To paraphrase strategic marketers, personalization has gone from being a competitive advantage (allowing you to differentiate yourself) to a simple key success factor (allowing you to remain competitive in the marketplace).
With the rising demands of B2B buyers and B2C consumers, companies need to balance the imperative of personalization in the broadest sense (sales, marketing and product development) with automation. In this article, Data Enso explores the importance of data enrichment in meeting this challenge.
These figures argue in favor of personalization as a business lever
It's simple: 89% of marketers surveyed by Adobe claim to generate a positive ROI on their personalization efforts, and 3 out of 4 decision-makers are convinced that personalization is "essential" to success(Twilio survey). In fact, the market for personalization solutions is expected to grow by 23% annually, reaching $2.7 billion by 2027, compared with $746 million in 2021(360i Research).
In a study released by Statista, American and British marketers listed the marketing tactics most compatible with the personalization effort. These included personalized product recommendations and predictive customer service (46%), as well as personalized email bodies (36%) and subject lines (34%).
What's even more interesting is that, against a backdrop of tightening data protection regulations, 80% of consumers say they are willing to share their personal data in exchange for personalized, advantageous offers.
Customer knowledge through data enrichment: a powerful growth driver
In today's commercial landscape, marked by intense competition, an abundance of choice for buyers and consumers, but also a certain similarity in offers and prices, personalization and, more broadly, quality of experience, are emerging as a key differentiating factor.
Better informed and more familiar with the digital tools at their disposal, customers have never been so demanding. They expect experiences that match their habits, whether in terms of communication channels (the importance of live messaging in particular), content formats or the products themselves. According to a Salesforce study, 66% of consumers say they wouldn't hesitate to switch brands if they felt they were being treated like "a number rather than an individual".
What's more, technology has made personalization not only possible, but expected. Companies have access to an unprecedented amount of data on their customers, and Data Enrichment, AI and Analytics technologies can transform raw data into actionable information to meet this expectation of personalization.
More generally, customer knowledge through data enrichment enables the company to activate several advantages:
- Offer personalization: by deploying a 360° view of customers' habits and preferences, companies can adapt their offer to meet or exceed their target's expectations ( customer delight concept).
- Optimization of marketing campaigns: enriching customer data enables marketing efforts to be targeted more precisely, reducing unnecessary expenditure and increasing campaign effectiveness... at a time when marketers are increasingly called upon to demonstrate their contribution to value creation within the company.
- Detection of cross-selling and upselling opportunities: customer knowledge enables sales reps and Customer Success agents to better detect up-selling and cross-selling signals and opportunities. Note: according to HubSpot, these two techniques could generate up to 33% of company revenues by 2022.
- Early detection of trends: customer knowledge enables companies to detect emerging trends and adapt their strategy accordingly to develop their market share.
- Improved customer relations: in-depth knowledge of customers fosters a relationship of trust, tailored customer service and more targeted Customer Success efforts to maximize Customer Lifetime Value.
- Anticipating risks: a better understanding of customers can help anticipate and manage potential risks, such as churn rates and changes in purchasing behavior.
- Stimulate innovation: insights drawn from customer Data capital can fuel innovation, helping companies to develop new products or services that meet unmet needs.
To find out more, read our article " Customer knowledge, the ultimate competitive advantage in B2B? ".
Data Enso: data enrichment to enhance your performance
In practice, companies rarely have complete databases without a structured, standardized and systematic enrichment effort. While they generally have the company's name, they will be missing, for example, the sector of activity, the number of employees, sales figures, the identity of key decision-makers, telephone numbers, e-mail addresses or postal addresses.
With EnsoB2B, Data Enso brings you a powerful, practical and RGPD Compliant Data Enrichment solution to feed your database with consolidated and verified data from directories in over 80 countries in Europe, North America, the LATAM region and Central Asia. Our aim is to make the most of your Data capital and put it to work for your company's overall performance.
