What is Data Enrichment?

Data enrichment is a process which makes your customer’s data more useful by matching, merging and appending additional information to your first-party data. This includes behavioral, demographic and financial data that will provide you with a better understanding of your customers.

This is an important process for marketers and sales leaders who want to create personalized messages and experiences that drive the brand’s loyalty and encourage conversions. Data from first-party sources can only take you so far, but leveraging third-party data enrichment could help you advance your strategies to next level.

The most important factor to a successful data enrichment is setting clear guidelines. It starts by making clear your goals and setting specific targets that are measurable. Setting a goal of accuracy of 90% or higher in your customer profiles compared to an independent verification source will help you determine the amount of work left to be done.

How often you perform your data enrichment process is another important aspect to take into consideration. The data that your business collects may change over time since it is an instant snapshot at a specific time of your customers. Income levels rise and fall and marital status can https://findinternetonline.com/the-benefits-of-data-enrichment/ change, the type of car one drives could change -All of these factors could affect how your company interacts with customers.

It can be expensive to maintain a manual process of verifying and updating this kind of data on a massive scale. This is why it’s crucial to invest in a system that automates the process of data enrichment, which can be much faster and more precise than an individual data steward. Machine learning algorithms can be used to combine and match records, reducing the time that your team has to devote to data enhancement.

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