What is data enrichment, and why do you need to automate it?
As a busy revenue professional, you probably already know this data enrichment definition - the process of filling in missing data from important entries. You probably know that of all the potential data enrichment examples we could discuss, the most important use case for lead generation is lead enrichment. Lead enrichment means filling in missing contact details for leads that engaged with your company by visiting your website or participating in a campaign. You spent time and money to acquire those new leads, but you can’t follow up if you don’t have their full contact info.
Simple enough. So why do you need to automate lead enrichment?
That’s also simple. Take the number of contact information fields you need to properly record and follow up with a lead (first name, last name, company name, email, etc.). Then multiply that by the thousands, or millions, of leads your company collects today (or will collect in the future). This isn’t a job that you, or anyone on your marketing or sales team, either wants to or even can do manually, on any kind of realistic timeframe.
And if you’re not rapidly following up with leads, you’re losing opportunities. Research suggests that failing to follow up with leads within an hour makes you 7x less likely to qualify them. Which means all the time and budget for capturing those leads goes to waste.
Many firms don’t respond to leads quickly, which costs them opportunities. Source: HBR
This is why many revenue professionals use data enrichment services such as Clearbit and Datafox. These fantastic data enrichment companies take your lead lists and enrich them by pulling in data from many different sources, such as Crunchbase, social media, and other channels. They’re extremely useful and take away a huge pain point.
But they don’t solve every problem in the lead management lifecycle. Data enrichment tools enrich your lead list, but can’t necessarily get those enriched leads to the rest of your stack - not just into your CRM, but also into your marketing platform for email marketing or other campaigns, database software you may use to record leads, or data analytics you may use to track user behavior or attribution. Which means more delays. And more opportunities lost.
What you need is a way to integrate your data enrichment tools - connecting them at the software API level - with the other apps in your tech stack, as well as a way to automate the data flow - setting lead enrichment data to automatically flow among both your data enrichment services and other apps - without having to manually manage the process.
Want to see how advertising leader AdRoll did this in just 10 minutes? Watch now:
See how you can get data enrichment to work for your specific use cases and tech stack by joining a weekly group demo.