1. Improving existing data
In truth, data enrichment tools can correct more than just postal codes. They also have the capacity to detect and correct duplicates and fakes in your databases, saving you time and effort by producing more accurate customer profiles. The same tools can also identify which leads are priorities, empowering your marketers to follow up with clients that are most likely to engage with your content.
2. More possibilities for personalization
Personalization has long been an important part of business, and data enrichment takes it further to adjust for consumer expectations. In fact, reports on Infosys indicate that 74% of American customers feel frustrated when marketing content is not personalized for them — and simply personalizing an e-mail with someone's name is no longer enough to get the reader hooked. Through data enrichment tools and the utilization of more demographic data, more comprehensive personalization campaigns can now be put into effect. This, in turn, drives greater customer retention.
3. Better segmentation and targeted engagement
The Internet Crime Report estimates that businesses lost over $675 million in 2017 alone from having their emails marked as spam. Data enrichment can help decrease the frequency of these issues as well. This is because, with adequate data, your sales team can focus on sending leads via targeted campaigns aimed at the right people, at the right times. Marketing Dive reports that 81% of consumers want brands to know when to send marketing emails and when they shouldn't. One example of responding to this consumer preference would be a marketer sending out a specialized campaign targeting middle-aged women — instead of the entire customer base — on Mother’s Day.