5 Data Enrichment Strategies for B2B Marketers and Sellers Key strategies to approach data enrichment
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Business Transformation and Data Quality Organizations across the globe are undergoing business transformation. Some of these transformation initiatives include measures to enhance customer experience, improving sales productivity, becoming more relevant to their customers, and more. If you look at what fuels these initiatives, it is data.
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Account-Based Marketing: Successful ABM practicing organizations are the ones that are able to target prospects based on their current needs. For instance, an organization practicing ABM to sell their software solutions has to target its prospects based on their technology stack, their buying cycle and the stage the prospect is in, and more.
Knowing that the information they have about these prospects is time bound, it becomes important for these organizations to enrich their target account data on a regular basis. Enriched data ensures possibility of relevant conversations and campaigns.
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Omnichannel: Omnichannel is an extension of ABM in many ways. It is an approach to target the selected prospects with seamless content and experience across channels. Once again, the success or the effectiveness of omnichannel execution depends on the data upon you base your campaign.
Therefore, data that either resides within the enterprise silos, or on the cloud, or is part of a well-integrated data flow - forms the basis of several decisions that transform businesses. While there is a lot of focus on data management, i.e., to manage, govern, secure and analyze data – it is essential to ensure that the data is high-quality, up-to-date and continuously enriched. 4
The need to end the data status quo The rate of your customer data decay depends on several factors ranging from your consumer type to the industries you serve, their geography and more. Some industries such as entertainment, advertising, high-tech, F&B — are highly susceptible to data decay. Errors can cause the very data in your sales systems or CRM you rely upon to make daily and key business decisions, to become unfit for use. Here are some factors to be mindful of:
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As much it is challenging to ensure data quality, it is equally challenging to enrich data on a continuous basis, due to various reasons. One-time fixes aren’t enough: Some organizations rely on sales and service teams for the last mile data sanctity. And more often that not, it becomes a case of one-time new data append and not an enrichment of existing old data. Therefore, the status quo of existing data gets maintained. Lack of two-way marketing approach: Organizations that rely purely on inbound-only approach, tend to keep on updating their records with more data and the onus of data quantity lies with the prospects who fill in the web forms or social media and the channels through which they get in touch with the organization. Lack of outbound strategies, makes organizations not to invest much on data enrichment and therefore no segmentation, personalization, etc.
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Prioritize data integrity check Data Integrity check has to be prioritized as one of the key objectives across the organization, mainly because: •
Contact data verification is best done before the bad data reaches your databases.
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Make regular contact data health checks a routine part of your marketing operations.
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Centralize your contact data hygiene, then publish the clean data back to the applications and systems that use it.
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Sync your clean contact data across systems – using data integration, data quality, master data management, or simple API synchronization.
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5 Strategies for B2B Data Enrichment The more context rich your data is about your customer, the more relevant you are to your customer. It not only improves the engagement with your customer organization but also has a significant improvement on the overall user experience. The insights derived from enriched data helps you in segmenting your prospects, mapping the right product for the right prospect, improving your understanding of their buying intent, and more.
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1. One-time Enrichment Tradeshows and events are a significant part of any B2B organization. Invariably, marketers and sellers tend to get several leads as part of these events, and in most times, these leads have very minimal information. It not only means a lot of missing data while updating it to your CRM and marketing automation tools, but also it hinders your personalized approach in engaging those prospects.
Therefore, it becomes important to instantly enrich the leads generated through tradeshows and other events, and thereby setup the newly appended CRM data for segmentation and hyperpersonalization.
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2. Real-time Inbound Lead Enrichment As organizations continue to scale up, inbound leads are created in large volumes through various sources such as blogs, social media, webinars, whitepapers, solution briefs and more. To smoothen the lead registration process, marketers often prefer to have minimal fields on the web forms. Therefore, the leads created have minimal details such as email address and a name.
It would ideal to set up a real-time inbound lead enrichment process, so that the volume of leads is translated into actionable account information. Thus, you can segment these accounts into the ones that are sales-ready and the ones that need to go into the nurture cycle.
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3. Data Enrichment Beyond Firmographics In the race to generate demand and attract more leads, we all come across fake lead information, every now and then. At the same time, B2B marketing is increasingly moving towards mass personalization. This indicates a huge gap between the quality of account information that comes into the marketing systems and the kinds of experience B2B marketers want to deliver. Therefore, data enrichment should not stop with firmographic information such as industry, revenue, employee size, etc. but also include rich contextual data about prospects and customers to instantly be relevant to their current pursuits. Skipping the larger picture of data enrichment might significantly hinder the penetration of targeted accounts.
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4. Provision for Bulk Data Enrichment Several marketers tend to rely on third party apps for data enrichment to not only enrich net-new records but also continuously enrich existing account data. Therefore, it is important to not only allow integration with business applications but also allow simple upload of spreadsheets with existing account domains for bulk enrichment.
Continuously enriched data ensures that B2B marketers and sales professionals to have access to the right data, at the right time, about the right prospect/customer.
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5. Account-Based Enrichment Enriching account data can surge the success rate of your account-based marketing efforts by spending time only on the accounts that matter. By enriching and populating the required fields of information, you can get a 360° view of your customers and prospects and identify the accounts that may be looking for your products and why. For example, certain accounts hiring a lot of sales professionals might indicate a scale up, and therefore a possible opportunity to sell a sales management solution. Whereas, enriched information on the prospect account’s tech stack might indicate how much of a fit the sales management solution is, to their environment.
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Fiind Data Enrichment App With Fiind’s Data Enrichment App, the only data that you need to have about your prospect/customer is their domain name. So, what starts as an email or domain name transforms into an enriched organizational profile, with not only actionable firmographic information but also customer signals on buying intent and product fit to identify your total addressable market and serviceable market. Powered by its reliable machine learning algorithms, Fiind takes a holistic approach to enrich data and maintain data integrity. Its AI driven sensors constantly look for updates in data or events, thereby activating a bot that knows where to look across the web to get the maximum value.
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Case studies Solutions
Global Systems Integrator
Enterprise ISV
• Sales missing targets • Unhappy with leads
+1 hr/day
Improvement in qualified marketing leads through targeting of buying Signals, integrated with Dynamics CRM.
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Fiind enables to transform marketing with the ability to sense and respond to potential customers based on buying signals. We now have the equivalent of a Marketing GPS.
Productivity & Platform • Accelerate cloud • Enable partners
• Commercial expansion • Enable product launches
• Growth ambitions • Account based Mkt
+55%
Ganesh Ramakrishnan CEO, iLink Systems
Data Sciences Platform
>2X lift
1K+ leads
Saved by focusing on the right Signals with the right accounts, integrated with SFDC CRM.
Identified the right leads and message, based on 50+ Signals mapped to the value proposition.
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Identified the right leads and message, based on 50+ Signals mapped to the value proposition.
Fiind amplifies our sales IQ with easy to use customer buying signals on everyday tools like CRM and Email.
Greg Jung VP – Marketing, Civis Analytics
Igor Rikalo COO, O9 Solutions
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In O365 conversions. Identified right upsell/crosssell customers for O365, CRM, Azure and SQL.
We took a different approach by listening for customer signals that signified buying intent. Fiind’s solution built on Microsoft Azure resulted in over 2X improvement in conversions.
Nicolas Facon Sr. Director, Microsoft
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