Acxiom’s Data Enrichment Services
Personalization and More Precise Targeting
What is Data Enrichment?
Data enrichment is the enhancement of data using descriptors and insights to better understand an individual and improve the customer journey. Data enrichment helps brands better understand its customers and deliver a more personalized experience across multiple channels.
The world is a noisy space, and it’s hard to conclusively understand things such as:
- Are these existing customers or new visitors to my ecommerce page?
- Which channels will resonate better with my audience for the next seasonal campaign?
- How do I identify the best potential prospecting audience on social media?
Personalization is key to effectively connecting and encouraging people to explore brands, products, and ideas — and then interact with those offerings. When the right message is delivered to the right person at the right time through the right channel, that’s when the magic happens.
Personalization and More Precise Targeting
How Do Data Enrichment Use Cases Improve Customer Experience?
People have come to expect customized user experiences with every interaction. Brands have pivoted their strategies to offer loyalty programs, mobile apps, and discount incentives to encourage interactions (such as the entry of a customer’s email address, phone number, or home address). This additional information provided by an external data source helps improve the overall customer experience. But the real winner is having authentic, intentional communication with people to build and enhance relationships.
Recently, a retailer needed help to recapture the attention of customers after a failed email marketing campaign. Switching to a direct mail strategy, the retailer needed to identify the highest-value shoppers. Appending its first-party data with enhancement data, the brand was able to identify, build and reach the right audience. The company was able to focus its marketing efforts on the curated audience segment. And within three months, the retailer recognized a 112% return on investment (ROI)1.
Developing a marketing strategy can be overwhelming with so many channel distractions while the brand is also trying to maximize its budget effectiveness. Third-party insights help brands confidently learn, understand and engage.
A school needed help discerning which audience segments would be the best fit for its marketing initiatives to generate the best possible ROI2. Acxiom InfoBase Enhancement appends hundreds of third-party attributes at the individual and household level to first-party data to provide a robust foundation of insights.
The expanded understanding allowed the school to broaden its prospect pool, have more precise reach and interact with multiple audiences. Employing this solution, the school improved campaign results by more than 350% and developed well-rounded customer understanding2.
Enriching both client databases was simple, effective and had positive results. Customers want to be seen and understood.
Data Enrichment Process
There is a three-part process to data enrichment. The data first must be cleansed to provide a quality foundation for downstream processing. The next step is identity resolution.
Once these two steps are complete, the data can be enhanced to be go-to-market ready. Enriched, consistent and accurate customer data fuels effective people-based marketing across all channels and supports more accurate engagement across acquisition, retention, and cross-sell programs.
Step One: Data Cleaning
Cleaning contact data standardizes, corrects and completes data for the best possible results as it is processed. As people have life events, like buying a home, marriage, divorce and having a child, their data points are constantly fluctuating. Data attributes can be out of date, and clients want to know the data they are dealing with is accurate.
Data Enrichment vs. Data Cleansing: Data enrichment is the act of making data better, or of a higher quality, so companies can use the data more efficiently. Data cleansing is the process to correct, standardize and update information to provide the best results in downstream processing.
Step Two: Identity Resolution
Identity resolution unifies data and resolves multiple representations of a person. It helps clients better use data assets, data quality attributes and third-party reference graphs as part of an overall identity solution. More simply, it helps clients understand customers wherever they encounter them.
Step Three: Data Enrichment
Customer data enrichment is the addition of data attributes that provide descriptive and predictive information about a person. Data enrichment can be thought of as filling in gaps to get a more holistic view of the customer, including basic demographics, interests, preferences and purchase patterns.
Conclusion
Making a personalized connection with people at their preferred time, space, and channel is becoming increasingly difficult as the online industry changes. In a loud, noisy space, brands must sift through the clutter to identify and understand their addressable audiences, so they can know customers at a whole new level.