Intent Data And Ways To Effectively Use It For Your Business
If there is one superpower that every business wishes it had, it’s the power to read its customers’ minds. Figuring out when and if they are ready to make a purchase, can help businesses modify their marketing funnel to get the best results and conversions. Sadly, this power is unattainable. However, there is something that marketers can use instead, to find out how and when their customers make their purchase decisions. It’s intent data.
Intent data, also known as buyer intent data or purchase intent data, predicts whether a buyer intends to make a purchasing decision in your industry, by providing insights into the online behaviours of a target audience. It also tells you which products are most popular and when customers are leaving your company for a competitor. The two key types of intent data are:
- First-Party/Internal Intent Data – It is insight captured by an organisation through tracking on the website and marketing automation tools. This strong indicator of intent is also called engagement data. By highlighting when a visitor looks at or engages with your content – or by considering time on page and topic of that page etc. it’s possible to identify interest, buyer stage and more.
- External/Third-Party Data – It is information collected by third-party providers via cookies and IP addresses. It provides a comprehensive view into an account’s interest and intent across the web and can highlight intent on particular topics and sites relevant to your campaign.
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Intent data can work wonders for businesses, especially new businesses with limited information about their customers. But despite its value and capability, most businesses are completely unaware of this data tool and rarely leverage it effectively. So let us help you better understand intent data and how to effectively use it for your organisation.
Intent data is one of the most effective ways of scoring leads. It tells you which of your customers is keener to buy and at the stage of making a purchase decision, so your sales team can pitch them at the right time. These leads are more credible and likely to convert than those obtained via cold calling.
One of the biggest advantages of intent data is that it gives you insights that allow you to reach your customers very early on in their buyer’s journey. These may include previous customers and those unaware of your brand as yet. This early intervention can help you close more deals, and faster than your competitors, thereby improving your conversion rates.
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Every business yearns to win the loyalty of their customers and compel them to make more purchases from them. But their needs and expectations are unlikely to stay the same forever. Intent data helps you understand if and which additional features your customers seek. You can then modify or add new features to your products or services and ensure that your customers stick with your business for the long term. Similarly, you can also modify your marketing efforts according to their expectations and demands and enjoy the fruits of successful campaigns.
There are several other ways intent data can help your business. It can provide valuable information about what is working on your website and what is not, so you can optimise it accordingly to get the best results. It can be leveraged to improve many other areas including content creation, product development, sales precision and integration, business strategy formulation, data collection and analysis, among others.
If you are struggling to make sense of all your business data and need help with data analytics, including intent data, FiguringOutData is here to help your organisation build value through data.
Call us now at +44 0333 301 0302 or email us at hello@figuringoutdata.com to find out more.