Data enrichment is a key component to every strategic decision made by an organization.
Every organization possesses contact lists, along with historical transaction, event and campaign data. They may even have some demographic information about each of their contacts. However, all of this data is largely useless without proper enhancement, segmentation and structure.
Teams everywhere are working together to determine the right move for their next marketing campaign, event, sales call or donation target, but are they really maximizing their data’s full potential?
Benefits of Data Enrichment
“When data is enriched, it opens doors. Doors that would remain closed without data enrichment tools.”
Data enrichment is the integration of reliably sourced third-party data with an organization’s existing first-party data to produce an elevated dataset. Once data has been cleaned and organized, it is ready to be enriched by adding thousands of data points to each record.
Let’s face it, data enrichment provides value to datasets and elevates them to become far more useful than what is otherwise boring, raw data. When data is enriched, it opens doors. Doors that would remain closed without data enrichment tools, like what boodleAI has to offer. It enables groups to dig deeper into their contact lists, with little effort, and uncover insights about their supporters’ lives that were once unknown.
With the aid of enriched analytics technology, organizations receives vital information for their growth with a simple upload. The analysis of their enriched data, or enriched analytics, offers a complete view of their contacts – from detailed demographic information to interests and wealth ratings.
As the data is analyzed, organizations can choose to segment their contact list to reveal each one’s specific persona and predictive insights. Segments that promote growth include your:
- Best contacts
- Fastest growing contacts
- Emerging new contacts
- Repeat contacts
- Hidden gems
All segment personas and insights are essential knowledge to marketing, sales and fundraising teams looking to move forward with strategic decision making. And, ultimately are unknown without the contribution of enriched data analytics.
Benefits of Enriched Analytics
Enriched analytics empowers teams to make moves with more confidence and greater intention, resulting in the achievement of greater outcomes and overall success.
Enriched Analytics are Essential for Growth
When looking to encourage growth, elevating what organizations know about their contacts is like peanut butter to jelly on a PB&J sandwich. It’s essential. With enriched analytics, you are able to:
- Gain actionable insights into your supporters’ lives
- Deliver targeted messages
- Adjust product focus
- Make decisions that matter to your audience
You will increase sales and donation efficiency and effectiveness by attracting a greater response from people who possess larger spending capacities and an overall affinity for your cause or product.
Enriched Analytics Increase Campaign ROI
Running campaigns are time consuming and costly, but ultimately, allow organizations to experience a lift in sales and donations, if implemented correctly. Thankfully, with enriched analytics, organizations are able to increase ROI and campaign efficiency by strategically removing contacts with the least likely chance of responding and replacing them with ones who look like their best people. The value of data is heightened when the information received includes contact channel preferences and affinities for your product or cause. Teams are given the confidence to be intentional with their messaging in order to achieve incredible results at the conclusion of their campaign.
Enriched Analytics Enhance the Audience Experience
Your audience is at the heart of your organization, so it is important to ensure their expectations are met. Without data enrichment, organizations play a guessing game to determine what their supporters want, along with how and when they want it. Enriched analytics is the key to understanding their expectations, and allows teams to deliver a unique experience based on those needs. By removing the guesswork from your strategy, your audience experience is heighted, and, therefore, so is your acquisition and retention of loyal supporters.
Continual Data Enrichment Leads to Constant Growth
Data enrichment, like data collecting, is an ongoing process. Ensuring data is consistently up to date empowers organizations to take action with confidence that their messaging and positioning is well received and appropriate for their audience. Data points like, geographic location, income levels, marital status and home ownership (to name a few) are constantly changing, and organizations that do not continually enrich their data with up-to-date information are left in the dust. Thankfully, data enrichment is easier than ever before with the advancement of technology. These advancements are equipping organizations with data enrichment and analytics tools that have the power to process data faster and with more accuracy than humanly possible.
Enriched Analytics and Enhanced Growth: boodleAI
boodleAI offers data enrichment on a grand scale and delivers analytics designed to maximize the growth of your organization. Our proprietary contact enrichment technology cleans data and adds over 1,200 additional data points to elevate first-party datasets. After enrichment, boodleAI’s predictive analytics platform, Guidon, analyzes the complete dataset to deliver enriched analytics over a variety of segments. Through the assessment and analysis of enriched data, organizations are equipped with information allowing them to take immediate action with confidence and accurate intention.