Knowing without asking, How can data enrichment increase your conversion rate?

Introduction
Knowing without asking, How can data enrichment increase your conversion rate?

Everyone is talking about Data Enrichment nowadays, but what exactly is Data Enrichment? If you search Data Enrichment, technopedia describes the following as “Data enrichment is a general term that refers to processes used to enhance, refine or otherwise improve raw data. This idea and other similar concepts contribute to making data a valuable asset for almost any modern business or enterprise.” It also shows the universal importance of proactively using this data in various ways.

In layman’s terms, Data Enrichment is the process of learning additional information about your clients that your business may find valuable. How does Data enrichment apply to you the marketer, seller, or provider of services? Let’s take real-life examples of some applications of Data Enrichment like Pipl.com; this website can gather general public information about your client.

Why don’t you give it a try? Go on over to pipl.com and search for your name and see what pops up.  I searched for my name on their website and found the following: my work history, education, and places that I lived in the past. This information is publicly available through LinkedIn. Pipl.com has combed LinkedIn, collected, and presented it in an accessible, readable format.

Data Enrichment

Now, let’s take a look at Ip2location.com, this website gathers general public information about your client, just by using their IP address. I again used myself as an example and found the following: my current city,  country of origin, time zone, area code, among other information, all in a readable format.

These are two general examples of data gathering websites that provide data enrichment of your client’s profiles. There are many data sources about your clients that can be collected and studied for better engagement.

Why is data enrichment significant for your business?

A massive issue when doing client research, or market analysis, is the lack of information on your client’s profile. This gap in knowledge can lead to incorrect assumptions about your client and their specific needs. Data enrichment is essential to your business because you can use data enrichment to make your client information complete, accurate, and to check that your data is updated.

In the examples above, you as a business can determine your client’s career, education, location, language, time zones and area code, among other relevant information. With this additional information you can proactively augment your client’s profile, and then create content that’s specific to your client’s needs.

Let’s take another real-life example; you need to send a newsletter to your client with your latest offerings and sales. Wouldn’t it be better to send clients the newsletter, in their language, at a specific time, and something of interest to them? The answer is Yes! With data enrichment, you can deliver particular content of interest to your client. You have all the tools, and the information you may need, to provide customized content and therefore increase your conversion rate.

Data Enrichment can help you to increase your conversion rate

How can data enrichment increase your conversion rate? First and foremost, start by asking yourself the following questions: what is essential to growing a conversion rate? What do we know about this client? Is this a recurring customer or a new one? How did they find us?  Have they come from searching us? Have they come from a referral? What are their interests? What are they seeking?

Learning about your client and anticipating their needs are some of the many glorious promises of data enrichment. Why do you want or need to ask your client about their details? To better serve your clients. You’ll have the answers at your disposal, and all you need to do is to process that information to meet your client’s needs.

According to a report from IBM Marketing Cloud, “10 Key Marketing Trends For 2017,” Every day, we create 2.5 quintillion bytes of data. 90 percent of the data in the world today has been created, in the last two years alone, and with new devices, sensors and technologies emerging, the data growth rate will likely accelerate even more.” All these data presents considerable challenges, for businesses, but greater opportunities as well.

The challenges are significant, with so much data being created every day, how can you, as a business, make sense of so much information about your clients. And not only is the amount of data vast, but also the data is dispersed among a large number of sources. There is just too much data to be collected and sorted through, for it to be able to be understood in a way that is useful and actionable, versus what is just plain noise.

Enrich your data to sell more stuff

The opportunities are more significant with so much data being created every day. You can learn more about your clients, learn about their likes and dislikes, and learn about their journey. Learn to cut through the noise and fully understand your clients. It’s not only about sending a newsletter with personalized content to your clients; it’s so much more than that, it’s also about enriching the content in your database, CRM, and more. You can use data enrichment to make sure your customer’s profile is more complete, correct, and up-to-date.  Your clients are sharing all sorts of information that’s publicly available, and ready to benefit you!

Data enrichment can help you understand your client’s journey and answer the questions from earlier in this presentation. You will be able to know if this client is new or an existing client, how the client learned about you and your services, what they are looking for, how long have they been looking for it, If purchased something similar in the past, and where they stand in the client journey.

The client’s journey has changed over the years, the days of the passive client receiving your messages through TV and print are over. Your clients are now engaged and extremely proactive. Your clients can now instantly find information about your product and services. Your clients are now using social media to share their experiences and communicate with you.

Social Media: A way to engage with your clients

Your clients are sharing their data and, at the same time, are also demanding customized content to get their attention. In a world saturated with information, you must learn, all you can about your clients and data enrichment is a useful tool for knowing without asking.  You must sell your products or services, to your clients, by connecting with them emotionally. With data enrichment, you can determine your client state of mind. For example, when I purchased my home, many vendors were able to target me with specific offers for home furniture and services. These businesses knew I had recently bought a house and I was looking for new home furnishings.

You must reach out to your clients in their preferred method of communication. With data enrichment, you know if your client is coming to you through social media, what device they’re using, or other methods. You can now reach them through their favorite social media account and even to their specific device such as a mobile or computer.

You must speak your client’s specific language, with data enrichment you can communicate with them in their language – not just their native language, but also their generational language Gen X, Gen Y, and well, you get the point! Each of them speaks and listen to a content tailored to them. “Knowing without asking,” with data enrichment you can meet their needs before your clients even know what they need. You can create a client’s profile and anticipate their next purchase by understanding their history and looking at purchasing patterns.

Data Enrichment also increases brand loyalty

All of these opportunities presented by data enrichment, not only improve your conversion rate but also increase brand loyalty.  Data enrichment makes it easier to build a long-term relationship with your clients instead of selling to them. You can create an emotional connection with your client, talk to them in their favorite channels, speak their language, meet their needs before they are aware of them. All of these lead to an interactive communication with your clients which directly translates to brand loyalty.

Remember the adage; “Out of sight out of mind,” if you are not connecting with your clients using the benefits of data enrichment, you are losing opportunities to meet your clients on their journey. In these times when your clients are creating content and sharing their desires, and the business is not using data enrichment to reach their clients the “out of sight out of mind,” adage is not being used to its full potential. And it will be harder to create meaningful connections and create brand loyalty with them.

Author

Jacobo Vidal

Co-Founder @ Arengu. Data & Technology geek. Curious about everything.

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