How can intent data drive sales and improve ROI? Knowing the target market’s behavioral information online can help marketers identify key accounts which the sales team can then guide through to conversion.
In this article:
- Intent data provides crucial insight into internet users’ activities online that depict their interests and buying actions.
- Intent data is gathered through online portals as well as data gathering providers like N.Rich’s ABM platform.
- Gathering intent data doesn’t end at just collection. The marketing team analyzes the numbers, then identifies accounts with the best potential of conversion, and passes them to sales for follow up
Why Collect Buyer Intent Data?
Businesses have a vested interest in knowing what customers are thinking. Basically, whenever users visit a website or click on an ad online, they are showing interest in that product or service. It indicates potential intent to take specific actions like making an inquiry or finalizing a purchase.
Intent data provides crucial insight into these internet users’ activities online that depict their interests and buying actions. Businesses can then determine when the best time to connect with a buyer is through this information.
The first types of data to monitor for a better picture of your leads are first-party and third party intent data. Both sources help in analyzing potential prospects, though one is more valuable than the other depending on what it means to your business.
How Intent Data Is Collected
Intent data is gathered through online portals as well as data gathering providers like N.Rich’s ABM platform.
This system collects vast amounts of information about potential customers from all over the web including social media sites like Facebook, Instagram, and Twitter so that your business can make an informed decision before purchasing advertising space.
First Party Intent Data
Information collected from users who engaged directly with your sales and marketing points. These include your website, ads, social media accounts, and other platforms or software you use to gather user data.
There are plenty of people out there who know what they want and have shown interest in converting. With first party intent data, you can narrow down on leads with a high potential to convert because these prospects already know about your products or services and have made the first contact with you.
Third Party Intent Data
Data gathered from potential leads that have not yet made contact with your business. It shows you what types of promotions work best for them so you can tailor marketing strategies accordingly. However, since they have not made contact with you yet, you’ll need to run a lead generation campaign to try and entice them to connect with you.
Third-party data can give businesses a wider view of potential users’ activities, but they need to wait for them to make contact. On the other hand, first party data offers better custom buying experiences for those who have already connected with you. It helps you focus on those who already expressed their interest in your product and service which can potentially cut ROI time by quite a bit.
Intent Data for Business
Gathering intent data doesn’t end at just collection. The marketing team analyzes the numbers, then identifies accounts with the best potential of conversion and passes them to sales for follow-up.
Armed with the data, it’s now possible to come up with a specific sales plan per account. This ABM method allows you to go into deeper relationships and better conversions with your leads–without overloading the sales team.
Marketers also create more highly effective custom content. They can publish blog posts, email campaigns, and social media posts with a solid data-driven strategy aimed at catching a specific audience’s attention.
B2B businesses offering specific services need to connect with the right people and decision-makers. That being said, continually running lead marketing campaigns may eventually exhaust your team and your funds without any significant results.
By focusing on specific accounts, businesses can strategize better and save money in the long run.
Is Intent Data for Your Business?
Are you looking for as many people to establish a touchpoint with? Or do you want to raise your revenue without investing too much effort and money?
Intent data helps businesses understand their market and pinpoint which leads are likely to complete their buying journey with them. It saves time, effort, and money because you won’t have to launch campaigns blindly. You’ll know the best time to start a lead generation campaign and when to focus your efforts more on your existing leads.
If you want to drive sales and hasten your ROI, then gathering intent data is the best way to go.