Over half of organizations say that customer experience is their top priority. Now more than ever, companies are looking to expand their reach and retain loyal customers to remain ahead of the competition. No matter what industry you are in, you must know who your customers are and what they care about.
Data enrichment is incorporating new updates and information into an organization's existing database, enabling you to have a greater understanding of your customers. Benefits of investing in data enrichment include:
- Improved customer insights
- Enhanced productivity
- Consistent and accurate data
Enriching your data will provide you with a deep dive into your customers and their interest. In this article, we will review the industries that benefit from data enrichment and how they can be used to leverage a top-tier consumer experience.
1. Retail
Recent inflation and supply chain issues have made retailers more focused than ever on their customer experience and operational efficiency. The mindset: Control what you can and leave the rest. In times like these, retailers are leaning on their consumer data to help them stay consistent with consumer buying habits, in turn enabling them to improve the customer buying journey.
By validating and enriching consumer data, retailers can be confident that they are effectively reaching their consumers and keeping them informed about the business, including but not limited to, product updates on price increases, sold-out inventory, etc.
A data enrichment solution is a perfect solution for any retail company that is looking to better understand who their customers are and what they care about. With appended demographic and psychographic attributes, retailers can tailor their products and messaging to meet the consumer's wants and needs. This will help build confidence in customer relationships and permit a successful shopping experience.
2. Financial services
A customer’s financial history is important to financial institutions, as it helps with the loan approval process, and account creation, in addition to adding the prevention of fraud. Enriching consumer data will provide a unique view of the customer and deliver insight into their financial identity. This will aid business leaders to make confident decisions regarding their consumers, knowing they are supported by trusted data.
Furthermore, since online banking has become a game-changer for the industry, leaders are increasing their focus on the customer experience. Data enrichment gives banks the ability to learn their consumer habits and develop tailored experiences. Analyzing consumer data allows financial teams to personalize consumer financial strategies and advance their digital banking experience.
3. Insurance companies
Insurance companies have the responsibility of accurately predicting risk and pricing policies that will adequately cover the risk and lessen fraud. Data enrichment adds a quality layer to the existing information about policyholders, insured properties, and more.
Having specific data surrounding locations and properties such as city, town, or zip code where an insurance policyholder lives and works, can improve profitability for insurance companies and provide them a competitive advantage.
By utilizing data enrichment solutions, insurers will have access to further precise data, allowing them to make sound underwriting decisions and offer the best service to their consumers while maximizing the potential monetary gain.
Enrich your data with Experian solutions
Data enrichment is the process of enhancing existing data information by supplementing missing or incomplete data using external sources. This process allows companies to have a deeper understanding of their customer and afford a better customer experience. Businesses across all industries are looking to innovate and improve their daily operations, Experian’s data enrichment solution can help.
