Move clients through your pipeline faster with accurate B2B intent data. What exactly is it and how can it help you build your pipeline in your account-based marketing program?
In this article:
- Intent data is information gathered to help a company determine when and how to engage with a lead
- It will help you identify the buying group in that account, effectively determining which personalities to approach for a certain business and essentially strengthening your personalized B2B sales strategy.
- By monitoring your prospects’ behavioral data from both first and thirty-party sources, you’ll be able to identify where your opportunities lie and which competitors are your biggest threat.
- Intent data helps you avoid missed opportunities; it may even accelerate the process of closing a deal or reconnect with a stalled prospect.
What Is Intent Data?
Because of digital and technological advancement in advertising, gathering relevant information on what clients want has become an important part of marketing for B2B companies. Instead of shooting blind, managing intent data allows businesses to create segments of their leads’ activities and then identify which ones are most likely to move down the pipeline.
With that said, intent data is information gathered from several individuals who showed interest in your product or services. It shows you the activities of prospects right from initial contact. Essentially, intent data gives you the go signal on when to engage with a lead and how you should approach it.
So how can intent data improve your account-based marketing efforts? Here’s how it can help build your pipeline for better return of investment (ROI).
Focus More on Targeted Leads
While marketing qualified leads (MQL) scoring provides metric data on which prospects are a great fit for your service, it does not offer insights into your leads’ interests and activities. With intent data, you have access to key information that will help your sales team create a more personalized approach for a certain account. It will help you identify the buying group in that account, effectively determining which personalities to approach for a certain business and essentially strengthening your personalized B2B sales strategy.
Monitor and Counter Your Competitors
For traditional marketers, most decisions are made using first-party information. This usually results in a lack of insight into possible issues with competitors. In account-based marketing, on the other hand, you can establish your pipeline flow based on the first and third party data you accumulate from online engagement and behavior. This way, your commercial organization can monitor a prospect’s movement within your pipeline, as well as their behavior and interest in your competitors.
By monitoring your prospects’ behavioral data from both first and thirty-party sources, you’ll be able to identify where your opportunities lie and which competitors are your biggest threat. From that point on, marketing can give the sales team a heads up on how to prepare a counter pitch for whatever solutions your competitors are offering your target audience.
Avoid Missed Opportunities
Intent data helps you avoid missed opportunities and may even accelerate the process of closing a deal.
When you’re building a pipeline, putting too much effort into pursuing a fruitless lead should be avoided. On the other hand, deciding to scrap a potential prospect too early may also cost your business to lose revenue.
These kinds of situations will be minimized with well-analyzed intent data. You create segments based on your leads’ behavior, identify the ones with the highest chances of conversion based on their actions, then move them along the pipeline. This process, which uses both first and third-party information, eliminates mistaken tagging of prospects. You can then recognize the right businesses that need your services and focus on giving them a positive buyer journey.
Reconnect with Previously Stalled Prospects
When you encounter a prospect that doesn’t convert as you want it to, they often get overlooked. Once your team decides to move to the next lead, that stalled opportunity tends to fall off the radar completely. But how will you know if they show intent later on?
These businesses may not have known what they needed during your first contact or just decided to postpone engagement due to certain issues. However, they may regain interest in a couple of months or years. That’s why it’s important to stay updated on what these stalled prospects are doing. Third-party intent data becomes crucial in this type of situation.
By monitoring the third-party information of this paused lead, you’ll know when they’ll regain interest in your services based on their actions online. Then, you’ll have the chance to reconnect with them and once again offer the solution they need for their business’ pain points.
The information you gathered from their behavior online will offer you an insight into how their needs have evolved over time. These issues may still be the same, may have evolved over time, or may even be totally different from their initial contact with you
Used effectively in your account based marketing strategy, first and third-party intent data will likely churn out more reliable leads without the need to spend so much on advertising. Reduced acquisition cost means a better revenue margin for your business and more fruitful efforts for your sales and marketing team.
You don’t have to spend all of your time gathering intent data either. Companies like N.Rich offer comprehensive solutions on account based marketing and gathering of intent data for your business. All you have to do is identify the segments you want to monitor. Then automatically get the data you need and adjust your strategy based on the information you gathered.