5 Ways Data Enrichment Helps to Boost your Marketing Campaigns

If you are keen on successful marketing campaigns, do not ignore the accuracy, completeness, and relevancy of the contact information in your database. This is hugely important because you cannot successfully target your campaigns if you do not have the right information about your target audience. That requires developing or obtaining the right data sets. But, getting the right data sets usually faces huge challenges because the internet itself is ever evolving, businesses experience changes daily, people change positions frequently and even business goals are dynamic. 

It takes quite a lot of time and patience to cope with these data changes as a digital marketer. To be able to cope with these continuous data changes, you need regular data cleansing, rigorous records validation, the latest data collection tools, expertise, resources and competent manpower. All you really need is effective data enrichment to keep your database fresh, error-free, and complete. It is such data that can help you to boost your marketing campaigns.

In this article, we will be discussing the role of data enrichment in boosting your marketing campaigns and maximizing ROI in your campaigns.

1. Enabling Account-based Marketing (ABM)

Account-based marketing (ABM) is a strategic data enrichment approach that hinges on detailed insights into target accounts. It is most suitable for B2B enterprises. For these enterprises, data enrichment provides invaluable information at the account level, empowering businesses to craft customized ABM strategies. Once you enrich your data this way, your marketing efforts can be precisely tailored to address the unique needs and pain points of high-value accounts. The end result of such efforts is more fruitful and mutually beneficial partnerships.

2. Target Audience Segmentation

For marketing purposes, target audience segmentation allows businesses to improve their targeting. Therefore, if you want to tailor your marketing strategy effectively, it’s essential to group customers according to a range of characteristics/demographics which include age, gender, occupation, income level, and more. After cleansing and validating data, the datasets undergo data enrichment in which segments based on demographic and geographic attributes are created. You can thereafter gather valuable insights needed for your marketing. Based on these insights, your business can gain in-depth information about essential customer behavior pattern like purchasing history, online activities, engagement patterns, and more. Such vital insights are valuable for crafting and delivering content and offers that resonate with the customer’s needs. The end result of these efforts is usually more successful marketing campaigns and increased ROI.

3. Reduced Marketing Costs

Data enrichment directly impacts the success of your marketing campaigns in multiple ways all aimed at reducing marketing costs, particularly with:
 
Targeted Marketing: With targeted marketing using enriched data, you have better response rates and ultimately lower cost of acquiring new customers. Your marketing messages are crafted and directed at the groups such messages will resonate with because of the known insights of their demographics. Such messages tend to get better response rates and at very low marketing costs.
Efficient Resource Allocation: If you have complete information about your customers, you can better allocate your marketing resources. You can direct your marketing efforts toward the most promising prospects in your campaigns. That helps you to drastically cut down the cost of approaching unqualified leads or irrelevant audiences.
Improved Email Deliverability: With data enrichment, you can better deliver your emails to valid and accurate email addresses. This leads to higher email deliverability rates. Data enrichment helps businesses to cleanse their email lists and ensure that messages reach the intended recipients. When emails are more efficiently delivered this way, it helps to cut down costs associated with bounced emails. This directly helps to improve the overall effectiveness of your email marketing campaigns.
Streamlined Lead Nurturing Processes: Enriched data allows businesses to prioritize leads based on their quality and potential to convert. What this means is that sales and marketing teams can better focus their efforts on leads that are more likely to convert. Doing this results in a more efficient and cost-effective lead nurturing process.
Optimized Ad Spend: If you are marketing with paid advertising, data enrichment enables you to refine your targeting criteria. What this means is that your advertising budgets can be allocated more efficiently. This ensures that your ads are shown to the most relevant and likely-to-convert audiences. That reduces wasted ad spend on irrelevant impressions.

4. Prevents Data Decay

Technically, data deterioration is inevitable in any database. This is due to the frequency with which individuals change positions or titles, companies cease operations, and even mergers and acquisitions take place frequently. In such scenario, if you rely on outdated data, it can significantly impede the performance and revenue of both your sales and marketing teams. To avoid such scenario, you can rely on data enrichment to play a pivotal role in purging customer data that is antiquated, incorrect, or redundant. That way, you can directly empower your sales team to redirect their focus and efforts toward pertinent and current datasets in their prospecting activities. Significantly, eradicating data decay stands as a critical measure to ensure the efficacy of your marketing activities. This helps to safeguard your business against potential revenue losses particularly in your prospecting activities.

5. Improved Lead Scoring and Qualification

If you incorporate data enrichment into your lead scoring methodology, it provides a comprehensive view of each lead. That enables you to tailor your marketing strategy to their specific needs and preferences. This significantly helps to make your marketing campaigns more relevant and to deeply resonate with your audience. Since the benefits of data enrichment go beyond just one campaign, it helps you to judge lead quality more accurately. This allows your marketing and sales teams to work in perfect sync, thereby saving costs in terms of time and resources. If businesses can streamline their nurturing processes this way, they can zero in on leads with genuine potential and boost conversion rates.

Final Thoughts

From the foregoing, you can now clearly discern the role of data enrichment in boosting marketing campaigns and maximizing ROI. Even though there are immense benefits in data enrichment, it is however time-consuming and resource-intensive to do. Significantly, enriching larger datasets can divert resources from core business tasks. This potentially impacts productivity in the business. But, when you factor in the role data enrichment plays in improving ROI, it is worth all the efforts though since it manages to reduce the overall marketing cost and boost the ROI on marketing campaigns. This is quite significant for the survival of your business in the short and long term.