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Collections & Investigations

Data Enrichment – What is It and Why Do You Need to Consider It?


Why You Need to Consider Data Enrichment

Thanks to advancements in technology, collecting user data has never been easier. From IP tracking and automatic form fill to automated email collection. However, there is still one huge problem to overcome — the data is raw and sometimes difficult to interpret or use. Businesses need to find a way of leveraging raw data to get true value from it — which brings us to data enrichment. It’s easier to make better decisions when you have enriched data. Below is everything you need to know about data enrichment.

Data Enrichment — Understanding the Basics

Think of data enrichment as a way of getting an improved dataset from your first-party dataset (the data you have). You get to utilize third-party resources to fill in gaps in your existing data. For example, let’s say you have phone numbers and names. Third-party resources can help you dig deeper and find out information like address history.

Customers are not always willing to divulge every piece of information about their life. However, using a third-party source can help you access information that customers aren’t willing to disclose. Ensure you find a reliable and trustworthy third-party source because your business will heavily rely on the information they provide. Doing this also ensures you safeguard your customer information and stay compliant with federal and state laws.

Who Needs Data Enrichment Tools

Every business that wants to maximize the usage of its existing data needs these tools. It is a vital tool across all industries because you get to know your consumer better which helps improve the products and services you provide. Companies will, undoubtedly, function better when they have more information about their customers.

Ask yourself the following question: will your business thrive if you have more data on your customers? If yes, then you need data enrichment tools. It is the only way to access data that customers might not reveal willingly. It is also a practical approach when you have scattered and fragmented data that can’t produce comprehensive results.

What Can I Gain from Data Enrichment Tools?

Having better data helps your business achieve several goals. You get to reveal every detail about your customers which can help improve your bottom line. Below is everything you stand to gain from data enrichment:

Shortening Lead Capture Forms

Incorporating data enrichment means your business only needs a few pieces of vital information from your customers and prospects. Therefore, you get to have shorter lead capture forms that take the pressure off your customers to get you more leads.

Offers a More Personalized Customer Experience

You get the complete picture of your consumers when you utilize data enrichment. Therefore, it is easier to provide a better customer experience. Your business can offer the best value depending on consumer needs and more personalized messaging.

Maximizes Machine Learning

Have you adopted customer communication tools like chatbots? Although you can collect information about consumers, these tools have limits. For starters, consumers are willing to give out their email addresses but nothing more. With data enrichment, you get to know more about your consumers without creating intrusive chatbots.

Enhances List Segmentation

It can be almost impossible to segment a list of email addresses and names. Most of the time, businesses lack enough information to distinguish customer groups. Third-party sources complete the list, thus turning otherwise broken datasets into useful data sets for targeted marketing.

Get Specialized Help

Accomplishing business goals is easier with data enrichment services, regardless of the industry. Having complete consumer data enhances your business and sales operations. However, the first step is partnering with a reliable and trustworthy third-party data provider. At Enformion, we specialize in helping businesses make data-informed information to achieve success. Start your free trial today to get smarter insights for smarter decisions.

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