Technology and the role that data plays have only skyrocketed over the last few years. In today’s business world, it has never been easier to access large amounts of data, have it centralized in a warehouse and use this information to further benefit your business.
With the evolvement of data has also come the adaptation of the modern data stack, which makes it easier for businesses to analyze data. Think about it, trying to figure out billions of lines of excel data on your own feels impossible. But with the modern data stack, it is no longer impossible
There has been a growing need to continually catch up to the quickly generated data that we all now have access to. It needs to be scalable and able to be digested in the most user-friendly ways. This is why you should tap into learning about the capabilities of data enrichment.
Defining Data Enrichment
The most simplistic way to define data enrichment is to consider it enhanced consolidation. Think about the various customer relationship management tools you and your business use right now for all your different business needs—especially for sales and marketing.
More likely than not, these application platforms are designed to both source and store extremely high-quality data that includes contacts of customers, companies they are associated with, and deals they are attracted to.
But each of these categories likely also has sub-categories. This is where data enrichment comes into play. It makes it easier to digest and organize all the categories and sub-categories.
Data enrichment essentially lets you create the most incredible customer record that tracks the granular details important to provide personalized customer journeys with your business. It takes your current datasets and further enhances them through both your first and third-party data.
In fact, data enrichment allows for your customer data to be stored in your data warehouse in a way that is easily accessible and digestible to everyone in the organization. This means that each department can access this information so they can accomplish their own goals for the business without the information having to get bottlenecked by one person.
To summarize, data enrichment enhances the accuracy of data, provided additional data to your original database, and translates it all into an easily digestible data stack that helps your business deliver customer journeys that are optimized and personalized.
Why You Need Data Enrichment
Data enrichment is something that every organization should consider investing in.
If you already have reports and dashboards for data, don’t you want the best possible results when it comes to using that data to take action?
Rather than just looking at data from a broad overview perspective, data enrichment allows for different customers to be zoomed in on in detail so that every part of their customer journey and customer identity is understood.
Here is an example to consider. Say you have a dashboard that tracks the number of products delivered in the last month. But you can not break down that dashboard further to understand who has made the purchases or what purchases were made. In addition, you can’t figure out how many times the customer visited your website before purchasing, your many questions they asked your customer service team, or how many items they put in the shopping cart before finishing their purchase.
All of these questions are essential for optimizing the customer journey. So every one of the above questions needs to get answered. Data enrichment lets you actually capture the answers to the above questions and supports you in creating a complete customer profile.
Types of Data Enrichment
Of course, there are various types of data enrichment that you can consider using for your own business. These categories include behavioral data enrichment, demographic data enrichment, and geographical data enrichment.
1. Behavioral Data Enrichment
This type of data enrichment provides further information about consumer behaviors on your website or apps. It will be able to capture the amount of time they spent on a page, how often they log in, any messages that they sent, or any subscriptions they have. This information can be really great at supporting marketing campaigns to target certain consumers in the future.
2. Demographic Data Enrichment
This type of data enrichment captures further information about an individual customer. This includes everything from their job title or marital status to the city they lie in and how much income they earn. This information is equally important in creating marketing campaigns that will appeal to certain types of people.
3. Geographic Data Enrichment
The final type of data enrichment gives more insight into where customers are based in the world. This will help you understand the areas where you have a big brand presence and areas you may need to put more attention towards.
Conclusion
Data enrichment is a game changer for companies. With so many top benefits to enjoy, why delay in utilizing its benefits?
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