In simplest terms, data enrichment is when you take your existing data on customers, then utilize a third-party resource to add more data to it. For example, if you currently only have names and phone numbers, you may be able to use a third-party resource to find out an address history. This can be beneficial for many different companies from many different industries.
Data enrichment requires the use of a third-party resource. Customers often give you certain pieces of information on their own but may prefer not to disclose other information. However, if you’re able to utilize a third-party data source, you may get access to that information anyway. It’s important that you trust the quality of that third-party source since you’re likely going to rely on that information fairly heavily.
Data enrichment helps companies expand existing marketing data by adding new and valuable information. This is typically achieved through a combination of data cleaning, data normalization, and batch appending, as well as the integration of external data sources.Here are some way marketing data enrichment can help your company, and why it is important to utilize when others are: Better customer understanding: Marketing data enrichment allows companies to gain a deeper understanding of their customers by adding data points such as demographic information, purchase history, and behavioral data. This helps companies to create more targeted and personalized marketing campaigns that resonate with their customers and drive higher engagement. Improved segmentation: Enriched data can be used to create more specific and accurate customer segments, enabling companies to tailor their marketing messages and campaigns to different groups of customers based on their unique characteristics and behaviors. Increased sales: By using enriched data to create targeted campaigns, companies can increase their sales by engaging with customers who are most likely to be interested in their products or services. This can lead to higher conversion rates and improved ROI on marketing spend. Competitive advantage: Marketing data enrichment provides a competitive advantage by allowing companies to gain insights into customer behavior that their competitors may not have. This can help companies to identify new market opportunities and improve their overall marketing strategy.
Endato offers a wide range of products for both API and Search needs. Data enrichment is a category that many of our products fall into and could help improve, here are the four most common products used on Endato for helping companies with their marketing and data enrichment efforts:
Contact enrichment is used to improve contact lists with up-to-date contact information such as phone, email, address, and more.
Contact enrichment works by utilizing various data sources and algorithms to enhance the information available for a given contact or set of contacts. These APIs can be used by companies to better understand their customers or potential leads, and can help to inform marketing, sales, and other business decisions.
Person search can help companies better understand their customers and prospects, improve their marketing and sales strategies, and reduce the risk of fraudulent activity. By having access to accurate and up-to-date information about individuals, companies can make more informed business decisions and build stronger relationships with their customers.