B2B data enrichment is the process of enhancing B2B contact data with additional variables at the prospect and company levels. Sometimes referred to as data appending, data enrichment can be performed manually or with the help of a data enrichment service.
By this token, CRM enrichment is the same process of appending additional variables, but to the contacts in your CRM database since this is where most of us manage our B2B data. This can be done by integrating a data enrichment tool with your CRM and using that integration to build your customer profiles.
The level of data enrichment you need will directly depend on the quality of your data source and what that source is. So, before we delve deeper into CRM data enrichment, let us discuss what the main sources of B2B data are.
Common sources of B2B Data
The majority of B2B data will come from one of these data sources:
B2B data can come from inbound leads who directly share information with you by interacting with advertisements, landing pages, website contact forms, social media, etc.
This is a highly valuable source of data as it is sourced from the lead directly, however, it relies heavily on quality content that inspires them to take some form of action. The kind of data you get will therefore largely depend on the content material the lead comes from.
For example, a white paper offers an in-depth and well-researched piece of content about a specific topic. You can gate this type of content and require prospects who want access to it to fill out a long-form since the content material is highly valuable. You also qualify the prospect too as those who take the time to fill it out will show they are more serious candidates for becoming a potential sales opportunity.
On the other hand, offering an ebook could be used with another method which is for the prospect to provide just an email address to access it. A short, single-field form like this encourages more leads to come through but gives you very little information about who they are.
The second source of B2B data is the information that is self-sourced by internal marketing and sales teams.
This method relies on your teams to research various companies and prospects to scout for prospective leads. Tools like LinkedIn Sales Navigator can be used and the information gathered should be very close to your target market as your revenue teams are researching them. However, it presents a huge opportunity cost due to time taken away from other revenue-generating activities, which in turn lowers sales efficiency.
Paid tools like LinkedIn Sales Navigator can provide many variables on the prospects but may still lack some vital information which would limit the use of the data or may require other tools to provide the missing variables.
The third source of B2B data is third-party data providers and database vendors.
With third-party data, you can partner with providers who specialize in delivering you the data you need according to your criteria. Not only does this save your team time from getting the data themselves but also the quality of data should be much higher than any other data source.
Companies like FHG offer Data Processing as a Service (DPaaS) meaning the data you get will be processed on-demand to ensure you get accurate and fresh data that is already enriched with a multitude of variables for you to use.
Although looking for the right data provider that fulfills all your business needs can be a daunting task, getting data this way opens up a lot more sales opportunities to be generated by your revenue teams.
Using one or a mix of the methods above to source your data, there are some key ways in which data enrichment can help you learn more about your prospects. These insights can be grouped into five main categories:
- Personal data: The first component of B2B data enrichment is related to the prospects’ personal and geographical characteristics including their name, job title, location etc.
- Categorical data: The second component of B2B data enrichment is detailed categorical information on the prospect such as their gender, seniority, department, tenure, etc. Some of these details require human effort to check for variables like gender or correct seniority based on their job title.
- Firmographic data: The third component of B2B data is based around the prospects’ company information, such as company name, company size, industry, location, etc.
- Contact data: The fourth component of B2B data includes all the contact details of your prospect including email address, phone number, LinkedIn profile URL, etc.
Additional information: This can include technographic data, intent data, or engagement data that show interactions between your prospect and your company.