Customer relationship management (CRM) platforms provide businesses with tools for managing sales, customer service, and marketing. It is a cloud-based system that allows users to access their data and applications from anywhere with an internet connection. These include Hubspot, Salesforce, Zoho, Pipedrive and more.
Data enrichment refers to the process of adding more information to existing data sets in order to make them more valuable. This can be accomplished by combining data from multiple sources, applying algorithms to extract insights, or manually adding information. Data enrichment is vital because it allows businesses better to understand their customers, market, and operations. With more detailed and accurate data, organisations can make better decisions, improve their targeting and segmentation, and ultimately drive growth.
Several types of data enrichment can be performed in CRM, some examples are:
- Data around people: This can include demographic data, contact information, job title and company, social media profiles, and purchase history. This type of data can be used to segment and target customers more effectively and personalise communication and marketing efforts.
- Data around companies: This can include company size, industry, location, revenue, and competitors. This type of data can be used to identify potential new sales opportunities and target key decision-makers within a company.
- Data around finance (especially credit) can include credit history, credit score, and financial statements. This type of data can be used to assess the financial risk of a potential customer or business partner.
- Data around deals: This can include information about deals such as deal size, sales stage, close date, and expected revenue. This type of data can be used to track the progress of sales deals, identify pipeline opportunities and trends, and forecast future revenue.
Difference Between Enrichment & Standardisation
We’ve talked a bit about CRM Data enrichment, but it’s important to mention data standardisation. This is the process of ensuring all data is formatted in the same/correct format. For example, if some of your customers have addresses in London and others in New York, data standardisation would ensure that all customers have the correct format for their address (so when you expand for example, your data is standardised to meet geographic area codes).
Different Data Enrichment Platforms
These are some examples of data enrichment in Salesforce; many other types of data can be enriched and analysed to give an overview of your business performance.
Cognism – Premium Sales Intelligence
Cognism is a data sourcing and enrichment vendor that uses artificial intelligence and machine learning to gather and update data on businesses and individuals. It provides businesses with access to a large database of company and contact information and the ability to enrich that data with additional information such as social media profiles and firmographics.
- 98% Mobile Phone Number Accuracy
- GDPR Compliant
- Contextual Data Sets – Combine hiring, funding and job join triggers
- Cognism – G2 Rating – 4.7 out of 5
- Cognism has 350 G2 Reviews
SalesBolt – Prevent Churn & Grow Revenue in Salesforce
Salesbolt specialises in providing job change data. It helps businesses to identify key decision-makers within companies by tracking changes in job titles and responsibilities. This information can be used to target sales and marketing efforts more effectively.
- Customer job change data
- Reduce Churn
- ABM solutions for Sales Marketing & Customer Success
- Salesbolt – G2 Rating – 4.8
- Salesbolt has 10 G2 Reviews
- TDG B2B Difference Partner
ZoomInfo – B2B Database
ZoomInfo is a vendor that provides data sourcing, enrichment, and a data orchestration tool. It offers a large database of company and contact information, as well as the ability to enrich that data with additional information such as demographic data, technographic data, and firmographics. The data orchestration tool allows to connect and sync data across multiple platforms, such as Salesforce and Marketo.
- SalesOS, MarketingOS, OperationsOS, TalentOS Intelligence segmentation by roles
- BI and sales / marketing solutions to enable business scale
- Salesbolt – G2 Rating – 4.8
- Salesbolt has 10 G2 Reviews
- TDG B2B Difference Partner
Crunchbase – Discover Innovate Companies and People
Crunchbase is a vendor that provides deal data and growth signals for businesses. It’s a platform that tracks investment, fundraising and acquisitions of companies. It allows businesses to identify potential investment and partnership opportunities, track the performance of competitors, and gain insights into industry trends.
- Find investors, prospects, conduct market research and build product tools
- Decision maker prospecting and discovery
- Crunchbase – G2 Rating – 4.5
- Crunchbase has 226 G2 Reviews
BuiltWith – Technology Lookup
BuiltWith is a website profiler, lead generation, competitive analysis, and business intelligence tool that provides information on the technology used by websites. It allows users to see what technologies and tools a website is built with, such as which content management system, ecommerce platform, or marketing tools are being used. This information can be used for a variety of purposes, such as identifying potential clients and leads, researching competitors, and tracking industry trends.BuiltWith also allows users to filter and segment websites by technology, location, and traffic, and provides a range of analytics and metrics such as traffic estimates, search engine visibility, and social media engagement. It also provides the ability to export data to CSV and Excel. Users can use the tool with a free version that has limited access to the data, or by purchasing a subscription to access the full data set.
- Find Web Technology Trends, Leads
- Decision maker prospecting and discovery
- Builtwith – G2 Rating – 4.3
- Builtwith has 53 G2 Reviews
How does Data Enrichment improve Dealmaking?
- Data enrichment can improve dealmaking in several ways.Targeting and segmentation: Enriching data with information such as company size, industry, location, and revenue can help businesses identify potential new sales opportunities and target key decision-makers within a company. This allows organisations to focus their efforts on the most promising prospects, rather than wasting time and resources on leads that are unlikely to convert.
- Risk assessment: Enriching data with financial information such as credit history, credit score, and financial statements can help businesses assess the financial risk of a potential customer or business partner. This can help organisations make more informed decisions about whether to pursue a deal or not.
- Pipeline management: Enriching data with information about deals such as deal size, sales stage, close date, and expected revenue can help businesses track the progress of sales deals and identify pipeline opportunities and trends. This can help organisations forecast future revenue and make better decisions about where to allocate resources.
- Personalised communication: Enriching data with information such as demographic data, contact information, job title, and social media profiles can help businesses personalise communication and marketing efforts. This can help organisations build stronger relationships with potential customers and partners and increase the chances of closing a deal.
- Industry insights: Enriching data with information about competitors, investment and funding activities, and industry trends can help businesses gain insights into the industry and make more informed decisions about dealmaking.
Should You Be Using Data Enrichment?
Overall, data enrichment helps to improve the quality and accuracy of data, thus providing a better understanding of the market and the potential partners, thus making the process of dealmaking more efficient and effective.
In summary, customer relationship management (CRM) platforms provide businesses with tools for managing sales, customer service, and marketing. Supported by in-depth data enrichment more information added to existing data sets to make them more valuable to Sales and ABM teams. By combining data from multiple sources, applying algorithms to extract insights, or manually adding information.
Data enrichment is crucial because it allows businesses to understand their customers, market, and operations completely, improving decision-making, targeting and segmentation and ultimately driving growth. Some examples of data enrichment in Salesforce include data about people, companies, finance (especially credit), and deals.
