Today, reliable and accurate data is one of the most crucial assets for any business. Access to quality data can be the difference between a business and its competitors.
However, there are myriads of data and data sources on the web, which range from biodata, property data, and government information to business data.
Merely collecting and saving this raw data will have little or no benefit for a business.
Rather, enriching the raw data by collecting more from other sources will go a long way in adding value and ideas to your organization.
Dealing with several data manually is a daunting task, but thankfully, there are specific tools that can assist you in this regard. Keep reading to learn more about the benefits of these tools.
Improved Customer Relationships And Care
Every business must have a way to penetrate the minds of its customers. Knowing your client makes it easy to tailor your products to their needs.
By penetrating their minds, it means you must gather their details from as many sources as you can.
Also, businesses must find out why they make specific purchases at certain periods and determine their preferences when it comes to your products.
You must also be aware of their common issues with what you offer, along with why they choose to respond to or ignore newsletters and business emails.
You can get raw data from various sources on the web that’ll provide you with some of these answers, but it takes the employment of a data enrichment tool to obtain the finer details.
For instance, you can filter the goods a particular client wants based on their purchase history.
You can also use location data to anticipate and predict regions that have more affinity for specific products.
Hence, data enrichment ultimately boosts your insights about your clients generally, fosters meaningful relationships, and teaches you how to nurture new customers.
Since a business’s return rests heavily on various factors, which include the relationship it has with its clients, it is pertinent to take cognizance of the role of excellent customer care services.
With data enrichment, you’ll have access to frequently asked questions for every client. This will assist in giving more satisfying answers to subsequent queries.
This ETL platform will also enable you to develop impeccable communication strategies that match individual clients’ preferences.
In the long run, data enrichment allows administrators to obtain value-driven information guaranteed to evoke necessary and predicted responses from clients.
Rapid Risk Assessment
Another major advantage of using data enrichment tools in an organization is that it paves the way for a faster risk assessment, especially when it comes to insurance.
For insurance companies, a timely assessment of the risk factors and damages done to an asset is crucial to making a reliable quote.
You can use clients’ contact information to know the location of various properties they’ve insured.
In the event of damage, your knowledge of the location comes in handy, as it helps you find out if there were inherent risk factors for the damage.
Besides, you’ll be able to reliably and quickly assess the risk. Apart from the financial benefit that this strategy confers on the business, it also enables the client to have more confidence in your services.
Data enrichment tools help you make better sales in a number of ways. Firstly, better customer service and care through an individualized approach make the customer return for more of your product or services.
Besides, having the right demographic information can help you target the specific group of people that you need to advertise to.
Before the advent of this data tool, businesses paid huge amounts of money to contact centers or third parties to access client information.
However, they’ll later discover that they have the wrong set of contact details, which does not improve sales.
Hence, with the right demographic information through refined and enriched data, your database will be filled with leads that can be used to improve ROI.
Externally, data enrichment gives your business the right image among clients since you’ll consistently have a reputation for satisfying customer needs. All these lead to greater sales and improved profit margins.
Several organizations go overboard in a bid to collate, clean, refine, and organize raw data from various sources.
In the long run, these expenses eat deeply into the company’s budget. With the aid of data enrichment tools, you can do much more than gather data that might not be useful in the long run.
Spending on data enrichment tools helps you save money by storing only information that is tailored to your needs.
You’ll be able to spend on what adds value to your business and consequently divert excess funds to other aspects.
Enhance Targeted Marketing
Targeted marketing helps businesses offer needed products and services to appropriate customers. It saves costs and prevents the wastage of resources and time.
It’s the future of marketing, especially at a time when business leaders are realizing that one approach does not work for all marketing needs.
An aspect of targeted marketing helps to curb redundancy, especially when it comes to data storage and use.
Redundant data takes up a lot of space in a database, costs companies a lot of money, and yields no significant return. Rather, it leads to decreased revenue and eventual client loss.
A Final Word
Without a doubt, the role of data collection and enrichment in a business cannot be overemphasized.
However, raw data collected from various sources online and offline rarely gives businesses insight or palpable value.
Forward-thinking administrators enrich this raw data after appropriate collaboration from third-party sources to make it tailored to their company’s needs.
Today, there are myriads of tools that can help you automate this process, optimize your data field, and prevent data funnel decay.
These tools enable every member of your sales team to make informed decisions faster with the aid of refined data.
They also help administrators to make effective collaborations and necessary adjustments in their day-to-day activities.