Practical data enrichment applications in Marketing.
Data enrichment plays a key role in the modern marketing and advertising ecosystem.
There is no dearth of customer data available to today's marketers. But to draw reliable insights from this data and to run truly data-obsessed campaigns, marketers put great emphasis on data quality and quantity. There are three key questions marketers need to ask when running data driven campaigns -
- Does my customer data tell the full story of my customer behaviour?
- Do I have enough depth of data to draw accurate conclusions about my customers?
- Do I have enough data to make decisions on my marketing strategies?
If the response to any of these questions is a resounding no, then campaigns are at best perceived to be data driven and will offer basic value to business bottom lines. Data enrichment solves this issue when possible. Data enrichment bridges the gaps in data quality and quantity both and offers marketers a holistic view of who their customers are. Naturally, there are many use cases for data enrichment in the advertising world. But before we get to them, let's understand what data enrichment is.
What is data enrichment in the context of data-driven campaigns?
Data enrichment can be summarized as tools and processes that enhance data quality and quantity. There are many diverse sources of customer data - from site traffic to email lists, from CRM to social media.
However, this data is often not enough to run truly data-driven campaigns. This data is generally plain vanilla demographics and has to be substantiated and complemented with psychographic, technographic, and other forms of data about customers. This is exactly what data enrichment does. When executed well, with a reliable data tool that connects data from quality sources, data enrichment offers marketers the opportunity to create robust, holistic customer profiles. In turn, it offers marketers and advertisers nearly all data points they need about their customers to run effective, ROI-first campaigns.
Data enrichment use cases for marketers and advertisers
There are several high impact use cases of data enrichment for marketers and advertisers. Some of them include:
1. The ability to work with concise lead forms
Long lead forms often come across as invasive, not to mention cumbersome for your customers. But traditionally, concise lead forms come with the cost of not being able to capture all the information your sales team needs to pursue the lead. Marketers need to strike a balance between gathering enough information for a high-quality lead and not daunting potential customers with long forms.
Data enrichment solves for this, creating a win-win scenario for site visitors and marketers. On one hand, marketers can work with concise lead forms and request only basic information from potential leads. On the other hand, customers too get an enhanced customer experience on your site and will happily fill in lead forms that are not long and daunting. Data enrichment can source additional insights into the customer in real time and help marketers with a robust and holistic customer profile.
2. The ability to identify upsell opportunities
There is tremendous value in existing customer data. Data enrichment enables marketers to nurture existing customers in upselling. This is similar to nurturing leads at the top of the sales funnel. More data, and clean data makes it easy to identify signals that point to your existing customers' readiness to check out your other products. Data enrichment gives marketers the opportunity to expand quality and quantity of data in a significant way, offering upsell opportunities and hence, impact business revenue.
3. Enhanced segmentation opportunities
Audience segmentation is the foundation of data-driven campaigns. Enhanced ways to segment audiences is a topic of interest for all marketers and advertisers.
Data enrichment allows marketers deep insights into the target audience, offering the ability to segment along new lines that were previously inaccessible. These new segments often come along only with enriched data.
4. Superior personalization opportunities
80% of customers would rather engage with brands that offer deep personalization. We live in the era of hyper-personalization which goes far beyond just using first names in an email.
Data enrichment gives marketers the ability to personalize their communication across the buying journey of customers, based on real time insights about needs, triggers, barriers, daily routines, brand affinities, and much more.
Getting personal across the buying journey, especially in key moments, has many benefits - and with data enrichment, marketers can reap all of them.
5. The ability to find new customers with lookalike modelling
When brands enrich their existing customer data with a variety of new data sources like demographic, geographic, affinity and behavioural, they have a clearer, more holistic view of their customers. By applying lookalike modelling on top of these insights, marketers and advertisers can scale the reach of their campaigns.
For example, a leading personal care brand recently widened its audience reach for their new product launch campaign using lookalike modelling to understand which of their customers and their lookalikes visited high end salons. These customers were most likely to purchase their newly launched high end Keratin shampoo. The enhanced reach of the campaign was apparent with over 22% increase in store visits and enquiries to purchase the new high end shampoo.
From all of these use cases, it is clear that data enrichment truly empowers marketers and advertisers not just in their key long term goals but also in their everyday deliverables.
As choices abound and brands vie for customer attention and retention, the power is truly in the hands of consumers. Brands that invest in understanding these customers, their households and neighbourhoods, behaviours and affinities, will be the ones that can shape effective marketing strategy and execution. And eventually, they will be the ones that win the race.
Factori's Data Enrichment solution is ready to deliver these benefits to marketers. Holler for a demo!