How you utilize data can make a huge impact on your business. With the right analytics backing each decision you make, you can feel confident in the future of your brand. Strong, consistent data is what separates good companies from great ones.
In order to take advantage of data, you first must be able to acquire data by tracking your customers’ activity. In today’s business landscape, almost every major corporation uses some form of consumer tracking to get information on their customers and competitors.
Once you have this data, you must then organize it so you can access and read it easily. These metrics are of no value to you if they are just a bunch of jumbled numbers on a screen.
Lastly, you must be able to protect this data against cyberthreats. You must also ensure that it is routinely updated and monitored for accuracy.
Without following these three steps, your business will be far behind compared to the market leaders in your space. Now, if you are new to the world of data, this may seem like a lot to undertake. Fortunately, there is a one-stop shop solution to accommodate all of these needs:
What Is Data Enrichment?
This term is used to describe the process of supplementing and enhancing acquired data with additional context gathered from different sources. Essentially, data enrichment is the process of making your data better.
Data enrichment practices increase the efficiency of your work by organizing your data through automation and storing it in a secure, accessible space. Using AI, these methods of enrichment are able to provide valuable insights that are virtually impossible to obtain otherwise.
The bottom line is, when you have high quality information about your consumer base and the market, your business performs better. It is a simple concept to understand, yet for most companies, it is a difficult one to put into practice.
Typically, you need a solid team of data analysts and engineers to operationalize your data for you. This can be a costly investment up front. For that reason, many businesses choose to shy away from data enrichment and stick to their traditional, static data.
However, many of these companies fail to realize the immense potential their businesses have with advanced analytics.
With the rise of social media ads and online placements, the marketing space has become increasingly competitive in recent years. As a result, tons of businesses today are wasting thousands of marketing dollars every month with little to no results.
Enriched data helps you find new target audiences, as well as capitalize on the ones that are performing well. Using high-tech automation, you can find obscure trends about your customers, products, and your competitors. You can use this data to guide your marketing decisions.
Even if you think your marketing is already perfect, it is more than likely that you can still improve it with better data. Even companies like Facebook and Google are constantly working to better their ROI and acquire new customers.
With enriched data, you are able to improve the overall customer experience. It is important to acquire as much data as you can about your consumers, especially when they are interacting with your brand.
Enriched data will allow you to find out exactly what your customers like and dislike about their experience. For instance, if you have a lot of traffic to your company site, but it is not translating to sales, you can use your automated data to find out why.
You can see what products are being sold and which ones are sitting on shelves. You can discover which pages that customers are spending the most time on and which ones are being x’ed out of quickly. You can also find out at what point people are clicking off your site.
With these metrics in mind, you’ll be able to make adjustments to your site to improve the experience for users. Without this data in your backpocket, you are basically making guesses on how your customers feel.
You are also able to improve the productivity of your employees. When your data is organized cleanly, their decisions become faster and better. You can also transfer your data into a third party application like Salesforce and allow your employees to work collaboratively with data.
Using third party apps also increases efficiency because your workers can access all the data they need in a single location.
Data enrichment also can save you a ton of headaches by eliminating the risk of errors. When you have a computer calculating every input for you, you do not have to worry about making any mental mistakes. You can feel confident that your data is accurate and up-to-date.