Lead Enrichment, making the Most of Your Data
Here is a situation almost every salesperson has faced at some point – you identify an account, find the right decision maker, do all your due diligence, and then you dial the number. A call later, you find that the person left the company last year and never updated their information. At other times, your cRM might show different people for the same job profile or conflicting contact information for the same person.
B2B marketers are prioritizing database maintenance and hygiene with each quarter. To ensure that marketers can identify and reach the right person at the right time, data enrichment is the most commonly used method to have accurate contacts.
Frequent updates work to remove inconsistencies in the database by frequently validating the existing data. So if a person switches their company, job title, or contact information, enrichment automatically finds the most recent information and updates the records in the database. This level of double-checking is often impossible for an internal team but is one of the key benefits of a data provider.
Overall, enriching inconsistent and outdated data is one of the fundamental requirements of building a robust sales and marketing process.
So What is Data Enrichment?
The process of combining raw data from your internal resources, let’s say your CRM, with data from other internal or external data sets is known as data enrichment. For any company, enriched data is a valuable tool because it transforms raw data into usable insights. The vast majority of companies enrich their raw data to use it for decision-making and prospecting.
Studies show that around 91% of companies with more than 11 employees use CRM software for sales and marketing. Poor CRM data stifles income, sales efficiency, forecasting, and, ultimately, business growth. Your sales team is having trouble filling the funnel, your predictions are off, and your goals are eventually missed.
Here are some of the eye-opener statistics for bad data. Bad data has an annual financial effect of $9.7 million on companies and causes salespeople to waste over 27% of their time.
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Improve the accuracy of Data
One of the most basic and widely used approaches is to combine data from different sources. If we use the email list as an example, after cleaning it, the next step would be to enrich it. This is something you can do with data from your CRM system or data purchased from a third-party vendor. If you add details like location, field, and full name to the addresses, your email list becomes more useful for segmentation, targeting, and outreach.
Data points decay every week. If you email someone or call them after 12 months, you will find many people have changed their jobs, got promoted, or changed numbers. As you collect customer information from various formats, adding data from one group to another can be challenging. To truly enrich a data set, you need to make all the values you want to combine have a digestible format. Consider the case of an emailing list. You have written amazing emails and have sent them to your list of 2000 people. However, 40% of the emails are no longer valid or relevant. That means your email has only reached 800 recipients.
Get Advanced-Level B2B Data, take your prospecting to the next level with full data from our app in just a few clicks. Enrich existing data with as little as an email address.
Are you afraid of having this type of list in your CRM? Request a demo to see how we can help you enrich your CRM data.
Walter Contreras July 29, 2021
Binox improves your sales process by sourcing 95% Human verified leads that fit with your target market. While maintaining your PSA and CRM databases in sync.