What is data enrichment?
What is data enrichment?
Blog Article
In today's data-centric era, every business wants data so that it can make more informed decisions. Data enrichment is a process whereby available data is enhanced to add context and further information. The article will explain what this is, its types, and what significance this holds for businesses.
Understanding Data Enrichment
It means the process of enhancement and betterment of raw data through the integration of external information. Anything that could be related to marketing, say, adding records of customers or sales or any dataset in order to view it better.
Sources of Data Enrichment
Data enrichment may be derived from the following sources:
Third-party Data Providers: Many companies purchase data from third-party providers that vend demographic information, firmographic, or even behavioral insights in some cases.
Social Media: Data obtained from social media can put customer preference and behavior into context.
Public Records: More information about businesses and individuals can be acquired from government databases and public records.
Types of Data Enrichment
Data enrichment has several types depending upon the requirement of the organization.
Demographic Enrichment
It includes adding demographic data such as age, sex, income level, and education to customer data already available. Indeed, such B2B Database rich data helps organizations segment their audience effectively and paves the way for the correct tuning of their marketing strategies.
Firmographic Enrichment
For B2B, firmographic enrichment provides information related to organizations like type of industry, company size, revenue generated, etc. All this information is immensely utilized by a business to understand its target markets more effectively and find out the leads that may be generated.
Behavioral enrichment adds data on how customers use a company's products or services. Examples include purchase history, usage of the website, and other engagement metrics. From the information that shows customer behavior, businesses can personalize their offerings in ways that will improve the experiences of customers more precisely.
Benefits of Data Enrichment
There are various benefits of the process of data enrichment an organization experiences.
Enhanced Decision-Making
Enriched data provide businesses with more valuable insights into many aspects, hence facilitating well-informed decisions. This will indeed translate into effective strategic planning and efficient resource allocation.