How does Data Enrichment enhance B2B Sales?
Businesses nowadays can no longer survive based on the age-old approach of simply advertising and marketing a product. It has become imperative for businesses to study, analyze and understand the target market, chalk out effective strategies to attract customers and channelize their efforts towards this niche audience, in order to succeed and sustain in the market.
Needless to say, data is the most integral and crucial part of any business; a B2B sales journey being no exception. Data not only enables businesses to recognize market trends and customer demands but also empowers business leaders by providing meaningful and important insights that help them in critical decision making.
But data is not always clean or structured. Data extracted from social media, job portals and other information websites is in its most raw and organic form, which at that stage is pretty useless for any business. If you want to have an advantage over your competitor and want to tap potential audiences to whom they haven’t reached, then you have to have access to a better, deeper and comprehensive dataset that holds some value. This can be achieved by Data Enrichment, a process where data is refined, structured and enriched before it is put to use
Let us, in this blog, understand in detail - what Data Enrichment is and how B2B sales benefit from it.
What is Data Enrichment?
- Data Enrichment is the process of converting existing data into a form that represents a complete description of the requirements of your leads/prospects.
- Typically, data enrichment consists of combining first hand internal data (for example data retrieved from LinkedIn) and third party data from external sources (derived from external interactions of users).
- The process of Data Enrichment contains many steps like eliminating outdated and inconsistent data, updating incomplete data sets with accurate data, adding freshly found up-to-date data etc.
- Data Enrichment is performed to add extra information and value to the current data to make it more useful and robust in the B2B sales process.
(Visit https://salesjarvis.com/ to know more about Sales Jarvis, a Sales acceleration software.)
Benefits of Data Enrichment in B2B Sales
One of the main reasons to carry out data enrichment is to enhance the data quality by eliminating redundant and unreliable data. High quality data increases sales efficiency and boosts revenue. However, there are other benefits as well that are associated with data enrichment. Take a look at the below points.
- Cost Savings
- Audience Segmentation
- Targeted Marketing
- Enhanced Customer relationships through Personalization
By enhancing and enriching the data, you are discarding unrequired information from your system. Investing a huge amount of money on an outdated and incorrect prospect/lead data will cost the company dearly and cause losses. Not only does it result in loss of money; it can also lead to loss of genuine and ideal customers in the process. Data enrichment gets rid of this issue, thereby resulting in significant cost savings.
In data enrichment, Customer Data Segmentation i.e. segregating your target audience into different groups based on demographics, geography, technology preference, psychography, customer behavior etc is carried out as a way to better categorize and create a well-described customer profile. This enriched, segmented data not only expands the scope and spread of the audience, but also presents newer opportunities to attract fresh customers.
Audience Segmentation enables businesses to focus on creating strategies that are customized, tailor-made to specific audiences. A one-size-fits-all marketing approach is a thing of the past. Effective segmentation as part of a data enrichment strategy helps businesses perform better targeted marketing.
When you thoroughly understand your customer requirements and preferences thanks to data enrichment, it becomes easier to personalize your communications and interactions with them. Fostering a healthy and organic relationship with a customer seems like a breeze once a customer gets attracted towards a thoughtful, well-crafted and a genuine marketing strategy that they feel understands their pain areas and addresses their business problems.
Go through some data enrichment marketing applications in this blog to understand the usefulness of the same.
How does Sales Jarvis accomplish Data Enrichment?
A sales acceleration tool, Sales Jarvis, is a Sales automation tool that automates your entire sales cycle by implementing prospecting automation, contact discovery, lead generation, email marketing, appointment generation and much more.
- Based on the criteria and filters selected, Sales Jarvis helps you identify your target audience from 25+ sources like LinkedIn/angel/crunchbase etc.
- After identifying the correct audience, data of prospective clients like their contact information and email addresses is mined. This data is also put through data enrichment processes like doing email addresses validation, discarding incorrect and out-of-date data, updating relevant and latest data etc.
- Scheduled and targeted email campaigns are executed to approach these clients and appointments are generated.
- Not only does Sales Jarvis help companies build their own workflows depending on their criteria while searching the target audience but also provides a library of already existing workflows which companies can use, some examples of which are targeting recently funded companies, targeting actively hiring companies, etc.
- Sales Jarvis doesn’t stop here, It does a whole lot of things - Connect with us now to see SALES JARVIS in action and to ACCELERATE your SALES cycle.