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When you’re running a business, there are a lot of things to consider. You’re dealing with deadlines, customer complaints, and your personal life. The last thing you need to worry about is whether your data is accurate or up to date. If you’re not using data enrichment to your advantage, you’re seriously missing out.
Here at the BBB, we know that you rely on your customer data to make essential business decisions. Whether you’re trying to improve customer service, launch a new product, or increase sales, your data is a vital part of your business.
What exactly is data enrichment?
Data enrichment is a way to ensure that your data is as accurate, current, and relevant as possible. It can be a technical process, but it’s worth the time and effort. With data enrichment, you can ensure your data is ready for whatever you need.
Data enrichment can be used in various ways. For example, you can use your current data to determine how many customers you’ve had in the past year, which products have been most successful, and which products have been least successful. You can then use that information to decide your business moving forward.
How can data enrichment impact your sales numbers?
Proper data enrichment can significantly impact your business’s bottom line. For example, if you’re trying to launch a new product, your data might indicate that your customers are most interested in buying your most profitable products.
With data enrichment, you can use that information to determine which products to focus on, which marketing campaigns to run, and which sales tactics to use. This will ensure that you’re getting the most out of your marketing efforts.
You can also use data enrichment to determine which customers have the highest propensity to buy – and then tailor your marketing and sales strategy to those customers. This is especially important for those in B2B as they can use data enrichment to target decision-makers within their sales pipeline and increase their chances of closing a sale.
How to use data enrichment to increase your sales: 4 Things worth considering
Studies show that approximately 61% of companies believe big data drives revenue by providing deeper insights into customers' behaviors. Data enrichment is an essential factor in creating these insights, but it can also help you figure out your sales strategy.
Here are four things worth considering when using data enrichment to increase sales.
1. Improve your current forms
Data enrichment can improve your current data collection processes. For example, if you use a contact form on your website, you can use data enrichment to ensure your form is as efficient as possible.
You can use this information to determine whether you need to improve your form or if you’re getting enough data from your current form. For example, if you’re not receiving enough information about your customers, you might need to tweak your form to make it more user-friendly.
If you’re receiving too much unnecessary information, data enrichment can help you identify which fields are causing your problem. From there, you can remove unnecessary fields to focus on the fields that provide the most value.
2. Allow for greater personalization
One of the best ways to increase your sales is to provide customers with the information they need to make the most informed purchase. By using data enrichment, you can ensure that your data is tailored to each customer, allowing you to provide the information your customers want. This can help you build long-lasting relationships with your customers and can help you close more sales.
3. Improve your segmentation for improved targeting
One of the most powerful uses of data enrichment is to improve your segmentation. For example, if you’re running a B2B business, you can use data enrichment to improve your segmentation, allowing you to better target the decision-makers within your sales pipeline.
By more accurately identifying the customers that have the greatest inclination to buy, you can use that information to tailor your sales strategy to those customers. This will allow you to provide the customers who matter the most with the knowledge they need to make the best possible decision about their purchase.
4. Utilize data enrichment tools to help you make the most of your data
Data enrichment can seem daunting if you aren't sure where to begin. Investing in the right data enrichment tools can help you make the most out of your data. These tools can help you combine data from multiple sources to provide a more complete picture of your customers.
This allows you to create targeted sales strategies tailored to your customers, which can help you close more sales.
Growing your sales numbers with more from the BBB
The Better Business Bureau offers a variety of educational and professional resources to help you grow your sales numbers. Whether you're looking for guidance on building a sales strategy or trying to figure out the best way to use data enrichment to increase your sales, the Better Business Bureau has the resources you need to help you reach your business goals.
For more helpful tips and tricks for increasing your sales, make sure to check out the BBB business news feed and the BizHQ.
BBB of Southern Piedmont and Western N.C. contributed to this article.