Today, a company’s success heavily relies on data. Therefore, every good marketer understands the emerging importance of data and how crucial it is to make the most of available data. However, not many marketers have the necessary know-how to do it.
Fortunately, that is where purchase intent data comes in handy. This type of data equips sales professionals and marketers with the correct information necessary to make better decisions concerning driving sales and increasing ROI.
If you’re curious about how intent data helps you achieve that, you’re in the right place. From defining intent data to listing out the key strategies and benefits, we covered all the essential information relating to intent data.
About intent data
You’ve probably already heard about intent data if you work in sales. Even if you have, defining this abstract term is necessary.
Intent data is a set of behavioral signals and data that tell you about the intentions and interests of businesses and prospective clients. So, why is it essential for companies to collect and analyze intent data?
Well, people worldwide are looking for products or services you’re offering. They’re browsing the web and looking for potential solutions you might have for them. Therefore, having access to intent data means having access to a dataset that predicts purchasing behavior of your customers.
Not only does intent data help companies stay informed, but it also assists them in making more successful and efficient sales and marketing decisions.
Two types of intent data
Intent data is the umbrella term for all types of data you collect for analyzing purchasing behavior. However, companies must differentiate between two critical types of intent data.
On the one hand, we have internal intent data, also known as first-party intent data. You can capture this type of data by tracking websites and using helpful tools, including marketing automation platforms.
Internal intent data allows companies to gain insight into what website visitors look at and how they engage with the content. You can collect it by tracking the online activity of prospective buyers. As a result, you can use first-party intent data to identify interest, buying stage, etc.
On the other hand, we have external intent data, also known as third-party intent data. Third-party providers, such as cookies or information collected at the IP level, capture this data type.
External intent data allows companies to gain insight into buyer interest on sites that aren’t theirs. The easiest way to obtain it is to purchase intent data from third-party vendors. As a result, you can use third-party intent data better to understand a broader interest in accounts and intent.
First-party and third-party intent data work best when combined. With access to internal and external data, businesses can have a clearer picture of their challenges, goals, and propensity to buy.
The benefits of intent data
Intent data offers numerous advantages that you can use to make more intelligent and informed decisions. The outcome of making such decisions is higher ROI and sales. So, let’s check out the crucial benefits you can count on when you purchase intent data or collect it yourself.
Being the first one to reach out
Being the first company to reach out to a potential client means a lot, and every professional working in sales knows it.
You can find out about prospective and interested clients almost instantly with intent data. Being aware of the potential clients who are just starting to look around is critical because this gives you an incredible opportunity to target them before any of your competitors do.
Prioritizing leads effectively
Leads are a crucial part of driving sales in any business. However, if a sales team identifies plenty of outbound leads, they probably won’t have the necessary capacity to contact all of them.
That’s why lead scoring is essential. With lead scoring, companies can prioritize their leads and primarily focus on the most prospective buyers.
Naturally, the best way to score leads is to analyze your buyers’ intent. Using intent data to rank your clients will immediately help you determine who your most prospective clients are and, thus, improve your targeting techniques.
Optimizing your digital platforms
Once you learn who your most prospective buyers are, you’ll be able to create a detailed profile of your target audience. Doing so can help you secure more sales and build better relationships with your customers since you’ll know how to optimize your digital platforms.
Having access to intent data can significantly help you adjust your website and social media platforms to fit your audience.
Furthermore, since that isn’t a one-time job, intent data can help you optimize your digital platforms by regularly calculating every change in your audience.
Intent data offers valuable information for businesses looking to increase their ROI and sales.
From targeting the desired audience before your competitors to optimizing your digital platforms, there are plenty of activities you can complete with access to accurate, up-to-date intent data. The benefits above are only the tip of the iceberg.
Whether you choose to purchase intent data or collect it yourself, we’re confident you and your company will experience countless benefits.