An advanced sales and marketing solution enables effective B2B marketing. Matter-of-factly, what intent data helps marketers learn about clients' wishes.
Introduction
Understanding your customer is critical to your business success but it's not always the easiest thing to figure out about what your client wants or needs. Fortunately, there is a tech solution: intent data. Assessing intent data gives you insight into customer's interests and behaviors to direct marketing efforts and adapt strategy as a whole.
With data pouring in from several sources, almost every business in this age accesses huge volumes of data intended solely for understanding customer behavior. The actual application of it in extracting useful insights from it is troublesome; hence arises the need for intent data.
The Basics of Intent Data
In fact, intent data is a type of information you can collect about an individual's online behavior as an indication of their interest in specific products or services. Sources such as search engines, social networking sites, and website traffic analysis provide such intent data. Intent data basically refers to data collection points that indicate user behavior, like search queries entered, pages visited, and content consumed.
The points can be used to create a profile in terms of what kind of interests and behaviors a user has, useful for strategy-building in terms of marketing or sales. Analyzing the data, then, is an insight into behavioral patterns regarding potential clients, allowing better targeting of marketing-and-sales efforts.
The simplest definition would describe intent data as the collection of data that makes it much easier for businesses to understand and gain knowledge concerning what their customers want, need, or desire so that businesses can offer more personalized services thereby increasing customer satisfaction.
Intent data does not only mean knowing your customer from the outlet but also getting much more insight concerning when and where the customer is likely to buy what you are selling. Some interesting facts and statistics on the subject of intent data are:
1) As many as 77% of B2B buyers conducted research before making a purchase, according to Demand Gen Report. Intent data helps businesses understand better the research and buying behavior of such potential customers.
2) Companies that use intent data convert at a rate of 2.7 times more than companies that do not, according to Aberdeen Group.
3) According to Globalnewswire, the market of intent data is expected to touch approximately $4.5 billion by 2026, growing at a CAGR of 24.5% from 2021 to 2026.
Pertinently, this is the age of intent data bringing up quite significantly as a tool for creating a better portrait of potential customers and their gains in marketing and sales strategy.
The Benefits of Using Intent Data
Know-how data and the real-time aspects provide a pretty big advantage about understanding the clients' interests and behaviors for better understanding and personalization of marketing campaigns, which will ultimately increase conversion rates and increase revenues.
Thus, it opens up opportunities to discover possible customers who have not shown any contact with your business just yet, but from their online behavior, you can determine the likely interests they will have towards your product or service ,and use specific marketing campaigns to reach out to them.
Besides, you can fine-tune advertising efforts as well. With this information , you are able to analyze a converged user's point-of-view regarding its intent information and look for the trend that captures which ads and messages cut through the clutter. You can probably optimize those ads with increased accuracy regarding your marketing budget .
Lead generation is further improved by intent information for any business in that intent to buy is reflected in any indicative behavior or actions displayed by potential buyers. By this, companies can provide possible customers with valuable information along with some proposition with a great chance of conversion.
How to Use Intent Data
Appropriate tools and strategies are needed to utilize the intent data effectively. Among those critical tools for intent data analysis is the data management platform (DMP). This DHIO can collect, categorize, and analyze your intent data to provide insights into how customers are behaving.
Another way to utilize intent data is to make it a part of your other marketing and sales tools. Intent data is then incorporated directly into any CRM system or shared with a marketing automation platform, making it possible to generate similar ideas in marketing campaigns and sales strategies.
Also, intent data is not the panacea of all scenarios. It only affords one more piece of data in the jigsaw puzzle, where client understanding is concerned. In doing so, you will get a better grasp on clients and their requirements. Intent data works best, in fact, when combined with other information like demographic data and customer feedback.
The Future of Intent Data
People often think that with the coming advancement in technology, the use of this intent data will also be in such a manner that in future, the companies will have the ability to use intent data to achieve even much deeper insights into their clients' behavior that can simply create experiences even more personalized for them.
For instance, AI (artificial intelligence) and ML (machine learning) techniques could be used to analyze and spot new patterns and behaviors in intent data. They thereby predict their preferences to customize even more personas in their experiences.
Incorporate Intent Data. This may also help beat the competition. They will now know their client better, discovering opportunities, and understanding changes taking place in the market.