Data enrichment

Data enrichment is the process of supplementing your database with new information that's related to the core data set. By filling in the blanks, you can get valuable insights into the underlying processes of your data set and take your business or research to the next level.
What is data enrichment and how to use it

Data enrichment can be a marketer's or researcher's best friend or worst enemy. If you have data that are incomplete and only partially representative of your target niche, you'll be unable to draw meaningful conclusions and the time spent doing analysis will have been wasted.

To perform a practical analysis of your data, you must first ask yourself if the data is multifaceted enough to represent your target subject. The second most important question is whether your sample size is big enough to draw accurate conclusions that can apply to the population at hand.

This is where web scraping services, data enrichment companies, and data enrichment services potentially come in. You can aggregate information about a product or a subset of a group from various sources, including your competitors, to give you a better overview of the market and/or population at hand. Data enrichment can help you determine the potential success of a business venture by analyzing the demographics of an area. Make your decisions easier by considering all of the factors involved.

Data enrichment services like FindDataLab can help you to examine your product or target group, define the hierarchy of your leads, and classify the data. A more critical question is not what is data enrichment, but what can data enrichment do for me?

Data enrichment use cases

Gather data on your competitor's location, annual revenue, funding, hiring status, and employee count, as well as event data such as press releases and reports.

Find out your corporate client's need for your product, by looking at their niche, the products they make, and raw materials that they might need. If you're interested in selling a digital solution, find out what is your potential client's tech stack and how can you mould your solution to their needs.

Use geographic data enrichment by adding ZIP codes, latitude and longitude data, and other mapping insights to enhance a plain postal address and save on time and cost for your targeted marketing campaigns.

Moreover, location data can give you insight into the most popular events attended nearby retail locations as well as other daily habits of your potential customers. Don't forget about post-purchase or post-service surveys. Find out what people thought about your product or service by simply aggregating the data from studies and using a natural language processing solution. The result can then be represented in a simple manner, for example, as a number. Which then can be integrated into your data-enrichment pipeline and used to develop your product further.

This type of data can help you grow and strengthen your brand image and voice, as well as improve and nurture the customer relationship. Data enrichment tools and data enrichment services are becoming increasingly important in the modern, data-driven business model.

How to perform data enrichment with FindDataLab

Data enrichment with a service like FindDataLab is incredibly easy. First, you need to evaluate your data set – is the data complete, are there any missing values, how accurate is your data, and when was the last time new information was added to it.

After that, you need to pinpoint what exactly is it that you need. To not confuse the data analysis process, you need to be clear about your requirements – what they are and why you need them.

Are you trying to perform advanced segmentation of your audience, or are you scoring leads to help your marketing team set the right priorities?

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