In B2B, there’s a common belief that having more data is inherently beneficial. However, the truth is that data quality surpasses sheer quantity in importance. This is where the concept of data enrichment becomes essential.
Now, let’s explore what data enrichment entails and how it can be implemented effectively.
What is data enrichment?
Data enrichment involves transforming raw data into precise and dependable information by incorporating additional data points and validating accuracy through third-party sources.
Here’s a breakdown of how data enrichment functions:
You commence with raw data, which is abundant but lacks significant value.
Utilizing third-party databases and tools, you authenticate accuracy, eliminate redundant data, and introduce fresh insights.
The result? Powerful data sets that facilitate audience segmentation, enable the creation of account-based marketing campaigns, and offer numerous other applications.
What are the benefits of data enrichment?
Data enrichment empowers organizations, and their staff, to make informed decisions by granting access to more precise data.
Consider your sales team: if they enter a sales call armed with inaccurate data, the outcome is unlikely to be favorable.
Beyond merely expanding data volume, data enrichment elevates its quality. This is achieved through both supplementation and verification of accuracy.
The process of validating and enhancing data can uncover previously overlooked opportunities. For instance, discovering that a targeted company has split from its parent entity presents the chance to pursue two separate clients.
Similarly, learning that a prospect has been acquired by an existing client saves valuable time that would have otherwise been spent on nurturing them.
Data enrichment vs data cleansing?
Data enrichment and data cleansing are occasionally used interchangeably, but this is inaccurate.
While both are associated with data hygiene, they serve distinct purposes.
Data enrichment involves verifying and enhancing data using third-party databases, whereas data cleansing focuses on removing corrupt, inaccurate, or redundant data.
In essence, data enrichment validates and supplements information, while data cleansing purges incorrect or unusable data.
6 data enrichment tools & strategies to super-charge your sales and marketing
Now that you understand what data enrichment entails, let’s delve into the implementation.
The prospect might seem daunting, particularly if you manage a sizable database or receive hundreds of leads monthly.
However, there’s good news: it doesn’t have to be dauntingly complex.
Here are six strategies for enriching your lead data. You’re not obligated to utilize all of them!
Start with one or two and evaluate their impact on metrics such as conversion and response rates. As you become more adept with the process, incorporate additional strategies that align with your organizational needs.
1. Use longer forms to gather more information about leads
While it may seem counterintuitive, longer lead forms do come with an opportunity cost – they often lead to fewer form submissions.
However, they also offer the potential to yield more comprehensive information, resulting in higher-quality leads. This, in turn, translates to reduced time spent by the sales team on low-quality leads.
Although not as technologically advanced as other data enrichment methods, implementing longer lead forms is one of the simplest ways to enrich your data.
For instance, instead of merely requesting an email address and first name, you can solicit additional details such as:
- Job title
- Company size (based on the number of employees)
- Overall company revenue
- Location
- Types of clients served
- Whether they are seeking the solution you provide
If creating a lead generation form with 15 questions appears excessive, you might consider utilizing a chatbot to pose the same inquiries. This format is less intrusive while still allowing you to gather pertinent information.
Subsequently, compare the gathered data with information in your CRM or email marketing tool to ensure accuracy.
2. Leverage Leadfeeder to see what actions site visitors take (and who they work for)
Leadfeeder is a lead generation and data science tool that identifies website visitors using their IP address and domain, then matches this information with our contact database.
This enables us to not only identify the company but also gather details such as location, company size, and the most appropriate point of contact.
In addition to company contact details, you receive behavioral insights for each lead, covering:
- Pages visited
- Time spent on each page
- Exit page
- Acquisition source
- Number of visitors from the same company
This data validates existing database information, offers fresh insights, and integrates smoothly into your CRM for unified access.
3. Use Crunchbase to get more information about your leads (and find decision-makers)
You might be acquainted with Crunchbase, but did you realize they also provide a database enrichment tool?
This resource aids in enriching existing lead data, crafting reports, gaining deeper insights into marketing effectiveness, and exploring investment prospects. While it does require a subscription, its capabilities are quite powerful.
Especially for B2B enterprises, it’s a tool worth considering.
4. Send out customer/prospect surveys to better understand your current customers and segment them
There’s an abundance of data enrichment tools available in the market, and we’ve even highlighted a few favorites in this list.
However, it’s essential to recognize that such data is accessible to everyone, including your competitors.
Collecting first-party data directly from your audience is a potent strategy to ensure the accuracy and relevance of your data for your organization’s specific needs.
Implementing customer surveys can yield invaluable insights necessary for audience segmentation, targeted upselling, and enhanced customer service.
Moreover, this approach aids in data enrichment. For instance, you can validate the optimal point of contact, inquire about overarching goals, and more.
While it may require more time and effort, leveraging first-party data provides unique insights that can’t be obtained elsewhere.
5. Use LinkedIn Sales Navigator to enrich cold calling data
LinkedIn Sales Navigator serves as an invaluable ally for B2B sales representatives, offering comprehensive insights into individuals and companies.
Primarily, sales teams can pinpoint target accounts by filtering companies based on industry, location, and other criteria.
Moreover, it seamlessly integrates with various CRMs, enabling the validation of existing data pertaining to potential leads.
By cross-referencing your data with LinkedIn’s information, you can ensure the accuracy of contact details, job listings, and more.
Consequently, armed with richer and more precise information about leads, your sales team can approach cold calls with increased confidence and effectiveness.
6. Leverage Dealfront Connect’s Chrome plugin to see contact data on any B2B website
Dealfront Connect’s Chrome extension streamlines your prospecting efforts by providing a built-in browsing tool for accessing company data online.
With Dealfront Connect, you can:
- Instantly access comprehensive company data and insights
- Identify up- and cross-selling opportunities effortlessly
- Receive real-time alerts on company expansions and other relevant updates
- …and much more!
Data enrichment means better data
Data enrichment leads to enhanced data quality, enabling your organization to make informed decisions.
With improved data, your sales, marketing, and business leaders can precisely target leads, develop more effective campaigns, and execute strategic initiatives that foster business growth.
Note: Leadfeeder, a lead generation and data enrichment tool, assists B2B companies in gaining deeper insights into their leads. Sign up for a complimentary 14-day trial to experience how we can contribute to your business’s expansion.