The Hidden Potential of B2B Data Enrichment

Enriched marketing data conceals excellent potential for the strategic development of B2B businesses. However, many business owners fail to capitalize on this potential due to haphazardly implemented practices and misalignment of data enrichment strategies with strategic business goals.

Let’s find out what common pitfalls you should avoid to excel in B2B data enrichment.  

What Hinders Data Enrichment Adoption for Most Companies

Even though many marketing teams have invested in B2B data enrichment, not all succeed. Several factors can impede or derail the efficiency of data enrichment efforts. Take note of these potential pitfalls to avoid wasting your marketing budget.

Lack of Data Coherence

First and foremost, it is vital to overcome data silos. Companies must ensure that customer, product, and sales data are well-organized and integrated. Coherent data management underpins the effective use of enriched data and fosters true marketing-sales alignment.

Lack of a Strategic Approach

Definite goals and strategic planning are essential to make data enrichment worthwhile. Without clear objectives, whether it’s increasing the number of MQLs/SQLs, improving retention rates, or enhancing customer satisfaction, you won't achieve your core business goals.

Obsolete Data Collection Techniques

Relying on basic data points is no longer sufficient for excelling in B2B marketing and sales. Modern enrichment techniques involve data profiling and modeling, integration of third-party data sources, and continuous optimization of data collection methods.

Lack of External Data Expertise

Understanding which specific data points add value to your customer data and marketing strategy is crucial. When evaluating data samples, consider:

• Data Breadth (the number of attributes per record)
• Data Depth (the coverage of a certain attribute)
• Data Quality (the relevance, accuracy, and up-to-dateness of the data).

By addressing these common challenges, companies can enhance their data enrichment efforts and achieve better marketing outcomes.

Core Data Enrichment Goals to Keep in Mind

To build an effective B2B data enrichment strategy, prioritize these three key goals:

1. More Complete and Actionable Data. Assess your current data set and identify the missing data points needed to align it with your Ideal Customer Profile (ICP). By doing so, you’ll uncover gaps or biases that prevent you from having a holistic view of individual customers. Richer data will help you identify the most promising marketing and sales opportunities.
2. More Granular Micro-Segmentation. Enriching customer data with essential attributes enables more granular segmentation. This allows for precise targeting of audience segments, which is crucial if your offers vary by industry, company size, or technology used by customers. Micro-segmentation helps sales reps create more personalized offers, resulting in a higher number of closed deals.
3. Identification of Growth Opportunities. Relying solely on internal data can limit business growth. Conversely, fresh and constantly updated third-party data helps you monitor changes in customer behavior and market trends. Data enrichment can reveal adjacent market segments to explore or effective ways to optimize your product portfolio.

Stick with these core goals so your data enrichment strategy will be more productive and growth-oriented.

Evaluate External Data Sources Properly

Integrating external sources into your data supply engine requires careful consideration. Key aspects to evaluate include:

• Completeness. Identify the specific data you need to enrich your CRM lists. For instance, if you plan to add ad network identifiers, ensure the data vendor includes these in their exports. Start with a smaller set of attributes and gradually extend it as your ICP becomes more defined.
• Accuracy encompasses both the correctness and up-to-dateness of data. Request data samples from vendors and inquire about their data collection and verification processes.
• Cost Considerations. Determine the target data ROI you aim to achieve with new data sources. Check if there’s an option to customize your subscription plan to avoid paying for unnecessary features.
• Terms of Use. Opt for unrestricted use conditions. This flexibility allows you to export sourced data to other marketing automation platforms, merge it with first-party data sets, and share it internally and externally.

By considering these evaluation criteria, you can make a well-informed decision, ensuring a smooth and result-oriented experience with data enrichment integrations.

Opportunities Unlocked Through Enriched Customer Data

Enriched customer data offers a range of benefits that go beyond discovering adjacent markets and optimizing product portfolios. B2B martech tools like Primer provide ongoing data enrichment that deepens marketers’ understanding of actual customer problems and requests. This deeper insight helps direct nurturing practices and fuel personalized marketing, significantly increasing customer lifetime value.

Furthermore, enriched data ensures greater flexibility for go-to-market (GTM) teams through improved micro-segmentation. For instance, insights from firmographic attributes, such as quarterly increases in new hires, can identify fast-growing companies interested in onboarding solutions or collaborative work automation.

Timely marketing data can be utilized immediately in targeted campaigns, ensuring your efforts are relevant and impactful.