The reusability of data is its superpower.
You may take the same data set, reuse it, and enrich data for deeper insights when your company launches a new product or service or wants to strengthen customer connections.
Data enrichment is a simple method that explains how to deliver better business knowledge using high-quality data. It is particularly useful in novel situations, such as when your company or industry undergoes a transformation or your business environment changes.
In this article, we will uncover the enrichment of data definition and why it’s important for business.
What is data enrichment?
Data enhancement is a method that allows firms to combine information from many sources. As a result, a united source emerges that is more valuable and useful than its individual components. This frequently entails merging internal details with information obtained from outside sources.
This is a popular technique for businesses to supplement their existing metrics and increase the quality of their conclusions. A study shows, that embellishment of facts grew by 80% and is projected to grow even more this year.
Organizations acquire facts from a variety of sources to supplement their existing input and provide better customer service. Material enhancement assists businesses in transforming pre-existing figures into a comprehensive profile that can be used to improve information analytics for in-depth insights. Businesses can utilize it to refine, improve, and reuse raw documentation in order to achieve their objectives.
3 Types of data enrichment
1. Demographic data enrichment
This includes any type of information that helps you define your users more precisely. Income level and marital status, for example, are both instances of demographic facts. When you combine demographic reports with other information about your clients, you may get a better picture of who they are.
The key to demographic enrichment is figuring out exactly what you want to do with the information you already have.
2. Geographic enhancement
This entails entering information about your users’ geographic location. ZIP codes and other postal information, longitude and latitude coordinates, and house addresses are all possibilities.
Spatial analysis is easy to obtain because there are a plethora of companies that give it. Businesses can provide a more tailored service using geospatial information.
3. Contact Enrichment
Contact Enhancement is the process of adding contact information (legitimate company emails, job titles, and phone numbers) to an existing database to create a comprehensive database of customers/leads.
Why are data enhancement services important for business?
Basically, facts embellishment:
Start a more targeted marketing campaign
Statistics enhancement and the capacity to enable smarter segmentation are the keys to targeted marketing success. Granular segments provide more effective targeting based on desires, requirements, or pain spots, as well as the ability to target certain demographics such as age groups or income levels.
Improved Customer Experience
Customers want more from businesses than ever before in this day and age. They expect businesses to anticipate their requirements and present them with unique information they can’t get anyplace else. By offering customised information based on more precise segmentation, documentation improvement is one method to achieve these customer expectations.
Businesses are better equipped to grab possibilities when they use a customer-centric approach that is tailored to individual tastes and demands. You need more than just figures to ensure that your company’s efforts to learn customers’ preferences don’t go unappreciated or are wasted in marketing campaigns that cater to the masses rather than individuals. You also need enriched data from third-party sources.
Tools for enhancement of data
The embellishment of facts is a continuous process, and it is not a one–and–done type of task. Even though user information has been meticulously collected from the beginning, it is always changing, necessitating constant monitoring and updating to keep current with customer needs. Businesses that ignore continuous data refinement are missing out on possibilities to add value to their customers through relevant offers and experiences.