In B2B, more data is always better.
Or is it?
The truth is, more data is better — but only if that data is accurate.
That's where data enrichment comes in.
What exactly is data enrichment and how do you implement it? I'm so glad you asked. 😁
Data enrichment is the process of turning raw data into accurate, reliable data by adding new data points and verifying accuracy with third-party data sources.
Imagine you're on Storage Wars (iykyk) and you purchase a huge storage unit. There are probably some valuable items in there, but there might also be fake luxury items and just plain trash.
To understand the full value of the unit, you sort through the unit to toss the trash and appraise high-end items.
Data enrichment is kinda the same process.
Here's a visual of how data enrichment works:
You start off with your raw data. There's a ton of it, and it isn't really that valuable.
Using third-party databases and tools, you verify the accuracy, clean up repetitive data, and add new insights.
Voila — powerful data you can use to segment audiences, build account-based marketing campaigns, and more.
Data enrichment helps organizations (and people in those organizations) make better decisions by providing access to more accurate data.
Think about your sales team — if they go into a sales call with inaccurate data, that sales call isn't going to go so well, is it?
Data enrichment doesn't just expand your data — it improves the quality of your data. That is because you don't just add to the data, you also verify its accuracy.
Verifying and improving data can highlight new opportunities you might have missed. For example, you might find one of the companies you were planning to target separated from its parent company — now you have two clients to target.
Or, you learned that a prospect was acquired by a current client, saving time you might have spent nurturing them.
Sometimes data enrichment and data cleansing are used interchangeably, which is inaccurate.
While both are related to data hygiene, they aren't the same thing.
Data enrichment is the process of verifying and enhancing data with third-party databases, while data cleansing removes corrupt, inaccurate, or repetitive data.
TL;DR: data enrichment verifies and adds information; data cleansing eliminates wrong or unusable data.
Now that you know what data enrichment is, let's talk about the how.
It might seem overwhelming — especially if you have a large database or get hundreds of leads every month.
The good news is, it doesn't have to be complicated.
Here are six strategies you can use to enrich your lead data. Don't feel like you have to use them all!
Try one or two and see how it impacts metrics like conversion and response rates. As you get more comfortable with the process, add strategies that make sense for your organization.
1. Use longer forms to gather more information about leads
This might seem counterintuitive. There is definitely an opportunity cost to longer lead forms — asking for more info does result in fewer leads filling out your forms.
It can also provide more information and result in higher-quality leads, which means sales spends less time on low-quality leads.
While this isn't as high-tech as other data enrichment strategies on this list, it is one of the simplest ways to enrich your data.
For example, rather than just asking for an email address and first name, you can ask leads for information such as:
Company size (based on number of employees)
Overall company revenue
Type of clients they serve
Whether they are looking for the solution you offer
If creating a 15-question lead gen form seems overkill, consider using a chatbot that asks these same questions. The format is less intrusive, but you're able to gather the same information.
Then compare the data you gather to data 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 site visitors based on their IP address and domain (you can read more about how it works here), and then pairs that info with our contact database.
This lets you see not just what company visitors work for, but also location, company size, and the best point of contact.
But wait, there's more! 🤗
In addition to the company contact info, you get access to behavioral data about each lead.
For example, you can see:
What pages they viewed
How long they stayed on each page
What page they exited on
How many people from the same company visited your site
This data can help verify other database information, add new information to your current database — and even be imported into your CRM so you can see it all in one place.
3. Use Crunchbase to get more information about your leads (and find decision-makers)
This data can help you enrich current lead data, build reports, better understand your marketing effectiveness, and even research investment opportunities. It is a paid tool, but it's also pretty powerful.
For B2B companies, in particular, it's worth consideration.
4. Send out customer/prospect surveys to better understand your current customers and segment them
There are a ton of data enrichment tools on the market (we've even shared a few of our favs in this list.)
However, that data is accessible to everyone — which means your competition has access to the same data.
Gathering first-party data about your audience is a powerful way to ensure your data is accurate and actually useful for your organization.
Sending out customer surveys can provide crucial information you need to segment your audience, target them with upsells, and provide better customer service.
This can also help with data enrichment — for example, you can verify the best point of contact, ask about their overall goals, and so forth.
It's more time-consuming, but provides data you won't find anywhere else.
5. Use LinkedIn Sales Navigator to enrich cold calling data
LinkedIn Sales Navigator is a B2B sales rep's best friend. It provides deep insights into people and companies.
For starters, sales teams can find target accounts by searching for companies by industry, location, and more.
But, it also connects with several different CRMs so you can verify data you already have about prospective leads.
By matching up data you have with LinkedIn, you can ensure you have the right contact information, job listing, etc.
As a result, your sales team can go into cold calls with more (and better) information about leads.
6. Leverage Cognism’s Chrome plugin to see contact data on any B2B website
Cognism enables you to reach the accounts and contacts you need to grow your pipeline. Their software combines contact, account, and event data to gain a 360-degree view of your prospect.
Advanced filters help identify companies that fit your ICP and are most likely to buy. Overall, they have you covered in the following areas:
Build lists & find contact details for ideal-fit future customers
Qualify target accounts and identify the buying committee
Refresh and enhance stale or incomplete data
Enrich your Sales Navigator search with actionable information
They also integrate with most tools and have a chrome plugin. Cheers!
Data enrichment is all about improving the quality of your data so your organization can make better decisions.
When sales, marketing, and your business leaders have better data, they're able to target leads more accurately, build better campaigns, and make strategic decisions that help your business grow.
Note: Leadfeeder is a lead generation and data enrichment tool that helps B2B companies understand their leads better. Sign up for a free 14-day trial and see how we can help your business grow.
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