In today’s consumer-centric business landscape, using Big Data has become non-negotiable. Customers are generating a spectacular amount of data every day that can provide valuable insights into their buying behaviors. But, big data flows into organizations in a raw and unstructured manner, thus rendering it mostly unusable, unless you clean it.
Cleaning or standardization techniques are also termed as data enhancement. Companies seek to improve the quality of their data to witness a significant jump in overall sales! But, how exactly does data enhancement help businesses grow their sales stream? Keep reading to find out.
What Is Data Enhancement?
Data enhancement refers to a set of procedures and techniques applied to raw B2C and B2B databases that substantially improves their usability. This helps sales and marketing teams by breaking the chain of misinformation and chaos within customer records. Companies that understand the value of enhanced data equip their teams with valuable demographic, geographic, motivational, and attitudinal customer information. The process of automated data enhancement comprises –
- Purging old and new databases by weeding out duplicate and incorrect records
- Verifying and rectifying email addresses, postal addresses, and phone numbers
- Fortifying datasets by adding information from third-party players like Span Global Services
How Can Data Enhancement Drive Sales?
Data enhancement helps businesses identify the traits of their most profitable customers and the location of their residence. Here are seven advantages of high-quality data to boost sales –
Details out Customer Profiles
Enhanced data provides businesses with accurate insights on their target audience, including pain points, purchase behavior, the most preferred mode of shopping (offline/online), why they switch brands, what motivates them to refer a brand to others, and what they will most likely buy next.
If you can find answers to such valuable questions, you will be able to position your business offerings in the most engaging and personalized manner. Enhanced data also allows you to segment your clientele across multiple channels and figure out where they are at in the sales funnel. Simply put, data allows you to target your audience on the right channel at the right time to convert them into sales.
Allows Accurate Pricing
Product or service pricing plays a big role in determining whether a potential customer will make the purchase or not. Instead of relying on rudimentary studies, trial and error, or gut feeling, price your business offerings based on enhanced data. This will lead to far more accurate pricing strategies. Your brand can do this by pulling insights on factors like customer behavior across locations, seasons, etc.
Stay on Top of Trends
Gaining awareness of consumer trends, economic climate, and buying behaviors can provide your company with an edge over the competition. It will also help you predict the direction in which your industry is headed. It will also help you plan for future innovations depending on how the demands of your customers will evolve. Furthermore, if the future outlook seems bleak for your industry, you can start pivoting in another direction well in advance. Simply put, enhanced data provides you with a picture of the direction in which your business is going.
Accurately Scout Competition
Increasing your market share means more sales and one way of getting there is staying ahead of the competition. Enhanced data can accurately show you the popularity of your brand in contrast to rival brands. Additionally, if your business offerings are lagging, use reliable data to study the sales and marketing strategies of your competitor(s) to gain insight into what they are doing right. Instead of best guessing your competitors, take a data-driven approach to scout and counter rivals.
Improves Forecasting
Enhanced data can be used to run predictive analytics. Predictive analytics uses AI and Machine Learning algorithms to predict possible future outcomes based on historical data. By looking at past data, your brand can make better-informed marketing strategies, detailed business plans that enhance lead conversion, and subsequent sales generation. A study conducted by EverString and Forrester concluded that marketers who rely on predictive analytics are 2.9 times more likely to report revenue growth.
Enhances Customer Service
Personalized customer experience is critical when it comes to retaining customers. Buyer loyalty is what keeps your business stable, and also increases sales. Loyal customers spread and increase your brand’s value through word of mouth. Therefore, good customer care is essential for drumming up sales. Enhanced data helps to create a customized omni-channel experience, through which customers can interact with your brand. It can even match the most-preferred sales rep to certain demographics to improve customer engagement and, thus, improve sales.
Helps Adjust Campaigns in Real-Time
While high-quality data provides the opportunity of sending the right messages at the right time to your customers, their preferences can shift in the blink of an eye. An enhanced dataset provides updated customer knowledge in real-time that allows you to monitor changes in interests, behaviors, and engagement as they happen. Insights derived from shifting trends can prompt you to tweak your marketing campaign in real-time and increase sales.
For instance, you can entice a customer at the brink of purchase by sending them a customized coupon at that particular time. You have, perhaps, seen something similar happen right after finishing a show on Netflix. This streaming platform instantly provides you with a list of shows or movies to watch once you are done with a particular program. This list is specifically tailored to keep you hooked to the website.
The Bottom Line
Your business cannot leverage any of the benefits listed above if the data used is not enhanced. Extensive use of high-quality data provides real-time metrics that can shoot up sales. Increase customer engagement opportunities and pitch them your offerings in the way they want, with the help of data. The key in all this is to know how to apply and utilize high-quality data so that it has a big impact on your business.