We will cover the following:
- What is Enrichment?
- Benefits of Enrichment
- 3 Ways to Prioritize Your Enrichment
What is Enrichment? 😇
Enrichment is the process of upgrading the value or improving the quality of something like a product, service, or function that induces the target beneficiaries such as customers, employees, etc to have a better experience or deliver a deeper meaning, connection, and attachment to the product or function. The goal of enrichment is to show your customer exactly how buying your product will fit into lives and change them for the better.
You can enrich any value but you will need such tools usually when you:
- Have a deal with a lot of value in business. This is because the more value you have, the more will be the chances of errors and mistakes. Then a lot of processing can be difficult to handle manually, hence you will need the help of a data enrichment tool.
- Planning a Campaign. This is because if you don’t use reliable information to run a campaign then you will not get your expected results. Your email or cold campaign will not give you good results if you use poor data.
- Expanding Your Business. You will need the information to understand exactly how and where you need to expand so that your efforts can give good results. Poor information is one of the major reasons why businesses fail in the first place.
Benefits of Enrichment 💪
Enrichment gives you more knowledge regarding your business and customers, thus offering you more ideas to improve your company’s presence.
Here is why it is a good idea to consider using enrichment tool:
- Collect Valuable Information 🙌
We have already covered the need and importance of enrichment. You need it to make informed decisions. Then your business data to be in the right format for it to be shared with others including managers and shareholders. The fact is that businesses have to deal with a lot of information and not all of it is in a digestible format such that in a shareable format.
Enrichment makes business information shareable and improves its accuracy so that you can make important decisions. You can use this information to collect more information by coming up with the right generation technique.
Nowadays, businesses using AI to collect and manage information. This has become possible thanks to having access to information. Valuable information tells the business what clients want. If they don’t have information, they will never be able to collect more information from clients.
- Improve Your Business 🤝
Customer information in your list gets decompose every moment. Consider a simple contact list, about half a percent of it will become useless in about a year due to buyers or potential customers changing contact numbers. So it is important to keep your information clean and accurate, or your efforts will not produce good results.
For example, consider your emailing list, you prepare great emails and send them to the thousand people on your list but half a percent of the emails are invalid. This means only 500 people will receive your email, so there will be a less open rate and conversion rate on business.
How does it feel?
Enrichment solves this problem by verifying the information to ensure you have updated customer data. Also it even correct errors such as typos and remove double entries to ensure you have the reliable and correct information.
- Save Your Time and Energy 😄
We spend a lot of time and energy to maintain information. Let’s consider CRM tools, the average user spends about 6 hours per week to enter contacts, update records, and log activities into the system.
Enrichment reduces the time and effort to do the job since it allows automation. So employees become more productive and use their time elsewhere to benefits the company. You will need to invest in a reliable information enrichment tool but it is an investment worth making that helps you save money and time in the long run.
- Improves Customer Experience 🙂
Customers love interacting with websites that are really fast and takes no time in facilitating quality service. Remove unwanted information about the product and minimize brand interference, online business can win customer loyalty.
3 Ways to Prioritize Your Enrichment 👍
Here are the three simple ways to prioritize your enrichment efforts so that you can get moving with improving the online experience for your customers.
#1 Customer Focus 👀
Many brands choose to launch their new website or product to only a selected group of strategic customer accounts. If you want to enrich the subset of products that are most applicable to those customers, focus on the feature of the product that those accounts are most likely to purchase. It will instantly increase the value of your product or website and improve your chance of customer adoption.
If you want to focus on a subset of smaller accounts that you want to push them towards online ordering so that your sales representative or business representative won’t spend much time on these low-volume customer orders.
#2 The 80/20 Rule 👆
Most popular brands stats states that 80% of your sales come from only 20% of your inventory. If you focus on the feature that turns most often, then you can ensure the product detail pages that are most important to your business success are also the ones that receive the most attention.
#3 Defend Your Business Website 🦾
If you have a product that is easy to pick, pack, and ship than other items then there is a good chance you have higher competition from other online businesses. Enrich product content for a specific product that people are most likely to buy, you will see the increment of chances that people will land on your website.
Take a look at your complete list of product features and decide if there is a quality that is more conducive to online purchasing, like a lower margin product that is small enough to ship at low cost. Target content enrichment for those high-competition products before you address your larger catalog.
The B2B industry has come a long way, two decades ago the online payment was tough and customers have no trust online business but with incessant innovation, online businesses have changed the way customers interact, engage, and enjoy online business. Online businesses will continue to innovate and bring great facilities to impress customers by offering quality customer experience and instant gratification will continue to be the key to online business success and enrichment will play a vital role in it.
Do share your thoughts about enrichment with us at LeadMine.