Data is one of the most critical assets in any organization. With databases growing larger every day, data cleansing is necessary to maintain useful customer information. But how does data enrichment work? Can it really save you money?

This article will explore the ways enriched, and targeted data can lower your data spend and potentially raise your ROI.

Spend Less Marketing to the Wrong Crowd

Data enrichment—the process of adding new information to existing databases—is not just appending contact details to an existing customer record. Instead, it’s about turning a list of names into a list of valuable contacts.

By enriching each contact record with emails, phone numbers, addresses, and behavioral information, you’ll be able to market to the right people with the right message at the right time.

Suppose you invested a large sum of money in your contact list, only to discover that it was not as accurate as you had anticipated. This means that a large amount of paid marketing would fail due to unreliable information, leading to a higher cost per acquisition.

But having a high-quality list of contacts can make your business’s CPA much smaller.

Reducing your CPA can also increase your return on investment in a short period without increasing your traffic acquisition costs.

Stop Wasting Funds on Redundant Data

Data redundancy can cost a company significant amounts of lost revenue, customer attrition, and damage to its reputation. In fact, a study by the International Data Corporation estimates that companies lose at least $5.7 million annually to data redundancy.

But why is redundancy a recurring problem in databases? It is often partially due to businesses creating lists from multiple sources. Redundancy is bound to happen with this process because some contact details remain the same for a long time.

And redundant databases lead to sending the same marketing campaign to the same person repeatedly.

Evidently, redundancy puts an unnecessary strain on your business’s marketing budget. But it is also counterproductive because it makes it harder for you to provide relevant notifications and offers to clients without bothering them.

This is the main reason why companies lose out on contacts that they could have turned into paying customers.

But data enrichment eliminates duplicates, thereby creating a more accurate data set that organizations can use for further analysis. This leads to savings in the time and cost associated with performing data cleaning tasks.

Also, your customers will be more satisfied because they’ll only get the messages you want them to see.

Landfall Data Solutions

So how do you get enriched data?

One way is to use a trusted third-party broker like Landfall Data. Landfall has a reputation for helping clients lower their data spending by updating consumer records and removing phone numbers from the Do Not Call List. Therefore, you won’t waste your marketing efforts on those who won’t speak with you anyway.

Moreover, our team creates new value from existing data by updating customer emails and numbers to be more accurate. We also offer DaaS (data as a service) to make your customer information more accessible and easily shareable among your team.

Contact Landfall Data today to help get your acquisition campaigns on the right track.