Data Enrichment Explained for Realtors

Data Enrichment Explained for Realtors

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Many realtors are forced to work with data that isn't full in their CRM. They want to do more with the customer data; after all, their CRM promised to help them make more sales, but it's difficult to do so when essential details and metadata are missing. And this is something that happens to almost everyone.

So, no, you aren't the only one.

Using CRM or other tools in your tech stack to collect client data is simply one part of the puzzle. To maximise the value of your data, it will almost certainly need to be enhanced—or enriched—with missing or incomplete information.

It's a complete package. Data enrichment is beneficial to everyone, not just realtors. For example, 88 percent of marketers polled say they use third-party data to boost customer insights.

We'll look at what data enrichment is, the different forms of data enrichment, the benefits of data enrichment, how to keep your data enriched and completed, and how to enrich your data in this post.

What is data enrichment, and how does it work?

"The process of merging first-party data from internal sources with divergent data from other internal systems or third-party data from external sources is known as data enrichment." (Trifacta) To put it another way, it completes your data using all available resources to provide a 360-degree perspective of the customer and their behaviours. Data enrichment adds the missing parts to the puzzle, making the data more comprehensive and valuable. And it's usable.

Enrichment of data comes in a variety of forms.

Demographic, geographic, and behavioural data enrichment are the three basic categories of data enrichment.

Demographic. Individual information assists can assist realtors in better targeting the proper audiences. It keeps them competitive and allows them to tailor marketing campaigns to their specific needs. Demographic enrichment provides answers to the following queries concerning potential clients:

What are their ages?

What gender are they?

I'm curious about their credit score.

What is their family's size?

What is their total number of dependents?

What type of automobile do they drive?

What is the total number of automobiles they own?

What kind of relationship do they have?

What is their degree of income?

Geographic. Location-based data also aids sales and marketing operations by allowing audiences to be targeted based on their precise location. This type of information is essential for every marketing strategy. After all, you can't target a potential customer for a physical business if they live in another state. These types of queries are answered by geographic data:

What is the location of their office?

What is their zip code or postal code?

What is the address of their residence?

What is their contact information?

What are the borders of their geographical area?

What are the coordinates of latitude and longitude?

Behavioural. Data enrichment can also be accomplished by analysing client behaviour patterns. It would examine acts such as:

Purchases made previously

Surfing habits on the internet

Purchasing procedure

Frequency of purchases

Purchases on average

Essential Tools for Growing Tech Sales Teams

What are some of the advantages of data enrichment?

Enriching your data has a lot of extremely beneficial advantages. Finding the missing jigsaw pieces allows you to learn more about your customers, which will help you close more transactions and earn more money. The following is a list of the individual benefits:

Improved customer knowledge. Get to know your target audience, what matters to them, and what motivates them to spend money.

Lead nurturing should be improved. Based on the insights you've gained from data enrichment, you can be ready to answer your consumers' uncertainty or worries, keeping you flexible and better at nurturing leads. (Which implies you'll be able to close more transactions.)

Improved customer service. Your customers are receiving the most individualised service possible, making them feel valued and appreciated. This aids in the development of more meaningful client relationships.

Make the most of customised marketing. Data enrichment aids marketers in creating the most targeted campaigns possible by providing a complete 360-degree perspective of the consumer and their top priorities.

How to keep data enrichment going

Unfortunately, data enrichment isn't a one-time event. To have any type of influence, it requires proper upkeep and maintenance. Data deterioration is a tremendous problem, as we've mentioned many times before.

There's a well-known study on B2B data decay that receives a lot of attention since it shows how serious the dirty data problem is. "B2B data decays at a rate of little over 5% per month, or 70.3 percent per year," according to the study.

According to the study, the contacts in your phone book will vary over the course of a year in the following ways:

3.8 percent name change (women's names are still changed when they marry or divorce)

Changes in title and/or job function account for 65.8% of all employment changes (changed firm or new job in the same firm)

41.9 percent of people's addresses have changed (due to a job change or a company/individual relocation).

Change in phone number of 42.9 percent (changing companies and company move as above)

Changes in email addresses accounted for 37.3 percent of the total (slightly less than above as some use personal email addresses)

Individuals changed jobs in 29.6% of cases (new job)

36.2 percent of employees switched positions within their firm (promotion or reorganization)

4.6 percent of businesses renamed themselves (merger or rebranding)

12.3% of businesses relocated their offices.

That's a lot of flux to keep track of.

How to Improve the Quality of Your Data

It may appear to be a lot to take in, but don't worry there are data enrichment solutions available to assist you maintain your data clean and appropriately enriched, allowing you to meet your sales targets and build meaningful relationships with your clients.

Best of all, these solutions allow your CRM to do its work without requiring human data cleansing. They automatically keep your database clean and dependable by cleansing it on a regular basis to update changes and delete outdated data.

All of this happens without anyone needing to do anything.

Expand your knowledge.

Find a data enrichment solution that works for you to get the most out of your client data.

Prospectology cleans up filthy data and enriches the important data you've recorded in your CRM with machine learning and artificial intelligence. It then assists in the discovery of critical behavioural data and relationship intelligence, allowing everyone in your firm to improve customer interactions and sales. One of the finest advantages is that it does not necessitate any additional effort on the part of anyone.

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