Are you looking for ways to enhance your B2B marketing? If so, you should consider leveraging intent data.
What is intent-based data, then, and why is it so crucial? Intent data is information that reveals what a prospect is trying to do. It can be collected from a variety of online and offline sources, including search engines, social media, website interactions, and more.
Why is intent data valuable? Because it can help you understand what your prospects and customers are interested in and how they want to be engaged. This, in turn, can help you create more targeted and effective marketing campaigns.
How can you leverage intent data? There are a few different ways which we explain in this article.
- What defines B2B Purchase Intent?
- How can b2b companies purchase intent data?
- How can b2b companies capture buyer intent?
- How can b2b companies leverage intent data in ABM?
If you want to make smart, effective decisions in every area of your business purchase intent data about your prospects can be a big help.
For example, by analyzing purchase intent, you can predict your inventory needs, cut down on waste, and optimize expenses if you have a good idea of whether and how much your consumers are likely to buy in the near future.
Additionally, this data makes it easier for the sales team to know where to focus their efforts.
It can be tough to close sales with people who have no intention of making a purchase. So purchase intent is a valuable piece of information for marketing.
What defines B2B purchase intent?
Customers and prospects have diverse purchasing intentions at various turning points along the customer journey, making purchase intent more complex than it might first appear.
Before making a purchase, they may go from performing a general search for products and services to reading evaluations of a particular product or service.
One way to meet their requirements is to understand where they are in the journey.
Here are some factors that define purchase intent:
For purchase intent, customer satisfaction is a crucial factor. Customers that are unhappy are more likely to want to shop somewhere else.
Understanding b2b purchase intent is important to know how to use customer satisfaction surveys to gather information about how satisfied your consumers are with your current offerings and your brand as a whole.
Customer demographics may influence purchasing intent depending on your product or service.
Customers from different socioeconomic classes, for instance, might buy particular products more frequently.
We advise marketers to get a number of consumer demographic metrics when gathering data on b2b buyer intent so that you can compare intent across various customer categories.
Some products and services are based on seasons.
However, since this is not always clear, be sure to ask your customers directly if and how seasonality is affecting their intention to buy your products.
For instance, some individuals purchase rain boots immediately when it starts to rain, but other people wait until the off-season to purchase in order to save money.
Since advertising is intended to increase sales, you should anticipate that it will have an impact on your target audience’s decision to buy, preferably in a good way.
Brand tracking surveys can help you assess your advertising efforts and their impact on purchase intent.
How do b2b companies purchase intent data?
Purchase intent data enables B2B marketers to identify and target prospective customers, improving initiatives for customer acquisition, retention, and growth. This data can be collected from the following three sources:
- First-party sources: Company’s own website
- Second-party sources: Social media platforms and search engines
- Third-party sources: Consumer surveys, internet monitoring, etc.
Third-party data can be purchased from third-party data providers. This data helps you know which customers are interested in purchasing your product and so, you can target all your marketing and sales efforts towards them. The last thing you want is to waste time and money on people who wouldn’t buy.
When considering purchasing this data, keep in mind the following points:
- Data ingestion is an essential and required stage in the management of data quality. This is the process of obtaining and importing data for immediate use or storage in your database.
However, due to its unstructured nature, purchased intent data is difficult to assimilate straight away.
Choose a third-party provider that has data ingestion technologies to set up an efficient migration while maintaining compliance and security requirements.
- Review how the new customers that were discovered using intent data are distributed to the marketing and sales teams. They should ascertain whether the prospects for such accounts are within the scope of their business’ target market.
- Obtain structured intent data from intent data suppliers to reduce information overload.
Apart from being correctly mapped to your data taxonomy, ensure that the account, contact, and opportunity data is formatted for intent data usage and account-based marketing.
- Review the lead flow process and your sales people’ activity logs to ensure that they are passing on suitable leads to the marketing team.
- Make sure that the data is accurately linked to your internal segmentation structure so you can use it for email and marketing segmentation as well as personalization.
How can b2b companies capture buyer intent?
Apart from being purchased, companies can also capture data. This data comes from first-party and second-party sources. Here are some effective ways to capture data for intent-based marketing:
Examine Your Sales Funnel
Follow the steps that purchasers take to decide whether to make a purchase. B2B buyers of today typically join the sales funnel after determining the problem.
Depending on your business and industry, different leads may travel in different ways. But most buyers will follow these steps to selling — intent, consideration, decision, and purchase.
Trace the Lead’s Digital Footprint
Nowadays, customers contact businesses for services after fully understanding their options.
Before making first queries, modern buyers conduct their own research and educate themselves on the issues and solutions facing their company.
These investigations leave ‘digital fingerprints’, which, when analyzed, can provide insight into a buyer’s motivation and goals.
Change the Questions
Start asking ‘Why’ questions instead of ‘What’ questions.
You’ll get a more accurate picture of what drives your customers after answering the why.
How can b2b companies leverage intent data in ABM?
Personalized campaign designs targeted at particular accounts, clients, and markets are the foundation of account-based marketing tactics.
Intent data can help b2b companies create effective ABM strategies because of the following reasons:
- Understanding the visitors’ intentions better enables you to prioritize which leads to pursue.
- It helps you figure out which customer is interested now. Capitalizing on this can help you close the sale quickly and effectively.
- You may increase an emotional connection and investment in your product by creating advertisements that are specifically catered to a person’s wants and interests.
- The buyer’s journey is made easier and more effective when the material produced is tailored to their needs. The path to higher conversion rates is through a strong buyer’s journey.
- Intent data helps you predict when the buyer will need a product. With this information, you can set up automated messages that will contact prospective purchasers in advance at the moment that is judged to be best for a successful acquisition.
You must put your customers’ requirements, wants, and interests at the core of your sales and marketing campaigns.
if you want to draw in the right leads for your company. Intent data lets you do exactly that.
Intent data can be captured from your web properties: website, social media networks, or can be purchased from 3rd party sources.
This article outlined how to capture, buy and leverage intent data to arm your B2B campaigns with bite and teeth.