data enrichment, eyeota enrich, first party data, customer acquisition, prospecting, site personalization
Enriching First-Party Data to Drive Better Prospecting
By: Paul Kelly, Director EMEA, Commercial Development
How can today's businesses understand more about who their customers are, and use that information not only to boost customer retention, but increase new customer acquisition? The answer is data enrichment.
Brands have very specific data about their customers: what they need from the brand, and why they come to the brand to fill that need. Outside that, however, there is very little knowledge of the customer and what their other interests, wants and needs might be.
Gaining deeper insights into what customers are thinking, doing, and engaging with outside of their direct relationship with your brand can open up entirely new avenues for personal conversations. As you obtain more and more data on these consumers, you can spot patterns in behavior and identify attributes that they have in common.
Once you have a clear picture of these attributes, you can leverage that data to build out your targeted audience to a wider pool of potential customers, and win new business. By enriching data on the customers you already have, you can create a much more complete picture of who your future customers will be.
Data enrichment is the ideal solution for digital marketers and brands looking to expand data on their existing customers, in order to retarget them more effectively, as well as identify other consumers with the same attributes for enhanced prospecting. Creating these audience “cohorts” helps you build a sound marketing strategy that will stand the test of time.
The process starts with the database of customer information you already own, including characteristics, preferences and geographical data. This data is continually evolving and becoming more comprehensive, as each interaction with a customer can add high-value data points.
The data points deliver additional intelligence, such as what content customers interact with or which communication channels they prefer. Over time, common challenges begin to emerge, which can be cross-matched with demographic information and integrated with offline data, including in-store purchases, loyalty programs, and more.
Benefits of Enriched Data
Enriched data takes scattered information about your customers and pulls it together to start forming a clearer, more holistic picture. The process of enrichment fills gaps and enhances the broader scope of a consumer’s interests, behaviors and intent.
This allows you to build highly targeted content and campaigns focused on these consumer personas. You’ll be able to not only segment loyal customers for specific cross-sell and up-sell campaigns, or for new product or service development, but to improve your ability to identify and reach out to prospects for a strong start to new customer journeys.
Data collection vs data enrichment
The traditional method of data collection — data requests, or asking customers to supply data via a webform — can provide lackluster results. Few people actually fill out forms, and the more information you request, the less likely you are to get any at all, and any data you do collect may be subject to inaccuracies. This is common when customers feel they are being asked for too much data or the kind of data being sought feels intrusive.
With data enrichment, data collections pertaining to interests and behavior — typically seen as more invasive — can be minimized, and customer requests restricted to questions for data that can’t typically be filled in by enrichment processes. This leads to a more organic and honest data submission from customers.
Using data enrichment for tighter targeting
Every step of your marketing and sales funnel can benefit from enriched data. When you create a holistic, 360 picture of your target audience, you can develop the content they want to see and interact with and drive higher engagement.
With tighter targeting, you’ll achieve improved conversion rates, increase brand loyalty, and enhance customer experiences across the board. The personalized campaigns created from enriched data show you are paying attention to what matters to your customers, and providing solutions that fit with their life outside of their one-on-one interactions with your brand.
Why should you choose Eyeota Enrich as your data enrichment solution? With Enrich, you can scale your customer database swiftly and effectively. Enrich gives you the access and insights you need to build out your current customer profiles, and develop similar audiences for net new customer acquisitions.
Eyeota helps you:
Uncover insights of your customers to discover shared traits
Segment and profile customers into personas based on enriched insights
Personalize messaging and content for optimized customer experiences
Build enriched lookalike model audiences to acquire similar prospects
Activate enriched model audiences for prospecting and targeting
Whether you’re struggling due to a shortage of first-party data and the prospect of a cookieless future, or have an excess of data spread across multiple sources leading to errors and duplications, Eyeota Enrich can help.
First, Eyeota Enrich uncovers hidden insights about your customers, by overlapping your own first-party data with Eyeota audiences to identify unique and shared traits. Next, we can segment and profile customers into different personas, based on enriched customer insights from those same first-party data overlaps with Eyeota audiences.
From there, you can personalize your campaign messaging and content, based on target audience characteristics to optimize your customers’ experience. Meanwhile, we’ll build enriched lookalike model audiences, or cohorts, based on the personas of your current customers to acquire prospects with similar traits and attributes.
Finally, you can activate these enriched lookalike model audiences in your demand side platform to engage with prospects and target customers across digital channels. Eyeota Enrich is basically plug-and-play for many platforms, and we can also build out a customized solution if necessary to fit your specific existing set-up and needs.