Data Enhancement Techniques
Every business, be it product oriented or service oriented tends to face multiple challenges. These challenges can be in terms of production, resources, financial, sales or marketing. The marketing department of every business must work harder to satisfy their existing customers and attract new ones. This process becomes simpler with the help of data enhancement techniques.
Data enrichment, also known as data enhancement, is the process of enhancing your first-party data by completing the missing details. Data enhancement offers better insights and resources that help to implement an effective data marketing strategy. Detailed insights help in better decision-making processes and increased revenue. Data is usually obtained through various external data sources and they differ for different companies. While B2B companies use firmographic information such as employee data and revenue, B2C companies rely on purchase data or demographics.
Data enhancement provides a better ability to the sales and marketing teams enabling them to target the potential audience. Data that is correct, accurate, and organized in the right way can prove highly beneficial for right decision-making.
Business intelligence paves a way into developing effective marketing strategies. Companies are optimizing the ways in which the right data can be collected. It is important that before the data is analyzed, right technologies must be used to enhance the data collection process. Here are some of the sure-shot technologies used by businesses for data collection:
Using Internet Technology
Web marketers prefer using the internet to collect their data sources. The internet data can be active or passive. For active data collection, customers are directly asked for the data that is required. And also, for Website visitor to fill in a survey that also consists of some essential personal information. This can be a challenging way to collect information since there are privacy issues related to collection of customer’s private information.
In passive data collection, web marketers do not require the direct involvement of customers. Instead, they use the information that is stored on the website server in the form of cookies. Also, Cookies help to track user history, activities, and website searches.
Using Mobile Technology
Today, smartphones have become an evident part of our lives. This means that using mobile technology for internet marketing data collection is a smart idea. Mobile data consists of a rich source of information related to customers’ shopping activities, preferences, and behaviors.
Using Online Survey Tools
Survey tools are a straightforward means of collecting marketing data. Through surveys one can achieve answers to specific questions, which are relevant to our marketing goals. This makes it possible to understand the customer’s preferences, interests, and opinions on certain products and services and data enhancement can be done.
Collecting data using Global Positioning System (GPS) technology can benefit the local marketers. This technology helps to collect information that depicts the predictable shopping behavior of the consumers and their purchase patterns. Using GPS, we can obtain information like travel history and local competitors.
By using the information gained from the above-mentioned technology, data enrichment process can be carried out. They can be classified as three types:
1. Demographic Data Enhancement
This type of data enrichment involves data such as age, gender, qualification, marital status, number of kids, number of family members, number of cars owned, etc. Thus, it helps to enhance the performance of a marketing campaign.
2. Geographic Data Enhancement
It involves data such as postal address, zip code, office address, mapping insights, etc. This data enrichment is important for businesses to target their audience based on the geographic boundaries accordingly.
3. Behavioral Data Enhancement
This involves data related to purchase patterns, customers preferences, likes, dislikes, etc. So, it is important to understand customer behavior and provide them products and services that they would prefer to purchase.
Data enrichment is not a one-time process but a continuous one. Since consumer data keeps changing from time to time, it is important to update the collected data as per real-time scenario. If not, customers may receive irrelevant offers leading to dissatisfaction. Hence, the more updated data you have, the more satisfying results you will receive from your customers.