What is Data Enrichment and Appending?
Raw data, without being refined, tells a company nothing; think of it as a bowl filled with Halloween candy. Unless you sort that candy, it is random. Without analyzing it, it can not tell you anything, other than that there is candy in a bowl! Data enrichment is “a general term that refers to processes used to enhance, refine or otherwise improve raw data,” as simplified by Technopedia. By using data enrichment strategies, you could determine a lot of things: how many trick or treaters came, what kinds of candy the homeowner wants to give out, how generous they are (what if it was all full-sized candy bars?!), etc.
Data appending takes data enrichment one step further, and further enhances the information gleaned from the data set. Data is appended when one set of data gets compared to an existing database. For example, using known customer information (like first and last name, phone number, etc.) and comparing that to an existing database, such as property tax records, to find home addresses. What is Targeted Marketing?
Companies have been gathering data about their consumers for quite some time. Some of the earliest forms of targeted marketing were coupon printing machines that collected information about your purchases at the counter and used it to print off coupons that may be relevant to your future purchases. Today, targeted marketing technologies are far more intelligent and sophisticated. How are the Two Being Used Together?
Data-driven marketing determines success, according to Larisa Bedgood, a writer for Customer Think. She states “with the right mix of data, you can ensure that you are delivering the most optimal results for your business”. Allison Schiff, another marketing expert, agrees: “location data is buzzing“. By combining data enrichment and appending with both traditional and emerging marketing practices, we get a better look at the consumer’s life.
In many ways, you are where you go. Companies like Placecast use “behavioral and audience data, derived from real-world location and location history” because they see it as “one of the keys to mobile ad relevance.” This is data appending and enrichment at it’s finest: appending the location data with data enrichment tools allows a marketing team to target individuals at an extremely specific level.
Get used to seeing targeted marketing. Facebook-esque ads that appear to be very specific to you individually will likely become more commonplace. Hopefully, that will lead to more good deals for you as a consumer, and better business for the companies looking to gain you as a customer!