What is Intent Data
Intent data can be defined as the data collected about an observed behaviour of a web user. This data is normally related to the content they consume in relation to their interests and that indicates a potential intent to act. This sounds complicated; however, we all leave digital footprint as we search for a car, order groceries, or book a holiday online. These footprints of data indicate to a seller our intent to buy.
When looking for a product or service, potential prospects will take several steps. They will visit websites related to that product, read reviews, attend webinars, and make connections on LinkedIn. All these actions they are taking creates intent data. This data clearly indicates an interest from the user and more importantly signposts their intent to invest in a product or service soon.
How B2B marketing and sales can use intent data?
For B2B sales and marketing this data is critical as it allows you to target people when they are already looking to purchase and thus much more likely to purchase your service or product.
We can break down intent data into two types. The first of these is First-Party Intent Data, this is the data a business or organisation is able to collect from its own channels. These channels could include, CRM systems, websites, apps, social media and demand gen campaigns. The other type is Third Party Intent Data. This is any data a business collects or purchases from external sources or datasets.
Intent data, from any source, can be extremely useful for a business’s sales and marketing success. Firstly it helps businesses place their products in front of potential buyers early in their journey and will be more likely to widen your search to more potential interested parties. Being able to look at the behaviour of potential leads through their intent data will also help you to “lead score” individuals or organisations. This will allow you to analyse how relevant their industry is to yours and how the service you provide match up. It will also allow you to score those more likely to purchase from you higher, giving your sales teams a clearer picture of who to prioritise opening communications with first.
Intent data can also be extremely useful for cold marketing or selling. With intent data, you can build up a clearer picture of the needs of a lead before making first contact. If you know the type of service or solution the lead has been looking at or researching, this can help you pitch your product to them, highlighting the key features most relevant to them.
Finally, intent data, when used correctly, can be used to maximise upselling opportunities and reduce customer churn. You can use intent data from current clients to see if they are researching other solutions. If they are, you can use the data, or speak to them directly, to see any issues they have with the current solution and how you can solve them. Many times the solution to their current problem can be found by upgrading their current offering, giving you the perfect chance to upsell. Intent data can also show you if you have many of the same clients finding the same problems with your solution, highlight any shortfall and help you to redevelop your offering.
Although intent data is used heavily in sales it also has many uses for Marketing. Firstly it can help you to narrow down your target audience and allow you to optimise your content, especially ads, to appeal to this audience. This in turn can dramatically lower the cost per lead for campaigns and use budgets much more effectively. You can also build strong brand recognition, by serving content to the same audience over an extended period, allowing them to become familiar with you and your products before converting it into a sale.
Almost a third of marketing teams are now investing in intent data and 40% plan on collecting data on potential buyers to increase engagement. At Predictable Marketing, we recognise the immense value intent data can bring to a business. We believe that intent or behavioural data can help build up the most conclusive idea of a customer we’ve ever been able to generate.
With the wealth of data out there, however, it is important to not get bogged down and to remain focused only on what will help you identify and understand your potential or existing customers. It is important to understand that B2B purchasing is conducted often within a group of people, each with their own agenda and expectations of your solution. Monitoring and understanding these will help you distinguish real purchase intent from single leads. By breaking down the content they have been accessing, you also have the chance to engage them with a personal approach based. By using intent data to its full potential we have helped our clients streamline their lead funnels and eliminate funnel leaks and reduce customer churn. By passing on the insights from intent data, sales teams have the information necessary to close opportunities.
We are pleased to be partnered with Cognism, a powerful B2B prospecting tool, which provides our intent data. By using Cognism, we are able to provide clients with the power to speak to customers who are currently looking for the solutions they offer, meaning they can have the confidence to approach the key decision-makers quickly and efficiently.
To find out more or discuss how you can effectively use intent data, get in touch.