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CRM Enrichment Basics & How to Measure the ROI
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CRM Enrichment Basics & How to Measure the ROI

In today's dynamic B2B landscape, the power lies in the hands of those who can harness accurate and comprehensive contact data.
Author
Primer team
Updated on
January 24, 2024
Published on
September 14, 2023

Table of Contents

Yet, with the rapid pace of change, maintaining the health of this data becomes a Herculean task.

This discussion underscores the critical role of data enrichment in shaping a successful B2B marketing approach, tackling key areas from leveraging AI for automated enrichment to measuring ROI and providing effective strategies for future-proofing your contact database. With the right focus on data, you can unlock the full potential of your marketing and sales efforts.

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The Dire Need for Accurate Data in B2B Marketing

High-quality data is the fuel that powers effective B2B marketing. Complete and accurate records on prospects and customers enable marketers to identify, understand, and engage their ideal audiences. However, research shows that B2B contact data decays at an average rate of 30% each year due to changes in job roles, company details, and contact information. Using outdated or incomplete data severely limits marketing performance and wastes budget on misdirected efforts.

For example, incorrect job titles mean you could be sending content to contacts who are no longer in roles relevant to your solution. Missing industry information prevents you from segmenting your outreach by vertical. Inaccurate company size data results in unsuitable messaging for either small businesses or large enterprises. Even something as basic as an outdated email address renders entire campaigns and programs as useless if they never even reach the intended recipients.

The downstream effects of poor quality contact database ripple throughout the entire customer lifecycle. From ineffective lead generation and nurturing to low conversion rates and flawed analysis, the impact on marketing and sales is substantial. Research by SiriusDecisions shows that B2B organizations with comprehensive, accurate database profiles generate 67% more revenue per account.

Clearly, having reliable and robust contact data is critically important for marketers seeking to increase pipeline and revenue. But with constant changes in the B2B landscape, contact databases decay quickly.

Marketing teams that do not take proactive measures to maintain the health of their data will struggle to maximize the return on their marketing investments.

Enriching contact data on an ongoing basis is essential for ensuring accuracy, filling in gaps, and providing the complete intelligence needed to optimize B2B marketing and sales programs.

The Data Enrichment Difference: Turning Incomplete Data into Valuable Insights

While having a database full of names and email addresses provides a starting point for B2B marketing, this basic contact information only allows for broad-based and generic outreach.

With enriched contact database, B2B marketers can divide contacts into more granular segments based on various attributes, developing hyper-targeted messaging and campaigns tailored to the specific challenges, interests, and characteristics of each segment.

This level of personalization and relevance is only possible when you have enriched records that go beyond surface-level information.

For example, a technology company may have basic contact details for employees at other tech firms. By enriching this data with more context about each contact's company, such as industry, number of employees, tech stack, and yearly revenue, the sales and marketing team can better prioritize and customize their outreach. If they know a contact works for a small retail company using outdated on-premise servers, messaging around a cloud migration solution will resonate more than one focused on AI optimization.

According to a case study from Demandbase, a B2B tech firm saw a 20% increase in sales pipeline generation after enriching their contact database with missing firmographic fields. This additional context made their account-based marketing campaigns more relevant and compelling.

In today's crowded and competitive B2B landscape, marketers need more than a generic list of names to cut through the noise. They need a complete understanding of each prospect.

Data enrichment takes flat, one-dimensional contact records and turns them into rich profiles full of actionable insights that can inform smarter marketing strategies. The result is greater personalization and higher engagement at every stage of the buyer's journey.

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Beyond the Basics: 5 Must-Have Fields for B2B Contact Database Records

While having basic contact information like name, email, and company is a good start, there are several other data fields that are vital for really understanding B2B contacts. Enriching records by filling in these key attributes enables marketers to segment and target their audiences with the right messaging and offers.

Job Title and Function

Knowing a contact’s exact job title and function within their organization reveals a great deal about their role. For example, while the basic title may be “Marketing Manager”, adding details like “Senior Content Marketing Manager” provides more nuance. Understanding function also helps - an “IT Manager” versus “Sales Manager” have very different needs. This data powers more relevant messaging.

Industry and Sub-Industry

Industry plays a major role in shaping priorities and pain points. Marketers in banking face different challenges than those in healthcare, for instance. Drilling down into sub-industries also allows further personalization - fintech needs likely differ from those at retail banks. Use industry data to guide topics and offers.

Company Size and Revenue

Company scale indicates available resources and budgets. Enterprise corporations have different demands than small businesses. Segmenting by company size and annual revenue range enables sending appropriately scaled messages. Larger companies will respond better to bottom-line impact messaging. Smaller firms need focused, budget-conscious outreach.

Technologies Used

Understanding the technologies a contact uses provides a window into where they are in the buyer’s journey. Knowing they use a competitor’s solution means they’re looking to switch. Seeing recent adoption of complementary tools indicates they’re expanding in that area. Tech data allows for sending timely and relevant messages.

Social Media Profiles

Social networks provide ideal channels for engaging contacts beyond email. Building out profiles with links to LinkedIn, Twitter, Facebook, and other platforms enables integrating these options into outreach for more well-rounded relationship-building. Social can also feed back additional enrichment data to b2b contact database.

Source: sayprimer.com

Making an effort to enrich contact data with complete job titles, industry, company, technology, and social media details should be a top priority. These fields power precise segmentation and personalized, impactful marketing and sales interactions.

Harnessing Public Data for Automated Enrichment

Manually collecting additional data points to enrich contact database records can be an arduous and time-consuming process. However, leveraging artificial intelligence solutions and public data sources can automate enrichment, making it fast, comprehensive, and simple.

One of the most powerful automated enrichment tools for B2B marketers is Clearbit. This data engine can take a company name, domain, or partial email address and match it to full contact records from over 100 million companies. It then enhances each record with dozens of additional firmographic and technographic details from public business databases and company websites.

Fields populated can include company size, revenue, industry, tech stack, social handles, and more. Clearbit can even append individual contacts with their role, seniority, and biographical info, creating complete 360-degree profiles. This is invaluable for segmenting and personalizing outreach.

Other automated enrichment sources include LinkedIn Sales Navigator, Apollo.io, ZoomInfo, and even Primer. These tools leverage vast databases of public professional profiles and organizational data. Features like one-click exporting and bulk uploads make enriching CRM records fast.

The benefits of automated enrichment tools go beyond added data fields – they also maintain that data. These systems continually scrape contact databases for updated details and re-enrich contact database records on a set schedule. This ensures contact data doesn’t decay over time.

While some manual research may still be required, AI enrichment eliminates the heavy lifting. With just a few clicks, a marketer can upload a list of target company names and receive enriched records, complete with each contact's name, title, LinkedIn profile, and the technologies they use. This enriched data can be instrumental in launching personalized outreach and relevant content recommendations.

Intelligently combining public data sources with the pattern recognition power of artificial intelligence is the future of efficient, scalable data enrichment. It provides unmatched depth and coverage compared to manual processes.

Measuring the ROI: How Enriched Contact Database Impacts Marketing KPIs

The true value of contact database enrichment comes from how it improves marketing performance and impacts key metrics. Enriched data is not just about filling in spreadsheets – it has a measurable and significant effect on results across programs.

With complete firmographic data from enrichment, marketers can segment their audience more precisely to target the right contacts. This increased relevancy typically leads to 8-10% higher open rates for emails. Enrichment also enables more personalized messaging by incorporating details like industry, tech stack, and titles into campaigns. More relevant outreach has been shown to drive 20-30% increases in click-through rates.

Enrichment also reduces wasted ad spend by verifying that contact details like names, emails, and phone numbers are accurate and deliverable before campaigns launch. With outdated or incorrect data, the ad budget is wasted on unreachable contacts. Maintaining updated data through enrichment ensures ads reach their intended targets.

Beyond campaign metrics, enriched data improves sales conversations and conversion rates. With deeper knowledge of the prospect’s role, challenges, and tech environment, sales teams can have more meaningful interactions. This leads to higher quality leads and increased deal sizes from better alignment between solutions and needs.

To quantify the impact of enrichment, marketers should analyze key metrics before and after enriching their contact database:

  • Open rates
  • Click-through rates
  • Inbound lead quality
  • Sales-qualified lead (SQL) conversion rates
  • Cost per lead or acquisition

By establishing a baseline and measuring changes from enrichment, you can calculate incremental gains driven by more complete data.

The ROI should be evaluated not just from the marketing’s perspective but also from the downstream sales impact. With multiple studies pointing to over 20% increases in KPIs, the time and resources invested in enrichment pay back in spades.

Future-Proofing Your Contact Database: Best Practices for Ongoing Enrichment

While one-time enrichment can provide short-term improvements, the benefits will be temporary as data continues to decay over time. To maximize the value of your contact database as a strategic asset well into the future, you need to make ongoing enrichment a key part of your overall data management strategy.

Implementing some best practices and processes for continuous enrichment is essential to keep your data as complete, up-to-date, and accurate as possible on an ongoing basis.

Set Reminders to Re-Enrich Records on a Regular Schedule

Rather than enriching your database once and forgetting about it, set regular reminders to re-enrich your contacts on a quarterly, biannual, or annual basis.

The optimal schedule will depend on how quickly your data tends to decay, as well as how frequently you use the contact database for critical initiatives. Re-enrich more frequently for databases with faster decay rates or that are used for active campaigns.

Automate Enrichment with Tools that Continually Update Records

Look for data enrichment tools and technologies that can automate the process on an ongoing basis rather than just a one-time project. (shameless plug for Primer here)

Many solutions can set up automatic syncing to continually fill in missing details and update outdated or incorrect data. This saves time compared to manual enrichment and ensures you always have the most current information in your b2b contact database.

Integrate Enrichment into Business Processes for Continuous Improvement

To make ongoing enrichment part of your team’s DNA, build it into key processes such as lead intake, campaign development, and measurement. Train staff to make enrichment part of their regular data verification workflows.

Empower team members to flag records of missing data for future enrichment. Enrichment should evolve from a periodic project into an ongoing culture focused on continuous data improvement.

Monitor Enrichment KPIs to Prioritize High-Value Data

Assess metrics like the percentage of records with complete data, accuracy rates, and decay rates to monitor the health of your database. Review which specific fields have the biggest gaps or most frequent inaccuracies. Use this data to prioritize enrichment efforts around the high-value fields that have the biggest impact on marketing and sales initiatives.

By following these best practices, you can shift from one-off enrichment projects to making continual enrichment a core component of your long-term data strategy. Over time, this approach will maximize the value of your database as an asset that fuels more successful B2B marketing and sales.

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