How does contact data enrichment help in converting more leads?
Published on 3rd May,2023 Last Updated on 7th November,2023
Converting leads to customers requires your contact and company data to be fresh at all times, and specially during your email marketing campaigns. Besides keeping your contact data fresh, you also need to have enough data points to strategise and personalise your lead generation campaign.
Lead enrichment is this valuable process for businesses, that gives you a vast and clean set of data points, and enhances the quality and usefulness of your lead data. With the right lead data, your marketing teams can build better campaigns. They can use it to understand your audience deeply, create lookalike audiences on Facebook, and retarget users who have already visited your website or engaged with your content. Sales teams can personally connect with prospects, and tailor their pitches to specific situations, which makes the pitch more effective.
Companies that regularly update and enrich their lead data experience a 66% higher conversion rate. (Demand Metric)
Lead data enrichment can reduce the cost of acquisition by 20% and increase sales by 10%. (Sirius Decisions)
What is Lead Data Enrichment?
When you generate leads through various lead sources such as website forms, lead generation campaigns, or customer interactions, the initial data collected often needs to be more complete. Lead enrichment involves adding more information about your leads to help your sales team identify high-priority prospects faster and create messaging that will resonate with them.
Lead data enrichment is important because it helps keep your B2B lead data up-to-date and accurate. Better data enables more accurate targeting and more effective lead nurturing. Adding more information about your leads helps your sales team identify high-priority prospects faster and create messaging that will resonate with them.
Organisations that use enriched data for lead scoring and segmentation see a 77% lift in lead generation ROI. (Reach Force)
Enriched lead data can help you create more personalised outreach programmes and write a powerful follow-up when the right time comes.
80% of consumers are more likely to do business with a company if it offers personalised experiences. (Epsilon)
It can also help you standardise lead data, and have it follow a specific format.
Enriched data reduces manual research and data entry time by up to 90% allowing sales and marketing teams to focus on more strategic tasks. (Sirius Decisions)
Thus the aim of lead data enrichment is to gather information that can improve the marketing and sales process and lead to higher conversion rates.
Lead Data Enrichment Use Case:
Ascentrik Research services numerous clients in the Events and Conferences industry. As the event attendees change jobs data in the clients’ databases gets stale. When the event attendees are contacted after a few months, their email ids and office phone numbers turn out to be stale. This is why Ascentrik Research carries out contact and company data enrichment on existing leads in the clients’ databases, and solves the issue of missing and incorrect data in their company database. This clean and refreshed lead data helps the client contact the right delegates during their event marketing campaigns.
What is Company and Contact Data Enrichment?
Contact and company data enrichment is the process of adding details to existing contact and company information to create a more complete profile. It is a part of the larger data hygiene process, which is the continual practice of ensuring that data is accurate, reliable, and up-to-date.
Contact Data enrichment involves adding new and supplemental information to existing datasets. Teams then verify this information against third-party sources to increase overall value. Lead enrichment ensures your data accurately and thoroughly represents your audience.
Ascentrik Research helps you add or enrich 100+ B2B data points on every account in your target market. Our contact data includes full name, email address, phone numbers, social profiles etc. Company data enrichment parameters include employee count, revenue, location, industry, domain and much more.
In summary, contact and company data enrichment is important because it helps keep your B2B lead data up-to-date and accurate. Adding more information about your leads helps your sales team identify high-priority prospects faster and create messaging that will resonate with them.
Contact Data Enrichment Attributes:
Full Name, Email Address, Phone, Location, Social Media Profiles
Company Data Enrichment Attributes:
Name, Domain, Domain Aliases, Phone Numbers, Email Addresses, Sector (eg IT), Industry Group (eg Software and Services), Sub Industry (CRM Automation), SIC and NAICS codes, Location, Social Media Handles, Employee Count, Revenue
The problem of stale data:
Data stored in any organisation’s database gets stale very quickly as people change jobs. Users may delay updating their contact and company data on social profiles. This can lead to inaccurate email addresses and phone numbers in databases, which cause your marketing campaigns to suffer. Incorrect or incomplete data leaves you with bounced emails, unsubscribes or prospects marking your email as spam.
94% of businesses suspect that their customer and prospect data is inaccurate in some way. (Experian Data Quality)
25-30% data in CRM and marketing databases is inaccurate or incomplete. (Sirius Decisions)
Poor data quality can cost organisations an average of $15 million per year. (Gartner)
This is why company and contact data enrichment is very essential to any organisation’s lead management efforts.
How does Contact Data get stale?
Stale data is data whose quality has been compromised, because it hasn’t been updated at the frequency interval required for its productive use. Stale data can be the result of various factors, such as outdated data collection processes, bad SQL queries, and broken data pipelines.
The consequences of stale data can be severe. Stale data can undermine an organisation’s trust in data or lead to inaccurate insights, misguided decisions, and missed opportunities. In today’s fast-paced business environment, that creates organisational inefficiencies that hinder growth.
What is Customer Data Enrichment?
Customer data enrichment is the process of enhancing and improving the information you have about your customers by adding additional, relevant data points. It involves supplementing your existing customer records with more comprehensive and accurate details, such as demographics, firmographics, behavioural insights, and contact information. This process aims to create a more complete and detailed profile of each customer, which can be used for various business purposes, including marketing, sales, customer support, and analytics.
Here are some common types of data that can be enriched for customer profiles:
- Demographic Information: Details like age, gender, location, and income, which can help in segmenting and targeting customers more effectively.
- Firmographic Information: For B2B businesses, this includes data about a customer’s company, such as industry, company size, revenue, and location.
- Contact Information: Ensuring you have accurate and up-to-date contact details like email addresses, phone numbers, and social media profiles is crucial for communication.
- Behavioural Data: Information about a customer’s past interactions with your business, such as purchase history, website visits, and engagement with marketing materials.
- Social Media Profiles: Data enrichment can include finding and linking to a customer’s social media profiles, providing insights into their online presence and interests.
- Technographic Data: In a B2B context, this could include details about the technologies and software a customer’s company uses, which can inform your sales and marketing strategies.
Through customer data enrichment, businesses can create more targeted marketing campaigns, improve customer segmentation, personalise communication, increase the accuracy of lead scoring and forecasting, and enhance the overall customer experience. This leads to better decision-making, more effective marketing efforts, and stronger customer relationships.
How you can convert more leads with contact data enrichment
Converting more leads through lead data enrichment involves using the enriched information to better understand and engage with your prospects. Here are some steps to achieve this:
- Data Cleansing: Start by cleaning and validating your existing data to ensure accuracy. Remove duplicates, correct errors, and standardise data fields. Accurate data is crucial for effective lead conversion.
- Segmentation: Use the enriched data to segment your leads into meaningful categories based on demographics, behaviour, or other relevant criteria. This allows for more personalised and targeted messaging.
- Lead Scoring: Implement lead scoring models that take into account the enriched data. Assign scores to leads based on their fit and engagement level. Prioritise high-scoring leads for focused attention.
- Personalization: Craft tailored and personalised messages and content for your leads. Use the enriched data to address their specific needs, pain points, and interests. Personalization increases engagement and conversion rates.
- Multi-Channel Engagement: Utilise the enriched data to determine which communication channels your leads prefer. Whether it’s email, social media, phone calls, or in-person meetings, tailor your outreach accordingly.
- Timing: Analyse the enriched data to determine the optimal timing and frequency of your interactions. Avoid overwhelming leads with too many messages, and ensure your follow-ups align with their readiness to buy.
- Lead Nurturing: Develop lead nurturing workflows that guide leads through the buying process. Enriched data can help you understand where leads are in their journey and provide content that addresses their specific stage.
- Social Selling: Leverage social media insights provided by lead data enrichment to engage with leads on platforms where they are active. Engaging on social media can build rapport and trust.
- A/B Testing: Continuously test different messaging, offers, and approaches to see what resonates best with your enriched leads. Use the data to refine your strategies and optimise conversion rates.
- Monitoring and Feedback: Regularly monitor the performance of your lead conversion efforts. Analyse which enriched data points are most predictive of conversion and adjust your strategies accordingly.
By enriching your lead data and using it strategically in your sales and marketing processes, you can more effectively nurture and convert prospects into customers, leading to higher conversion rates and increased revenue.
By adding more information about your leads, you can help your sales team identify high-priority prospects faster and create messaging that will resonate with them.
[dsm_perspective_image src="https://www.ascentrik.com/wp-content/uploads/2023/08/data-enrichment-tools-and-leads-conversion.jpg" alt="custom data research is the best means for b2b email data enrichment" title_text="data enrichment tools and leads conversion"...
B2B lead lists, or prospect lists, have become an important aspect of businesses in today’s economy. By having a targeted list of potential customers, you can focus your efforts and resources on those who are more likely to be interested in your product or service, increasing your chances of success. Some of the major applications of a B2B lead list are cold calling, advertising and email marketing.
Reaching out to new prospects and eventually converting them into customers is directly proportional to a company’s growth and increasing revenue; therefore, leveraging a high-quality B2B lead list is beneficial for your marketing and sales teams.
B2B Data validation and enrichment is the practice of refining your existing CRM database by eliminating redundant and unwanted contact information and appending additional data points to your prospects’ records like phone numbers, industry, size of the company, designation, etc. It is one of the most beneficial practices for both your marketing and sales teams.
Refreshing your email list can be seen as an ongoing process during your marketing campaigns, as it allows you to source highly qualified leads, which enables targeting the right person with the right message. It can help your sales team with customer segmentation and lead scoring, allowing them to create personas for your prospects and craft a personalised sales pitch, improving the chances of converting them into customers.
But what is the most profitable method to get this highly valuable task done? Is it software tools for automated data enrichment or tools enhanced with data research by a team of experts? Find out the benefits of both in the article below.