B2B Data Enrichment – Why data enrichment is important for businesses?

B2B data enrichment is the practice of adding information to your B2B leads so that they are more qualified, which means they are more likely to convert into paying customers.

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This is an important part of the B2B sales process because if you are not sure whether or not someone will actually buy from you, there’s no point in calling them in the first place.

If you don’t know what products they use, who their decision-makers are, or how much money they make per year, you can’t sell them anything.

B2B Lead Generation

It’s common knowledge that businesses need leads in order to thrive and grow. What isn’t as common, however, is how these leads are generated and who they come from. The companies that can effectively generate leads can propel their growth while those that cannot experience stagnation.

Some companies even opt-out of generating leads altogether, choosing instead to focus on bringing new clients into their business using existing relationships.

Let’s look at some of the top lead generation strategies used by some successful businesses today provided in our previous blog post.

What is B2B data enrichment?

When a B2B company is trying to land a business-to-business (B2B) deal, it’s important that it has all its marketing and sales materials in order.

B2B Data Enrichment

From email campaign blasts to presentations for big meetings, your business needs to be able to display all pertinent information about your product or service in order to ensure a win.

Unfortunately, there are times when you just don’t have everything you need to make a good impression.

That’s where b2b data enrichment comes into play; B2B companies sometimes turn to b2b lead enrichment tools in order to add missing information such as contact names, industry affiliations and even social media profiles—all critical info when trying to make new connections within an industry.

By adding these details, a company can drastically increase its chances of success by knowing more about a potential client.

Sounds simple enough on paper, but implementing enrichment software can take some work from both IT departments and end-users alike.

With so many options out there, how do you know which one is right for your organization? That’s what we’re here to help with.

If you want some insight into how to choose an effective b2b lead enrichment solution, keep reading below!

Why is Lead Enrichment Important?

Lead enrichment is a method for transforming leads from one stage to another, typically from a prospect to a customer.

Lead enrichment is especially important in business-to-business (b2b) sales, since leads usually pass through multiple hands before becoming opportunities and eventually customers. Lead enrichment can happen at each stage.

Many businesses see better ROI when they’re able to move b2b leads forward in their sales pipeline by enriching their data with information about products and pricing earlier in the process.

That way, leads can be passed along to people who will have relevant conversations with them. Enriching your data allows you to more quickly engage interested prospects.

A lead’s attention span might only last hours or days if it doesn’t feel engaged in some way—so by letting prospects know how they could be more successful using your product or service, you build trust.

Trust opens doors that would otherwise remain closed. And, once open, these doors are easier to keep open because you already have something compelling that resonates with your target audience.

B2B Data Enrichment also improves conversion rates, which means that fewer leads become inactive over time; instead, more are converted into active accounts over time.

This type of activity keeps lines of communication open between buyer and seller.

Lead enrichment provides value to both sides of a transaction, as buyers gain access to information that helps them make decisions while sellers gain insight into what those buying decision processes look like.

In turn, sellers create richer experiences for their buyers as they tailor offerings to meet specific needs.

All of these positive effects add up: higher satisfaction ratings and word-of-mouth marketing based on real experiences with your brand.

There’s no magic bullet when it comes to lead enrichment; we all do things differently depending on our budgets, workflows, and other factors.

How Does B2B Data Enrichment Work

There are a few core things that all businesses need to reach their full potential. These include people, technology, and money.

However, even if you have those three items covered there is still one other thing that can help to move your business forward: data enrichment.

B2B Data Enrichment means ensuring that your data is as accurate and as complete as possible so that you know exactly who will be responding to any form of contact from your company.

Why is data enrichment important?

Well…to answer that question it’s first important to see what happens when companies don’t use it effectively.

Studies have shown that 30-50% of new contacts generated by a lead generation program aren’t viable.

In other words, they either aren’t going to become customers or they aren’t going to provide enough value once they do become customers for whatever reason.

The exact reasons why these leads fall through vary from situation to situation, but many times it comes down to lack of good information about them.

If a salesperson was trying to find out whether or not he should schedule an appointment with a prospective customer based off his research on LinkedIn and Google—only to discover that his name was spelled wrong in either place—it might make him wary about moving forward with a cold call in fear of missing another detail down the line.

Having more information available at every stage of the lead generation process increases your chances of conversion—and helps cut down on wasted time too.

It doesn’t matter how refined your product offering is; if you aren’t generating quality leads then you won’t be able to convert sales into long-term relationships.

Without data enrichment, it could mean that your sales force isn’t getting access to everything they need to go out and win deals.

For example, let’s say you recently learned about a specific promotion being offered by a competitor. You want to let your sales team know so that they can take advantage of it while also providing some guidance on how best to secure a discount for yourself.

If you haven’t already done so, enriching your existing set of contacts with relevant details could allow you to alert all relevant personnel immediately rather than spending precious time searching through old emails just to get everybody up-to-date before acting on something new. Data enrichment provides you with ways to maintain transparency across your entire organization without sacrificing efficiency.

Not only does it offer an opportunity to fill in gaps where needed, but it makes it easier for everyone involved (including third parties) to stay current.

4. Different Types of data enrichment

Lead enrichment is a process that occurs after lead generation and before lead scoring or conversion. It involves adding additional information to a contact record, such as an email address or phone number, if one is not present.

For instance, if someone fills out your form and inputs their cell phone number instead of their landline number, you’ll need to find an alternate way to capture their landline number before sending them marketing content.

This is where lead enrichment comes in handy. These are just some examples of how it can be used—the list goes on! Data cleansing: This refers to removing unwanted data from lists.

An example would be scrubbing all non-U.S.-based sales leads by manually checking each record to ensure that only domestic leads remain on your list. Once again, there are numerous ways to use data cleansing for all sorts of purposes.

Lead scoring/conversion tracking:

If you have an online lead form, chances are you generate plenty of leads each month. But with so many records to sift through, sometimes identifying high-quality prospects can feel like a task unto itself. Lead scoring helps solve that problem by simplifying things into easy scores between 1–10 based on select criteria relevant to your business goals.

As its name suggests, lead scoring also tracks whether or not your efforts lead to conversions – meaning that your outreach efforts end up resulting in completed transactions – and then factors these conversions into future score calculations. Not sure what kind of score system will work best for you?

5. What is data enrichment?

While there is no agreed-upon definition for data enrichment, it’s usually described as a process whereby an organization (typically a business-to-business company) can better categorize their b2b leads by creating more fields on their existing contact information.

This helps provide more detailed information about each lead, which can help lead to higher quality b2b sales opportunities.

It also helps businesses know more about their customers so they have a better understanding of who they are selling to and what those people are looking for.

Top 5 Best B2B data enrichment companies

When it comes to purchasing a data enrichment service, quality is key.

Businesses need to be sure that they are getting the maximum return on their investment in data enrichment services.

That’s why business owners should keep their eye out for these top 5 b2b lead enrichment companies.

The best services will know how to add value to your existing customer data while also bringing your company new business prospects from pre-qualified lists.

While you may not think there’s much difference between one list provider and another, you could be missing out on opportunities if you don’t work with an industry leader like Acxiom or List Solutions.

Many providers offer more than just leads; they can also help boost conversion rates by streamlining search results so users find what they want quickly and easily. Even if you don’t use data enrichment services for lead generation, you should still take advantage of companies that focus on customer retention.

Let’s Take a look at the top 5 b2b lead enrichment companies

1. virtualousPRO

virtualousPRO is one of the leading affordable B2B lead generation and data enrichment companies trusted by businesses in the US, UK, Canada, Australia, Netherlands, and other parts of the world to be their consistent provider of high-quality B2B Contact Database Services.

Services provided by virtualousPRO:

2. HabileData

HabileData is known for its high-quality data management services where data enrichment is also included. They can upgrade the existing b2b database with fresh contact and product-rich information.

Services provided by HabileData:

  • B2B Data Append
  • B2B Data Validation
  • B2B Data Standardization
  • B2B Data Acquisition

3. Lake B2B

Data Enrichment by Lake B2B helps you to understand the needs of customers. Their team first validates the contact data such as name, phone numbers, email and mailing addresses that you already have. Once it is cleaned we append missing or incomplete information and enhance your records with available data, including financial data, buyer inclination, and much more.

Services provided by Lake B2B:

Data Management
Data Enhancement
B2B Marketing Data
Targeted Contact Data
B2B Sales Leads
Email Appending
Data Enrichment
Data Cleansing
Data Verification

4. Resolute B2B

Resolute B2B has 5+ years of experience in the data enrichment field and is known for providing error-free high-quality data enrichment services.

Take a look at their services:

  • Data Enrichment
  • Lead Generation
  • Appointment Generation
  • Webinar Registration
  • ABM Campaigns
  • BANT Campaigns
  • Email Marketing

5. Acquirent

Acquirent offers industry-leading B2B CRM business data enrichment and cleansing services to make your CRM a lead generation machine.

Take a look at their services:

  • Sales Outsourcing Services
  • Marketing
  • Direct Sales Recruiting & Placement
  • Free Online Sales Training
  • Data Enrichment
  • Lead Generation
  • CRM Consulting

To sum up…

High-quality data enrichment companies should provide data scrubbing, data profiling, and data enrichment.

At a minimum, you should only be using data that meets your best practices for quality.

Scrub your prospecting lists to ensure high quality with no bad records.

Data profiling will tell you how good your prospect list is.

Data enrichment gives you information on who your prospect is that you might not know or see in their contact information alone.

This is one of our most powerful techniques to help you segment and prioritize which prospects are likely to close with less effort!

The more complete your dataset is at any point in time, the better decisions you can make on whom to engage with or pitch.

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