Why Contact Enrichment is a Game Changer for Most Businesses
By Space Coast Daily // May 15, 2022
The business world is more data-oriented than ever before. Having reliable data that allows you to make decisions as a team is invaluable for a brand’s development, growth, and longevity.
Now, data may come in many shapes and forms, but more importantly, the quality of data can vary wildly. The same goes for all data types but especially for contacts that are essential to many businesses looking to acquire more leads, establish new connections, and many other expansive approaches.
That’s why we’re here to talk about contact enrichment and see how it can help teams reach specific goals and turn their lacking contact database into a true asset.
What is contact enrichment?
Contact enrichment or data enrichment is a fairly simple process to explain. It takes an existing database of contacts and adds new verticals and information to make it better. It’s not only an additive process but also a process of cleaning up. The concept of data decay forces us to check up and clean up our contact databases to keep them healthy.
Contact enrichment ensures that your data is relevant and has all the necessary verticals needed to help a team achieve its goals.
The benefits of predictive models
Predictive models are pretty common across all business verticals. It involves using data to attempt an approximate development on the market, the demand for something, etc. Some common examples of this are big data, predictive analytics, and business forecasting.
In a broader sense, data enrichment is crucial for this process as it ensures more accurate predictions. The same goes for contact enrichment, as this type of database is used for specific predictions or even mass surveys to assess the market and so on.
With any kind of analysis, your data must be clean and accurate. You can use questionable data to make predictions, but the predictions will also be questionable.
Combating Data Decay
Most business data changes over time, which means that a database that is relevant today will get worse and worse as time goes by, which is a phenomenon that we call data decay.
It’s important to understand just how impactful data decay can be on your data, so we will give you some stats. Somewhere between 25–30% of data decays within a year – this is between a quarter and a third of your data no longer being relevant.
When it comes to contact data, here are a few stats that will outline the importance of contact enrichment:
■ 66% of job functions and titles change over the course of a year;
■ 30–40% of people change jobs within a year;
■ 40% of people change their phone numbers over the course of a year;
■ 37% of all email addresses change every year.
The above stats should show you that your current contact database will go to waste if not maintained properly. One of the primary goals of data enrichment is getting rid of inaccurate data that creates an inefficient workflow for whoever is using it.
Preventing losses through contact enrichment
Poor contact databases cost companies money. Regardless of what you are using the database for, running into irrelevant or faulty information simply wastes time. Each employee working with your contact data will be inefficient due to the nature of the data.
It can lead to further deterioration of productivity since employees, no matter how dedicated and well trained, will lose motivation and experience frustration working with such a database.
Contact enrichment is the best way to increase the team’s productivity working with the data and improve the ROI of the specific project. When it all adds up, you’ll be saving a lot of money and improving your chances of making more, especially in terms of lead enrichment
At the end of the day, leads are contacts with specific verticals in their data set. When using your contacts database to generate leads, you can fill the difference in revenue pretty quickly if the data is on point.
If you are unsure about the quality of your database, you can always use purchase lead enrichment and remove any doubt before you start reaching out to potential new leads.
The more data verticals in a data set, the more details about contact you have. The more information you have, the better the chances of finding new target audiences for your marketing campaigns, new avenues for lead generation, etc.
Contact enrichment can go many ways, depending on what you are looking for. A professional can go through your data and find ways to identify new characteristics for your people of interest.
We hope you understand the concept of contact enrichment a bit better now and see what benefits you can gain from it. It’s an essential technique that companies that take their contact data seriously use regularly. It’s not about just having data now – it’s about having quality data that you can leverage to create new opportunities for your enterprise. Keep this in mind, as the quality of your contacts can determine the success of your projects.