Intent data is a buzzword for B2B marketers & it reflects on the purchase intent of the potential customers at the different stages of their respective buying cycles. Analysis of the intent data not only helps marketers skip the standard time taken for the conversion of a Marketing Qualified Lead to a Sales Qualified Lead, but also helps them focus on more targeted marketing strategies for the better engaged potential clients (whether it be in terms of content, advertising or sales pitching), thereby increasing the probability of a better Return on Investment (ROI).
A report by ABM marketing report in 2018 found that only 25% of the B2B marketers were using intent data. Clearly, organizations need to focus more on buying intent and engagement of their buyer persona rather than being concerned about the size of their ideal buyer persona.
Focusing on intent data provides vital data about the websites a potential buyer is visiting, product or services they are researching about, as well as their degree of inclination (engagement) towards those products or services. The data helps B2B companies predict the action of their prospects.
Analyzing intent data helps B2B companies in identifying & engaging the potential clients, long before their competitors can even figure them out. Sales conversion even witnesses a lot of improvement due to the shortening of the buyers’ cycle, more targeted advertising & by engaging the potential clients across multiple channels.
Sources of Intent Data
1) Tracking website data:
The ratio of the number of unique visitors to the number of repeat visitors on the website gives an insight into the percentage of traffic that is returning on the website. This data constitutes the first party intent data & is essentially GDPR compliant.
2) Tracking the journey of a buyer persona:
Not all who research a website are potential buyers. To understand if the visitors on any website are actually potential clients, the marketers need to track the buyer journey of the potential clients, right from its inception.
This may answer a number of vital questions like:
- Which websites the potential clients have visited earlier in the process of their research, in their respective buying cycles?
- What are the solutions that the potential clients are looking for?
- Are the visitors on the website really interested in buying products or services or are they majorly looking for after-sales services?
- How do the sales & marketing teams focus on prospect conversion (using automated solutions, wherever necessary)?
The data collected is the third-party intent data which is confined to specific account levels. Combining the third party intent data with the first party intent data can give some unique insights so as to expedite the movement of specific leads along the sales funnel & boost the Return on Investment (ROI) for businesses.
3) Tracking website conversion rates:
The ratio of the number of unique visitors on the website to that of the number of visitors who perform a required action on the website such as clicking on a call to action (CTA) button or filling up of a form, gives insight about what percentage of the visitors on the website are engaged with the products & services being provided by the B2B marketers.
Common Uses of Intent Data
1) Intent data helps identify topics for content creation:
Intent data gives insight on the most researched topic by potential clients, based on which the content strategy of a website can be outlined.
2) Sales efficiency can be boosted with intent data:
Analyzing the details aligned with demographics, psychographics & techno-graphics of a potential customer may help the sales team generate a more efficient sales funnel, expedite the sales process & boost the Return on Investment (ROI).
3) Isolating & targeting account lists:
With the help of intent data, sales & marketing teams can isolate clients that show better engagement & then target them more specifically to generate better conversions.
4) Focusing on Targeted Advertising:
Intent data can be utilized to offer better-targeted ads to potential customers based on their respective search histories.
The proper analysis of intent data gives an insight into the topics the accounts are actually interested in & have been researching about, throughout their respective buying cycles.
Demand orchestration can be achieved by better analysis of intent data and its integration with the sales funnel. As the buyers’ journey time is reduced considerably & the sales funnel becomes more efficient, the Return on Investment (ROI) for the B2B marketers is optimized.
We, at Valasys Media, focus largely on integrating intent data from various sources & analyzing it to bolster the ROI for our clients through the following methods:
- Coalescing data sources & synchronizing it with several marketing channels and with the sales funnel
- Streamlining the sales funnel for better conversions
- Targeting clients better, using their intent data
- Improving the quality of leads by creating a client database of customers with a greater purchase intent
For more information on our services, feel free to contact us.