The data that your customers share with you - name and address, product preferences, purchase frequency among others - tells you a lot about them. This first party data is valuable, but it is not enough. There are blinding gaps in this data that prevent you from getting a holistic view of who your customers are beyond the universe of your owned assets. This insight is especially critical in the cookie-less world, where you no longer have the ability to track and advertise to your customers across channels and subsequently, contextualize your touchpoints for them.
Do more with data enrichment
Take the example of an F&B company. Sure, they order their cheat meals from your online store. But wouldn't it be amazing if you could tell that they are fitness enthusiasts and customize your UX and advertisements for their specific dietary needs? Would you not want an opportunity to be more than the cheat meal brand? To fill in such gaps in customer insights, brands are increasingly using a technique called Data Enrichment. Forbes says that 68% of marketers today use third party data to enrich their understanding of each customer. With the end of the third-party cookie-based advertising, data enrichment is going to become even more critical for marketers to contextualize their touchpoints with a deeper understanding of customers. Basically, data enrichment gives brands a new opportunity to understand their customers beyond good old CRM data.
But what attributes does data enrichment entail?
Benefits beyond advertising campaigns
Getting a holistic view of your customers is one part of the story. With better customer segmentation, data enrichment enables you to contextualize your messaging and platforms with confidence, and get more out of your campaigns. But what's even better is that data enrichment enables your brand to deliver memorable, delightful customer experiences. Beyond personalizing campaigns, you can use this deep data strategy to enhance and personalize UX, in-store promotions, call center experience among others.
With cookie-based advertising meeting its eventual end, marketers don't necessarily have to scamper to contextualize their customer touchpoints. They only need to look beyond their comfort zone of CRM data. While first party customer data has always been important, the new age customer will demand that their data is leveraged for bigger, better experience outcomes. We cannot stress enough on the importance of deep, 360-degree understanding of customers to enable these empathetic, delightful experiences. And that's why, we can't stress enough on the importance of data enrichment in the post cookie world.