you have in your system.
What is Data Enrichment?
A pretty surefire way to get ahead of the competition in today’s branding and marketing environment is to look at maximizing the data you spend all that time to generate. Why? Well, for one, it looks really good on the bottom line; and two, enriching the current data points you have in your marketing software can help boost email marketing and ad display ROI.
Redpoint Global defines data enrichment as “merging third-party data from an external authoritative source with an existing database of first-party customer data.” In other words, expanding what you already know about your customer database. Most of the time, brands do this to better understand their audience from an overview perspective. However, in marketing, specifically demand generation, data enrichment is done in a way that helps segment and personalize marketing activities.
Data enrichment takes 3rd party data and layers it on top of what you have in your current database to help increase marketing and sales efficiency. Through using an effective data enrichment strategy and solution, you can expect to see an increase in marketing campaign ROI from the enabling of customer personalization and segmentation.
Data Accuracy in Demand Generation
Now that we’ve defined data enrichment in marketing terms, how does it apply to the over-arching revenue initiative? One word: data accuracy. How many times have you built out an entire marketing campaign, with various touch points and channels, only to have the data to be inaccurate? This is the exact reason marketers are trying to enhance their current database, rather than building it net new. Your database is the most valuable treasure you have in the hunt for ROI…so why not continually polish and refine it?
According to Marketing Revolution, 6 out of every 10 marketers they surveyed were looking to improve data quality. That’s a lot. Add in the numerous amounts of marketing leaders who don’t know how bad their database is yet, and you’ll see the problem. There’s no way to properly address your audience and provide solutions to them if you’re always battling the data.
Typically, the best way to approach data enrichment, from a demand generation perspective, is to explore the various ways you want to speak to your buyers. Do you want to run campaigns to specific job titles? How about only generating leads from a certain industry? This is where gathering third party data and layering it on top of what you already have will help boost your campaign possibilities. In short, data enrichment helps you segment your audience into personalized campaigns with pin-point accuracy.
Accelerating the Marketing Funnel
If the general marketing database is so messed up with in-accurate data, then how is it that marketers are even generating leads at all? The answer is – time over quality. Marketers absolutely can generate a decent number of leads from a waning database, it will just take a lot longer to do so. Then, the battle becomes less of balancing marketing campaign efficiency, and instead fighting against audience fatigue.
Using data enrichment practices and software helps overcome the waning database and puts the creativity and strategy back into digital marketing. You’re focusing on targeted communication, rather than pushing promotions. The result of this action is an accelerated marketing funnel with active and engaged buyers, ready to be put into an email campaign.
Data Enrichment Solutions
All of this might sound really good to you. It does to most marketers who want to improve ROI in their marketing campaigns. However, execution on this strategy can get a little muddy. One of the biggest reasons for that is mainly due to the fact that there isn’t really a “catch-all” solution for data enrichment. That means you’ll need to know what you’re looking to actually enrich, before you seek out the solutions to do so.
Here are some good examples of useful data points to focus on enriching:
- Job titles: Who are your buyers and what are they responsible for?
- Geography: Where do your customers live? Can you sell to that location?
- Firmographics: What does the ideal buyer’s company look like?
- Industries: What are some key challenges that your buyers face in their space?
Believe it or not, you can answer all of these questions through data enrichment. There exists software that can address each point you’re looking for and expand on them with actually database growth. In your research, keep an eye out for solutions that include social listening, AI, and customization.
Without a doubt, the world of business growth is becoming increasingly more reliant on data. The more you can learn about and indirectly influence your customers, the better of a position you’re in for success. That’s why it is so important to evolve and adopt new solutions into your marketing strategies. At the end of the day, marketing is all about proactive, strategic outreach.
If you’re looking at expanding your database with accurate and quality data, DemandScience’s lead generation solutions would be a great place to start. We use a combination of content engagement tracking, company social triggers, decisional intent, and behavioral analytics to increase the quality of our lead generation campaigns – in turn, enriching your database. If you’re interested, check this out!