Access to the same data as your rivals can result in fierce competition. Collecting and utilising first-party, volunteered data is one technique to gain the upper hand over them. Surprisingly, first-party data alone might not be sufficient if it is unreliable or erroneous. Enter data augmentation. Data enrichment is a technique that can help you create a precise client profile from the data you already have. These precise profiles can assist you in better mapping the demands of your clients so that you can provide them across channels with appropriate content, offers, and other individualised experiences
Data enrichment comes in many types, but the most common types of data enrichment are
Socio-demographic data
Demographic data enrichment is the process of enriching an existing dataset with demographic information, such as marital status and income level. The types of demographic data you can collect are vast: for example, the number of children or type of car driven
Geographic data
Geographic data enrichment is the process of adding geographical data to an existing dataset and can provide a wealth of insights: from postal codes to geographic boundaries between cities and towns
Purchase intent data
Brands are able to more precisely assess a potential customer’s propensity to purchase thanks to data enrichment based on purchase interest and intent. Marketers can create granular, performance-focused ads by acquiring actual shopping data and product view frequencies.
Benefits of Data Enrichment
Launch more targeted marketing
Improve customer experience
Maximise customer nurturing
Enhance personalisation
Data enrichment is a continuous (and privacy sensitive) process
The process of data enrichment is ongoing and privacy-conscious. The task of data enrichment cannot be completed in one step. Even after being meticulously gathered from the beginning, client data is always changing, necessitating ongoing attention and update in order to stay current with customer demands. Businesses that ignore ongoing data enrichment miss out on chances to add value through pertinent offerings and interactions. Although data must be useful, actionable, and simple to comprehend, safeguarding privacy and compliance is a crucial component of data enrichment that shouldn’t be overlooked. It’s essential that the third-party data utilised to enrich data assets is completely consented and compliant, particularly in Europe with its stricter privacy laws. Many vendors in the market think this difficult to guarantee. tough to vouch for. Zeotap guarantees that all third-party data sources are supported by unparalleled security and compliance as the only Customer Data Platform with native third-party data enrichment software. Contact the Zeotap team for a demo to find out more about how you can integrate your data efforts and uphold the highest level of privacy on one platform.