To start with, what is data enhancement? Data enhancement is a process of appending data to your existing records in order to improve ROI. What information can you use to data enrich your records?
- Contact information: Emails, Addresses and Phone #s.
- Demographic data for consumer demographics such as household incomes, gender and other demographics.
- Psychographic information for consumer databases such as interests and behaviour.
- Company Demographic data for B2B marketing such as company’s revenue, number of employees, website and other similar data points.
- Social Media information: such as Twitter and Linkedin handles.
- Sometimes you can also append very specific information such as what software the company uses, credit scores and other 3rd party data.
Since it could be very pricey to enhance your CRM, the first thing one should do is identify what fields you want to enhance that are critical to your business and if possible calculate the ROI of having that field. Once you establish what fields you need the second step is to find a reputable provider. Finally, you may find that the cost of appending data is too high to perform on your whole CRM. In order to maximize your ROI on data enhancement project you may choose to cut down the cost by decreasing the records that need to be appended. Here are some ways to do so:
- Unsubscribed or Bounced Records
- Customer Records – sometimes it is important to append for customer records in order to do analysis.
- Outdated Records – If a record is in nurture it may not gain the ROI to have additional information.
- Data Points that are good to know but not critical – Sometimes knowing certain aspects are interesting but do not change your marketing or sales strategy therefore, it may not be needed to pay for it.
- Data can be found elsewhere- While data appending could be the fastest way to get the data into your CRM it may not be the best way to go. For example, direct phone numbers for B2B Marketers are not going to be always available via 3rd party providers but would be a great way to collect it via website form.
If you are looking for a way to data enhance your CRM or are looking to slice the records that you want to send to your third party provider, StrategicDB can help! We are a full service data cleansing company, find out how we can help here.