Filling in the Unknown: A Case for Data Enrichment
Earlier in my career, I was employed to conduct market analysis. My role was to understand market share, identify where we had strengths over the competition, and to document everything. I was a marketing analyst.
I studied the data, formulated a plan, acted upon it, and measured against it. This is no different than what most organizations do to understand the world that they compete in. It’s how we get ahead and how we strategize for the future.
However, there was – and frankly still is – an issue that most organizations face. Let’s call it ‘the unknown’. Your analysis is only ever as good as the data that you have at your fingertips. So, if you’re missing data, then you’re missing insight and don’t have a complete view of the scenario.
You also likely face a number of common challenges such as the following:
Overcoming the half-filled pie charts
Have you ever seen a pie chart where the largest portion is labeled ‘Unknown’ or ‘N/A’ or maybe there is even an asterisk where this portion has been removed – making the chart useless? The long and short of the story is that we are all missing data that we need. What if you could simply subscribe to the missing data in order to fill in the blanks in real-time? Let’s say for example that you’re trying to analyze your top performing industry. What if you are missing this vertical information in your data? You could go ask all of your customers, but that’s inefficient and will leave them with a negative perception about your operations. Alternatively, you can easily append this data with Business Data Enrichment to fill in that ‘unknown’ and help you to produce more accurate reports.
Getting to a single view
Like the pie chart, your single customer view is never complete if you are missing data. You may have data in disparate locations, which you can pull together with Master Data Management. But, it may also be the case that you simple don’t have the data in your systems anywhere. Perhaps you need to know where your customers live but are missing their addresses. You can append this with Reverse Phone and Address Append and save yourself the time and energy.
Creating a connection
Finally, with data enrichment, you can more easily create a connection with your customers. With more complete profiles, you can better target, segment, and personalize messaging. When the majority of companies are now competing over the best customer relationships, it’s important to be able to offer this personalized experience to create an impact.
Way back when, what I didn’t benefit from then, but do now, is having third party data enrichment services that can append missing data, fill in the blanks, and allow me to overcome a number of common challenges. Data enrichment is the fuel that you can add to your business to propel you to success. To learn more about how Data Enrichment can really help you to create a better relationship with your customers, check out our webinar on this topic.