Business decisions are increasingly driven by data and dirty data is expensive. Organizations invest a lot of time into CRM implementation and management. All these efforts can be rendered useless if your system is fed with dirty data. This can eventually lead to lower productivity, unnecessary spending, and bad decision making.
Reports suggests that dirty data — data that is incomplete, outdated, or contains errors — costs companies up to $3 trillion each year.
That’s a sizeable loss when you look at it like that! This is because dirty data trickles down to a large variety of problems.
Duplicate data is just one use case. When contact and company databases are redundant, not only do you end up paying a lot of money for data storage, but your sales and marketing campaigns also suffer. Outdated data a bigger issue. Company revenues rise and fall, employees switch jobs and there are mergers and acquisitions. In such situations, contact and company databases are highly likely to fail to keep up with the ever-changing market.
Campaigns suffer, Sales Development Representatives waste time on wrong or outdated data, sales operations spend crazy amounts of time of data prep leading to enormous losses!
The 1/10/100 Rule determines the “Cost of Quality”. The rule states that…
Prevention is less expensive than correction, and correction is less expensive than failure.
Assuming Cost of Prevention = $1. Then…
Cost of Correction = $10
Cost on the event of failure = $100
It would make more sense to invest $1 in prevention than spend $10 on the correction. Furthermore, it makes more sense to spend $10 on correction than spending $100 at the event of failure.”
What is Data Enrichment?
Data enrichment refers to tools and processes that enhance, or otherwise improve raw data. For sales reps, data enrichment mainly serves to add rich B2B customer data (demographics and firmographics) to build a richer profile of their potential and existing customers. Enhance your existing data by finding and adding more relevant and exclusive information to it. Enriched data provides more information about your existing and potential customers offering you a great head-start to efficient prospecting and better opportunities.
CRM data enrichment is all about appending rich data to your CRM. This is done most effectively by using a sales intelligence or data enrichment tool, either integrated with your CRM or stand-alone, and use the application to add useful contact and company data, such as firmographics, technographics, to your B2B prospect database.
Why is Data Enrichment Important?
Industry sources say nearly 67% of businesses use CRM data to target customers and 94% of businesses believe their customer database is inaccurate. At the same time, the size of customer databases doubles every year.
It is tempting to put off dirty data prevention for until something actually goes wrong. But studies suggest it takes $1 to prevent bad data from entering your systems, $10 to cleanse and dedupe it and $100 if you don’t take action.
With consistent CRM data enrichment, you’ll be sure to stay on top of changes happening in your CRM accounts. Whenever one of your contacts joins a new company, changes his business contact information, implement new technology or changes office, the information will be appended to the right account in your CRM automatically.
Data enrichment refreshes your marketing and sales data through various channels like firmographic, technological, event and contact data. It cleans up irrelevant, outdated, invalid, and duplicate data from your datasets. Regularly refresh your data to fill in the gaps, replacing inaccurate data with accurate information.
Given below are some common use cases.
Discover new prospects
Sales and Marketing teams are often expected to work with inadequate customer records. What if you could get access to better prospect data? What if you could enrich your existing customer records in real-time?
Enrich existing contact database
Enrich leads you receive from trade-shows or events directly from your CRM or marketing automation platforms. Start with a name or domain name and we will deliver multiple fields of relevant and useful company and contact information. Not just contact information, CRM data enrichment can add value to
- Contacts (demographics)
- Accounts (firmographics)
- Technology (technographics)
Shorter sign-up forms
Reduce the number of fields on your website contact forms to achieve more form completions with reliable data enrichment.
Improved lead scoring
Leverage CRM data enrichment to ensure your data is complete and of high quality. You will be able to sync company and technographic data to your CRM in real-time to facilitate better lead scoring.
Boost ABM strategies
Know more about your prospects with 50+ relevant and accurate data points. Since you have more information about your prospects, you can identify and prioritize your target accounts, personalize and craft better messaging.
We, at SMARTe Inc, provide contact and company data to help businesses find their ideal prospects with 100% accurate, customized, and human-verified data. Get refreshed data in real-time without manual intervention and thereby increase CRM data efficiency. It also means that your team always has access to fresh and updated information.