Why Data Enrichment is Actually All About Targeted Marketing?
Refined and enriched data provides better insight to the companies and helps them craft better email marketing strategies and other forms of social media communication.
Data enrichment helps you to append data effectively to the existing customer and potential customer records, based on a wide spectrum of information types- behavioral, household, geographic, and lifestyle related.
It is widely observed that adding more information just for the sake of it doesn’t fetch expected results. Adding more useless data to your existing database doesn’t do any good to your business.
An enrichment company basically improve your customer records by adding more information such as physical mail addresses, emails, phone numbers, names and designations of individuals to your customer record. This will refine the quality of your customer record.
1. That Magic Data Enrichment Formula: “Accurate Data + Marketing Segmentation” = Targeted Marketing”
Accurate data is actionable data. Such clean data helps you get a full rounded view of your customer details.
You need to integrate data from all possible marketing automation platforms and available sources in order to achieve this feat and tap into the actual potential of data-driven segmentation.
Accurate data enhance productivity, results and strengthen the relationships between your sales and marketing departments. It helps you to route the acquired leads to the right teams.
This process helps you solve most ‘lead distribution’ related issues usually lurking in the operations and halt your business development.
Your sales team tend to grow at a rapid pace when you can enhance the bond between marketing and sales. This way, your brand also gets more visibility among your target audience. It will contribute to improving your sales team to sell more without worrying about qualifying leads.
1.1) Find Sales Email Addresses And Get Broad Coverage Using MARKET SEGMENTATION.
Market segmentation is the process of dividing the whole market into a variety of customer segments. Market Segmentation is a part of Target Marketing which enables the decision-making process that decides the customer segments that company should take seriously.
Segmentation process has to be in place before targeting because it helps your business to be choosier about the target customers to whom you are directing their products and services.
These two processes are equally essential for confirming successful operations of your business.
Data-driven segmentation helps to craft effective marketing campaigns because it is based on the ability to identify and create actionable data. It can help you to get the sales email addresses of specific individuals your target.
This kind of data shows what value existing customers or potential customers can add to the company based on their frequency of interaction with the brand, purchasing habits, preferences and the products they are going to buy.
The companies who have such data information can drive the message home to their target customers and have a very massively positive impact on their marketing campaigns.
1.2) Improve the Quality of Your Customer Records Using Segmentation
You can improve the overall quality of your customer database if you get your records segmented.
A right way to enhance your database, Email list segmentation improves deliverability which helps you to use more than thousands of data attributes including automotive data, buyer propensity, and financial data for the enhancement process.
1.3) Find Accurate Target Customers through Data Segmentation
Develop business intelligence and create competitive advantages using market segmentation. The process gives an in-depth insight into the available market and helps your company to spot the suitable segments with greater profit possibilities. This leads you to craft more targeted micro marketing campaigns.
The customer data you acquire can help you segment the existing market systematically and find new prospects in niche markets. Using the leads from such markets, you can fuel market expansion and customer conversion in a very brief amount of time.
1.4) Why Target Customer Identification Is Important In This Process?
It is important to recognize, track and target specific demographic groups. To achieve this feat, you need to use target marketing and segmentation processes effectively.
Your ‘target customers’ demographics’ include age, income, gender, house size, geographic area, and ethnicity. It is relatively much easier to find out the demographic segments that are likely to use your product and services using segmentation process.
2. How Personalized Marketing / Retargeting Helps Your Enrichment Efforts
Personalized marketing and retargeting help you to spot the right customers whose interests and purchasing behavior suit your business and its product and services.
It is not a wise idea to go after all the customers in the market just because you have their data with you. You should be able to figure out the right customers who have a set of unique requirements and tastes that match with your business interest.
For example, some customers position themselves to be the style agents who are opinion leaders when it comes to fields like fashion. So they tend to buy products of particular styles and usually spend a lot on such products.
There is another segment of customers who are more interested in the bargain shopping. They tend to roam on the online shopping sites that sell products on discount.
Their objective is to find a good product in lowest price. So, if you don’t have a personalized marketing strategy, you won’t be able to crack the code of targeting both of these segments for your product. When your strategy is not personalized, you might end up trying to sell your product to customers who are bargain shoppers.
2.1) When Does Retargeting Work
Retargeting is a strong conversion and optimization tool that works also for a better and greater digital strategy. If you are in outbound and inbound marketing, retargeting is the key process for you to put in place.
Retargeting works highly for demand generation while using multiple tools to increase traffic. Marketing strategies comprising of targeted display, AdWords and content marketing are good for creating traffic but they might not escalate it to conversion optimization.
To get the most out of the traffic you receive, you need to work with the retargeting process.
This process helps you to gather a better realization of your targeted segments’ requirements and using this information, you can choose the segments that suit your products and services.
You can also define specific attributes of your loyal and most beneficial customers. You can also craft a strategy for future behaviors using your target audiences’ purchasing trend. Marketing companies also recognize potential customers for better and advance growth opportunities.
2.2) How Does Retargeting Work
Retargeting also called as remarketing, is a different variety of online advertising that boosts brand awareness and helps you put your brand in the spotlight even before a bounced traffic.
It is observed that only 2% of web traffic conversion happens in the first visit to a website. Using retargeting process, you can reach the remaining 98% potential customers who didn’t care to convert in their first visit.
Retargeting is so efficient in making people take notice of your brand because its emphasis is on following the people who are already familiar with your brand. Such potential customers will start demonstrating an interest in your products and service if you use the retargeting strategy. Most marketers use this process for getting higher ROI.
3. Data Mining – Through a Data Enrichment Perspective
Data Mining is the practice of searching large records of data automatically, with the help of tech platforms, to find patterns and trends that go beyond the range of straight forward and simple analysis.
They use advanced mathematical systems and algorithms to create data segments and then find out the probability of future consumer behavior. An essential part of knowledge discovery process, Data Mining helps you to analyze a tremendous amount of data and provide innovative insights.
The Main Benefits Of Data Mining Are:
- Automatic pattern discovery
- Prediction of possible results
- Funding of actionable information
3.1) How Data Mining Leads to Data Enrichment
As the process of data mining can provide you really insightful actionable information from the tremendous amounts of data, a marketer can use these predictive models to segment income based, gender based and value based demographics to craft a definitive plan for cost effective email and Database Marketing: 3 Stage Strategies for creating the Perfect Customer.
These models can exploit the customer segments to craft a marketing strategy targeting customers of high value.
4. The Important Role of Predictive Analysis in Data Enrichment
Predictive analysis helps the marketers to create personalized campaigns that lead to customized, tailor-made marketing campaigns that can make a conversion inducing impact on individual customers.
You will be able to track more data effectively once you get clean and quality data and greater ROI also will reflect the steep in the efficiency. This helps you to retarget your customers and prospects with more success.
This will transform your email and other data marketing campaigns into a very effective process and helps you to reach your target audience, reducing the number of bounces and potential blacklists and other email traps.
The predictive analyzing trait of data mining will help you to create models based on consumers’ historical data. This data will let you know the customer profiles that are likely to respond to your marketing campaigns effectively. Its successful impact can even reflect on your direct mail campaign too.
The results bring an appropriate approach for marketers to sell profitable products and services to their existing target customers and future prospects. This will help you create tailor-made discounts and other offers for specific target customer profiles.
In effect, you will attract more suitable customers for your products and services in a brief amount of time.
Using data mining process, you can identify invalid practices in data cleansing, rectify them and choose the best control parameters by applying its operational engineering data.
Data mining, in general, is also beneficial to government agencies as it helps them to dig up, observe and rationally analyze financial transaction and find patterns in money laundering activities.
4.1) Build a Better Target Market Profile through Predictive Analysis
Predictive analysis and customer segmentation and help the marketer to segregate customer profiles based on designation, skills, industry and company size, operational demographics and annual revenue. It helps you to recognize the customer segments that spend the most time online with your business.
You can also find out the customers who are satisfied with the products you offer. This also helps to a clear picture of your lucrative customer data and their behavior pattern using segmentation.
Make the most of your data base by building an accurate target market profile, using segmentation. Target other business on the same lines with your marketing efforts and lead generation activities.
5. How to Choose an Enrichment Plan Best Suited For Your Business
Whether to enrich the data on a monthly basis or update your database once in a year is completely open to the nature of your business and your business strategies.
Sometimes, if you are in a domain where customer profiles get changed in a brief amount of time, you can choose an enrichment deal where the enrichment company updates your data every three months.
If you are working in a consumer domain where customers are not likely to update their data very frequently, you can go choose a package where the data enhancement firm updates your database only in a year. In Such domain, you get a liberating space to upgrade your data only after 12 months.
There won’t be any hidden or early upgrade charges when you opt for such data enrichment packages. But in a fast changing world, not updating your database for more than six months could be a challenge too! You, as a business, should come to a conclusion about the nature of packages you want to choose.
If you are still appending data in CSV file, you are in a safe zone. Until today, collecting data in CSV file is considered as a good practice when it comes to data enrichment. Other tools such as CRM and ERP also have a loyal fan base when it comes to data enriching formats.
You need to ensure to maintain all your enriched data in a structured platform, categorized as segments so that it will help you to choose the best segments suitable for your future products and services.
Customers demand a connected experience where the business has to realize their online and offline presence, requirements and purchasing behaviors. You need to be careful enough to select the most relevant and suitable audiences to generate better marketing results both offline and online.
5.1) Use Single Platform to Store Your Data
Whenever you are about to use a data enhancement service, you can use a single platform to store your data so that it won’t confuse your various customer profiles. There are many formats available for this, such as Excel, cloud, physical servers and year on year upgrade.
5.2) Highlight Your Data with Label, Tag, Retrieve Options, Database
Highlighting your data with available tools in the industry can refine the database better. There are tools that help companies to highlight parts of their websites and marketing campaigns without having to develop or change any codes. This can enhance the possibilities of getting your campaigns reviewed better than others.
5.3) Always Do Maintain Master Data
It’s better to segregate your master data into convenient segments. It is considered that ideal segmentation can be done based on 30 fields including designation, age, gender, and skill etc.
Sometimes, companies offer ten different types of data segments that help you identify your target customers. Big companies provide 30 or more data segments- the more segments, richer and accurate your business data.
5.4) Use Master Data Management (MDM) Platforms
This is an inclusive method of technically facilitating companies to store and connect all of their most important data into a single file which is known as a master file. This master file works as a major point of reference when you want to search for a specific data segment.
When right implemented, Master Data Management system streamlines the required data sharing among various departments and individuals.
It also represents common business properties and intellectual properties which are supposed to share across the company. MDM almost cover all kinds of data- unstructured, Meta data, analytical, reference and transaction data.
6. How Enrichment Process Benefits From Master Data Management (MDM)
Benefits of master data management are plenty as it helps companies, to sum up, data and transform it into essential data knowledge. Business Intelligence is one of the finest examples of such a benefit.
There is a spectrum of benefits if you take up master data management process to enrich your data. It enables data encapsulation and helps you to convert it to the information you badly require.
In professional environments, designation of an individual can keep changing from time to time. So there can be a redundancy in the already collected data of such individuals.
It is likely to happen to every working department as every month or year; an employee may get promoted or transferred.
MDM reduced such redundancy and makes your database more effective as it places all the data centrally located with specifics.
The main issue when keeping multiple data records is that an update made to a set of data at your location can remain remote so that it won’t echo at other locations.
This makes your data exposed to data discrepancies that may have a very negative impact on your business, especially in fields such as customer relation and customer experience. MDM helps you to execute master edits (constant updating of records at all locations) and maintain data consistency.
Businesses are operated on a wide spectrum of technological platforms so you need easier data availability. You should be able to access the data in simple and fast effective steps.
MDM enables data available on many different business platforms such as cloud server, online, Software as a service and physical platform.
6.1) Effective Data Analysis Improves the Quality of Enrichment
If you want maximum benefits from your data, you should get rid of redundant, unrelated data that hampers the actual growth of your database. Bad data leads to bad data analysis and it affects the predictive analysis in a very bad way.
Your business may target customers who are not looking for the kind of products and service you offer. This, pointlessly, wastes your energy and time! Instead of wasting your expensive resources on the unsuitable audience, you should invest in MDM and get a smart analysis which is crucial to find the right prospects.
6.2) Importance of Key Data in Enrichment
MDM is a key factor in deciding the variety of data that goes into the enrichment and management processes. This will prove very useful for your business requirements, irrespective of the nature of your business.
As MDM is a prime data source, it can give the users a sense of authority and enable them with reliable information that will help all your business operations.
It is easier to permit access rights based on an individual customer’s designation of master data. This way, a particular employee will be given limited access so that he can only take care of his own work.
The administrators will have the access to monitor the whole process as they will be given access to all functional requirements.
6.3) MDM Provides Data Consistency in Enrichment Process
MDM ensures consistent data, easy operations and minimizes confusion and redundancy and enable a constant workflow reliable on all levels.
6.4) MDM Gives You Data Flexibility
One of the most important traits of MDM is data flexibility. The degree of flexibility is much better in MDM when compared to other available data management techniques. It gives you a better storage, transformations, availability and user friendliness.
In MDM, you are operating with powerful, centralized data a source that enables the users to make data backup. This will prove extremely needful when it comes to data loss and disaster management. Corrupt storage sources can cause data loss and thus end your business big trouble.
As MDM also maximizes business operational effectiveness as it makes your data easy to use for most operations and it will fetch your more happy customers.
7. The Role of Relational Databases
When modified, your database retains different versions of itself and this technical phenomenon is called data persistence. The data which stays in such fashion is called persistent data and is directly related to relational database management.
In the earlier market, the industry used to implement primitive methods for data persistence.
Today, most businesses use a relational model which plays an essential role in the transformation of big data. Understanding this platform will benefit you as other varieties of the database are usually used with big data.
In such models, data is stored in a database that carries a scheme which is a representation of what the database contains.
In a relational database, schema stands for the tables, the fields defined in the tables and their technical relationship.