How Data Enrichment Can Generate Better Leads

Gina Goanta, Chief Data Officer, BNZSA

Data enrichment is an often-overlooked area of B2B marketing strategy. But why? It’s time consuming and doesn’t give the adrenalin hits of getting straight out in the market. But without it your marketing, business development and sales teams will really miss out.

Enriched data can give you:

What is data enrichment?

Depending on the dataset you’re starting out with, it simply means adding additional data to your list of key accounts that will support your efforts from the prospecting stage through to sale.

Best practices for data enrichment

How we can help with data enrichment

3 common pitfalls when implementing a data-driven marketing strategy

The most effective B2B marketing campaigns start with a nice clean dataset – for ABM especially, but in general if your database is in bad shape, you’ll create a lot of other problems for your campaign further down the line.

In this article, our Chief Data Officer Gina Goanta explores some of the common traps that marketers fall into when planning their strategies and how you can address them.

The most common data strategy mistakes

1. Poor definition of the best customer profile

All businesses have a dream customer who they’d like to partner with for whatever reason – could be their purchasing power, their values, the reputational boost of working with them etc. But is this customer actually buying from you? Focusing on who you want to sell to rather than who actually buys from you can set your whole strategy on course for failure, as you’ll end up focusing on an audience that isn’t necessarily a good fit.

Marketing and sales really need to align from the beginning to define the best customer, not just the dream customer. Building that ideal customer profile (ICP) requires great data analysis – who buys, how much, where upselling and cross-selling happens – supported by predictive intelligence models that help identify similar accounts to target.

2. The “once and done” approach to data strategy

Too many people see data strategy as a sprint, one good clean run and its done. The problem is of course that data ages pretty quickly – you need to be able to update buying signals, technographics and contact information on a regular basis, otherwise your database becomes completely irrelevant. It’s incredibly important to stay on top of account structures and hierarchies within multinational or multi-business companies so that you know who to reach out to and when.

Maintenance and ongoing enrichment are absolutely essential, although both are very hard to deliver in-house since they require many skillsets at different stages. An external data service can really help here since you can access the right specialisms as and when you need them.

3. Lack of alignment between budgets and stakeholders

A challenge that we often encounter is that data cleaning and maintenance is paid from a different budget than the original purchase of the dataset, making it very difficult to track exactly how costly a bad data strategy can be. It means that the team feeling the impact of the flawed data are very far removed from the team who requested it in the first place. Whoever is going to use the data must be involved from the beginning. 

How we can help with your data strategy

Working with an external data provider can help address all of these things. By working with us, you’ll be able to tap into the following:

You can learn more about our Data Services here, or you can get in contact with us directly.