Data is one of the most important aspects of any business. Almost every decision taken in a business is empowered by informed data analysis. By using data, precise decisions are made using trends and facts, not speculation, leading an optimized decision process.
Data enrichment is the process of combining data from internal sources with data from external sources. By doing this, the data already owned is enhanced and more informed decisions can be made.
Regardless of the source, all data Being in raw form, and when collected and stored it starts in an unstructured form. Raw data must be cleaned, structured, and then enriched with external data to add even more useful information. With data enrichment, data becomes even more useful, adding additional value to it.
Types of data enrichment
There are various types of data enrichment, the two most common being:
- Demographic Data Enrichment – This involves acquiring new demographic data, such as income level, marital status, number of kids, type of car owned, etc. adding it into an existing customer dataset. This is a vast dataset and as long as it’s kept up to date, it can be used to improve, for example, personalized marketing offers.
- Geographic Data Enrichment – This involves adding relevant postal data, such as addresses, mapping insights and so on to the customer dataset. This can then be used for example, to decide store locations.
The benefits of enriched data
As stated, data enrichment makes it more useful, helping organizations better understand their customers, gaining deeper insights into their habits. An example of this would be, enriching internal sales data with third party advertisement data, to get a better understanding of the effectiveness of advertising. Some of the benefits of data enrichment are:
- Cost savings – Data enrichment reduces operational costs, because only information that is relevant is stored. The cost of maintaining huge databases with meaningless data is reduced, and that money can be used in other areas to optimize businesses.
- Helping understand customers – Having enriched data promotes personalized communications and increases the likelihood of better business opportunities. By using enriched data, communication strategies can be developed, that meet costumers needs.
- Improving customer experience – Costumers expectations are always big when it comes to their experience with brands. With enriched data, their experiences are anticipated and enhanced.
- Sales increase – By having an up to date, clean and accurate contact list, sales are increased, also offering opportunities such as cross-sells and upsells, because with the use of enriched data, the business knows it’s customers well.
Data enrichment is an ongoing process since customer data is always changing and evolving. If the process is kept continuous, customers are always provided with relevant information.
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