According to Research by SnapLogic*, 77% of IT managers don’t fully trust their organisation’s data for decision-making, and 76% believed this meant their business was missing revenue opportunities.
Inaccurate or incomplete data was also identified as a primary reason for negative customer engagement and being slower than the competition to react to market changes.
Ensuring your customer data is validated at the point of entry and maintaining its data accuracy as it naturally degrades over time, is obviously crucial for your business success. However, the revenue opportunities from enriching your customer data are often overlooked.
Data enrichment is the process of adding new or missing data to provide you with greater insight into your customers. That insight can lead to improved reach, campaign targeting, engagement and, ultimately, sales.
So what sources are available to enrich your customer data while also increasing the variety of data analysis options available to you?
Here are our top five ways that you can grow revenue from your CRM data by consolidating and enriching it:
1. CREATE A SINGLE CUSTOMER VIEW
When considering your customer data, the concept of a Single Source of Truth (SSOT) is one of the most effective ways to make sure you are using your data effectively.
In its simplest form, Single Source of Truth is one data source that everyone in your organisation uses; one unique record for each customer accessed by all departments in your organisation.
Merging and cleansing disparate customer data in this way delivers a unique and accurate record of your customers and their various touchpoints. For example, house names, addresses, date of birth, and historical transactions or communications. In addition, the data cleansing undertaken as part of an SSOT initiative eliminates duplicates such as email addresses, misspelt names and addresses.
Case study example
Matrix Telematics processes intelligent telematics data for over 100,000 vehicles. The business required a single, accurate view of each of its customers, including any past accidents, defaulting and identity fraud. It would also allow their clients to offset risks in a better way. The solution would also need to cope with the vast and increasing volumes of vehicle data being processed.
Hopewiser worked closely with Matrix Telematics to cleanse their customer data and deliver the required “single view database”. This solution allowed the business to manage risks such as identifying fraud far more efficiently, saving time, money, and greatly enhancing data reliability.
The benefit of merging the company’s disparate data into a single view has been so successful that they now offer this service to their clients.
2. ENHANCE YOUR B2B DATA WITH SIC CODES
Research from Merchant Savvy reveals that there are over 5.7 million businesses in the UK. With Standard Industry Classification (SIC) codes added to your B2B contact data, you can identify each associated organisation by its primary line of business. With data enriched with SIC codes, you can analyse which verticals your existing customers operate and which are the most successful for your business, or underserved and require targeting for revenue growth.
Case study example
A long-established software provider needed to leverage existing customer data effectively to understand its customers’ primary line of business. By adding SIC codes, they categorised their client base into verticals and analysed their historical engagement. Additionally, they appended company size, employee numbers and turnover.
This project proved invaluable for business and resource planning: the company can now segment its clients into smaller users requiring self-service and larger clients where a key account manager is an appropriate choice.
Categorising their clients by size also ensured the business could tailor its marketing initiatives and communications to increase customer engagement and sales. Furthermore, SIC analysis allows them to identify which segments are top sales performers and contribute the most to annual turnover. With this information, future customer behaviour can be anticipated and predictions made on sales growth.
3. EXPAND INTO INTERNATIONAL MARKETS
If you wish to expand successfully into an international market, you need to provide the same level of service as you do domestically.
Adding International Datasets to your prospect and customer data will ensure that you offer timely deliveries, better service levels and a high level of customer satisfaction, thereby maximising profit.
Case study example
With more than 35% of properties in Ireland sharing address details with at least one other, getting deliveries of goods and services to Irish customers is a unique challenge!
The Republic of Ireland Eircode Address Database, supplied by Eircode, contains Longitude and Latitude references and covers all 2.2 million business and residential addresses in Ireland. By appending an Eircode to your data, correct Irish addresses can be found easily and quickly.
Hopewiser’s Eircode solution helped a Client improve the quality of its data capture: when entering the details of new customers in Southern Ireland within their CRM, our Address Lookup API returns both the address and Eircode data. This information is used for scheduling visits by their fleet of vans across Ireland, thus improving logistics and distribution planning.
The company has also significantly reduced failed deliveries and customer service issues which helps maintain its brand reputation. It has also had a positive impact on profits because accurate address validation optimises its postal discounts. According to our client, “The latitude and longitude data derived from the Eircode solution is of great value to the business, as this is how we plot the delivery driver’s route. It’s nice to have a consistent solution.”
4. OFFER THE MOST COMPETITIVE RATES BASED ON LOCALITY
Geographic data enrichment involves adding postal data or latitude and longitude to an existing dataset that includes customer addresses. This enrichment supports location analytics and intelligence. Adding this insight into your data can be beneficial. For example, targeted regional marketing campaigns with the most appropriate offer/context or business planning for research and demand.
Ensuring your postcode data is accurate against the Royal Mail’s Postcode Address File (PAF) and using Geographic data in addition to the PAF, can enrich address data for example with Unique Delivery Point Reference Numbers (UDPRN). You can link the postcodes in your database to a wide variety of administrative, health, and other geographic areas in which each postcode falls.
Case study examples
In December 2020, addresses from over 3 million insurance policies held by a major Insurance Company was processed through Hopewiser’s automated bulk data cleansing service. By appending a grid reference, our insurance client was able to offer the most up-to-date competitive insurance rates to its customers based on their location. This had the added benefit of improving customer experience and satisfaction.
As another example, a local Council needed to streamline its waste refuse collection service and save costs. By analysing the postcodes under its jurisdiction, the Council was able to plan waste collections more effectively. Using the intelligence gained following the data enrichment, the Council revised its logistics planning and removed one bin lorry per week, equating to a saving of £160,000 per annum.
5. MAXIMISE YOUR FUTURE MARKETING RETURNS
By adding additional data such as a bespoke dataset from Hopewiser called “PAF Amends”, you can create an accurate picture of where your future customers will be located. With this unique data set you can pinpoint new builds, both Residential and Organisational, on the Royal Mail Postcode Address File PAF, that will allow you to plan targeted marketing campaigns in advance for customers who may have a high demand for your product and services.
Case study example
A major leisure firm wanted to target new builds in residential areas within a 5-mile radius of their leisure outlets. So they added to their existing data a ‘PAF Amends’ file together with the Royal Mail Postcode Address File (PAF). By doing this, they could identify the addresses of properties still at the planning and construction stage.
A marketing campaign used this enriched data and targeted the ‘New Build’ properties. Each received a Welcome Pack, addressed to the “New Home Owner” to comply with GDPR, including money-off vouchers and incentives to visit the nearby restaurant and leisure facility.
* The research was conducted by independent research firm Vanson Bourne in May 2020 on behalf of SnapLogic. A total of 500 IT decision makers participated in the study, representing medium and large organisations across the United States and the United Kingdom.
Enhance business analysis and targeted marketing with data enrichment
, updated 15th February 2023.