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Measuring Success & ROI for Enrichments and Data Management

 
In this day and age, most are proponents of more & better data to drive marketing decisions. The term “data-driven marketer” has never been sexier and most companies have teams dedicated to gathering as much data as possible.
 
However, more data is associated with more cost and at some point, you are likely to be faced with a question of “what’s in it for us”?
 
First and foremost, the rule of thumb is to ensure that your data strategy aligns with your company’s goals (is it more effective marketing, better customer experience, or creating a more efficient sales organization?). Depending on the goal of your enrichment data strategy, there are a few different ways of measuring ROI:
 
 

Higher efficiency & productivity of your SDRs and Sales Reps:
  • Less time spent on researching leads with limited / incomplete information; more time spent on qualifying the opportunities

Ways to Measure:

  • Number of leads processed by an SDR with vs. without data enrichment
  • Number of qualified opportunities generated from above leads
  • Total amount of pipeline generated from above leads

  • More targeted conversations, tailored to specific sales plays (e.g. use of specific technologies, purchase intent etc.)

Ways to Measure:

  • Deal Conversion Rate for leads with vs. without data enrichment
  • Speed to Opportunity for leads with vs. without data enrichment (e.g. average age of the opportunity)

Increase in marketing campaigns’ performance:
  • Increase in contact form submissions due to fields reduction

Ways to Measure:

  • Number of inbound leads from form submissions before / after form reduction
  • Lead to MQL conversion from form submissions before / after form reduction

  • Better segmentation → More targeted campaigns → Better conversions

Ways to Measure:

  • Lead to MQL to SAL/SQL to Close for a targeted campaign vs. baseline conversion
  • Time to Opportunity for a targeted campaign vs. baseline conversion
  • Average Deal Size for a targeted campaign vs. baseline conversion


Reduction in marketing costs:
  • Higher data quality (lower cost):
    • Email deliverability / Phone validity / Correct contact information

    

Ways to Measure:

  • % bounced email before / after data enrichment
  • % incorrect phone numbers before / after data enrichment
  • % contacts no longer at the company before / after data enrichment


     

Other questions to consider when calculating data enrichment ROI:

  • Does your data enrichment vendor allow you to consolidate other data acquisition costs / subscriptions?
  • Does your analytics team rely on data enrichment to provide insights into your customer base?
  • Does your Customer Satisfaction (CSAT) metric include relevance of customer communications?
 
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