The Role of Data Enrichment in B2B Sales

Understanding your target audience deeply and reaching out to them with timely and compelling offers is about possessing and renewing market intelligence data. As B2B buyer journeys often linger too long, you must target high-intent and high-value prospects that are likely to convert in short. B2B data enrichment is a proven way to accelerate closed-won revenue as sales reps can identify opportunities they should act upon in the first place.

Let’s specify how data enrichment can help you accomplish strategic growth, how to implement and orchestrate it, and how to measure its ROI.

3 Advantages for Sales from Data Enrichment

1. More Complete Data for Lead Segmentation

Sales get a 360 visibility of leads collected inbound and outbound. It allows them to segment them with precisions, categorize properly, and zero in on SQLs only. Eventually, sales reps can’t sift out unqualified MQLs, follow up only on sales-ready leads, and increase the sales won rate. The marketers, in turn, can retarget paid advertising to nurture less-qualified segments.

2. Improved Customer Experience in 1:1 Communication

The sales reps can build their 1:1 conversations around the relevant pain points and communicate the values that matter most for making a purchase decision. For instance, if a customer is looking for a new tool that offsets the shortcomings of the one they already use, you can analyze audience intent signals and build your messaging about your product/service features that meet their request.

3. Sales Data Enrichment Fuels Predictive Analytics

You can combine your rich SQL data with historical sales data and feed it to predictive analytics software to gain additional insights into running your future paid ad campaigns. These analytical platforms can help you polish the targeting and even optimize the budgets based on expected KPIs.

How to Implement B2B Data Enrichment Properly?

Take no rush and implement B2B data enrichment into your martech stack and targeted ad campaigns by following this 4-step framework.

1. Map Data Points Missing in Your Data Schema

Assess what crucial data points would extend your existing CRM records. Usually, it is firmographic and intent attributes that help you resolve the identity of your ideal buyer persona. Also, make sure that your current records contain matching keys like industry codes and company names. These will be beacons for merging your records with the external ones.

2. Evaluate External Data Sources

Consider such criteria as up-to-dateness, accuracy, сompleteness, pricing policy, and terms of use. If you didn’t find enough feedback on a particular provider, see if you can request a free data sample to validate data quality. As for the terms of use, we’d recommend you opt for providers that don’t impose restrictions on dataset usage. If so, you can freely use it internally and for networking purposes.

3. Integrate the Third-Party Data Source into Your Tech Stack

The additional data points should fall into your data set on a customer record level to form a single and complete view. Be careful and look out for duplicated records.

4. Re-Validate and Double-Check the Integrated Data

Ensure that appended data remains of the same high quality over time. Normally, it would be reasonable to test the quality and completeness of your records by switching the enrichment sources.

For instance, you can orchestrate all external data sources and out-in/opt-out company and contact-level data points in platforms like Primer. Moreover, such data orchestration platforms can help you manage your custom audiences and activate them across multiple paid ad channels.

How to Measure ROI of B2B Data Enrichment

When monitoring the performance of enriched customer lists, you can draw conclusions about the returns from investing in the new tech stack. For instance, you can gauge the incremental sales pipeline growth by setting a “before enrichment” baseline and calculating new leads generated from third-party data use. Then, you calculate the revenue generated from them and divide it by the total software and employee training costs.

However, if we talk about unlocked growth opportunities and business outcomes, there would be a whole range of KPIs indicating crucial marketing and sales accomplishments:

• More accurate, ICP-alined total addressable market (TAM). The data enrichment helps marketers target tighter TAM, which significantly boosts the efficiency of B2B demand generation
• Lower CPL for lead generation. Enrichment improves conversion rates as marketing messages match customer intent more specifically.
• Increased number of SQLs and close-won rate. Effective enrichment puts more SQLs into the sales rep’s scope so they can follow up right away with a tailored pitch.
• Reduced sales cycle length and increased average contract value. These are the long-term indicators proving your data enrichment efforts lead to revenue gains that persist over time.

Remember to track these metrics whenever your third-party data sources update or you connect to additional external databases. If you spot the decline in some of these KPIs it’s likely that there’s incorrect or outdated data that skew your targeting precision.

Ensure that you tie up your data enrichment metrics around the global pipeline goals and get across their strategic impact to stakeholders.