Buyer Intent Data - What Is It And Why It Matters In 2021?

Imagine being able to recognize organizations in their buying cycle who are actively looking for a product similar to what you offer. Buyer intent data lets you do exactly that.

Buyer Intent Data
Photographer: Cytonn Photography | Source: Unsplash

Only 25% of B2B organizations use buyer intent data, but it's one of the most effective ways to grow your pipeline of qualified leads.

If you are reading this article, you're probably aiming to start leveraging intent data to effectively expand your lead pipeline.

In this article, we'll explain what intent data is, how to utilize it, and where you can get it. Let’s get started!

Table of Contents

TL;DR

What Exactly Is Buyer Intent Data?

Buyer intent data is made up of aggregated behavioral signals that allow businesses to identify buyers throughout the buying cycle.

It may sound complicated, but you are most likely to already consider it in your sales and marketing strategies.

Behavioral signals of buying intent include things like:

Actually, buyer intent data is a set of information indicating a lead, who is in their buying cycle and is about to buy your solution/product (or a competitor's solution).

Website data, off-site activity, CRM, social media data, and content consumption data are the most common sources of intent data.

How Invested Are Your Buyers?

Interactions with a website or a campaign can be used to evaluate engagement. Data should constantly be scored by your sales team based on how engaged your leads are.

Whether it's a chatbot conversation, time spent on your website, or the number of actions taken on your website. These behaviors are all indicative of the buyer's journey, and your sales staff should make contact at this point.

Where Does Buyer Intent Data Originate?

There are two types of intent data, each from a different source: Internal and External. We'll look at internal intent data as well as external intent data.

buyer intent data types

Let's take a closer look at what each of them means.

First-Party Data or Internal Intent Data

First-party intent data is another name for internal intent data. This data is acquired in-house using your marketing automation platform or if you have a web app, application logs.

The advantages of collecting intent data internally are that you'll have complete control over what and how you collect it. You can also act on it right away and tailor how this constitutes buying intent to your preferences.

Third-Party Data or External Intent Data

Then there are third-party intent data, also known as external intent data. As the name implies, this is collected outside of your institution but can be used by your team.

Third-party intent data is obtained through IP lookups or cookies on specific websites. Since it is difficult to collect and use intent data in-house, using an external provider and licensed behavioral data is a popular way to capitalize on this valuable resource.

Benefits Of Using Buyer Intent Data

There are strong benefits of using Buyer Intent Data in your marketing strategy. Let’s see the benefits of it and why you should be using it!

1. Greater Prospecting Efficiency

Closing more deals is the top sales priority for 75% of businesses.  Wouldn't you want to know if a lead is almost ready to buy?

Prospecting becomes easier with intent data.

Companies are researching your solution to make your sales representatives' jobs easier and faster. Because you know who is looking at which content, your team can personalize their communications with each lead.

Furthermore, third-party intent data will inform your team about how and what leads are researching. This allows you to engage with leads as soon as possible and add your solution to their list of considerations.

Getting access to B2B intent data will boost your sales team. They'll be able to prospect for SQLs in a relatively short time than it would normally take them, and they'll be able to make the most of their time.

2. Improved Outbound Sales Performance

Only 18% of marketers believe that their outbound efforts generate the highest quality leads. While cold outreach can yield results, you never know if the prospects you contact are ready to purchase.

Your sales cycle may be lengthy because most purchasers now see at least 3-5 pieces of content before attempting to engage with a sales rep and conduct additional research such as talking to colleagues or looking at vendor review sites such as Capterra.

Providing your sales team access to a source of intent data enables them to contact qualified leads earlier in their buying cycle rather than wasting so much time sending emails to unqualified leads.

Intent data can also improve the return on investment of your B2B content syndication efforts. You can see who is looking into your solution and better target your content.

3. Advanced Sales Prioritization

Traditional lead scoring involves adding points to a lead's score when they complete specific actions.

Intent data reveals alternative options your leads take even when they aren't on your site. Based on the research on your solution, your marketing team can precisely lead score and anticipate people's buy intent.

Your sales agents can then use that information to prioritize who they contact based on how eager to buy they are.

4. More Accurate Account-Based Marketing Campaigns

Personalization is the foundation of successful Account-Based Marketing strategies. The most efficient strategy to optimize your ABM efforts is to lay out your buyer journey and always deliver the most relevant information to leads.

By segmenting your lists and only providing relevant content to purchase-ready leads, intent data allows you to proactively nurture leads in your campaigns. This ensures that every touchpoint in your marketing corresponds to the lead's expectations.

5. Produce Relevant and Targeted Content

The connection between topics and context can be seen using intent data. You can address people's inquiries about your product or service in new content if you know what they're asking before they buy it.

These insights can be used by your marketing team to direct content generation and boost the inbound flow of leads to your website.

How To Judge Buyer Intent Data Quality?

Only 46% of salespeople have statistical insights into their consumers' readiness to buy. This figure is modest, given that practically every sales agent would agree that this information would be extremely beneficial.

Why are so few sales teams have the access to such important data?

Calculating buyer intent, turns out, is a difficult undertaking. Initially, you must establish what is important to you and how you prioritize interactions with key decision-makers.

You must also account for who is engaging with your brand, as it is pointless to track, score, and spend time on leads who aren't a good fit for your company. You can then forecast buyer intent by collecting buying signals. 

When creating intent data, you should take numerous factors into account, including recency, frequency, and engagement.

1. Recency

The frequency with which a prospect interacts with your content is valuable information. If you wait weeks to contact leads who have viewed your website, they will have either made a purchase decision or will have forgotten about you.

In sales, timing is crucial. According to research, the vendor who reacts or contacts the customer first receives 35-50% of the sale. Your sales staff will close more deals if they respond quickly to buyer intent and contact decision-makers at the optimal time.

2. Frequency

Another important sign of buyer intent is frequency. If you notice a lead visiting important pages regularly (e.g., your pricing page, case studies, etc.), you can presume they're in the buying cycle.

Your sales staff will then be aware that now is an excellent moment to contact them.

3. Engagement

You may utilize engagement as the third signal of buyer intent. Most lead scoring systems focus heavily on engagement, and the same holds true for intent data.

It's a good opportunity to contact a lead who is interacting with your content on your website, through a chatbot, or an email nurturing campaign.

In conclusion, these three considerations are all critical for generating accurate intent data. This means you can create a complete image of your potential consumer, determine when they're ready to purchase, and reach out to them with a tailored message.

Final Thoughts

Intent data will alter your prospecting and how you engage with leads. Companies that use intent data have a clear competitive advantage over their rivals. Identifying ideal buyers during their purchase cycle enables your staff to engage with leads in the most effective way.

Looking to find the perfect prospects for your business? Book a One

Revenue Marketing: What To Measure and Why?

Revenue marketing is one of the trends that have gained a lot of traction in recent years. But what does it really mean?

The road to real accomplishments typically starts with the right definitions. How do you define what you are doing in the best possible way when you are responsible for customer acquisition? You can say generating demand. But that completely cuts user needs from the equation.

dices over newspaper spelling profit loss and risk
Image from Pixabay by AbsolutVision

Growth marketing is a fairly popular notion, and although it does not involve the sales function, it is obviously the right pick for B2C organizations. Moreover, growth marketing might lead you on the route of one method without a consistent strategy if performed superficially.

This article will show you what revenue marketing is and why it’s the proper approach for any B2B company. We will also show you how this notion helps you align sales and marketing.

Table of Content

TL;DR

What Is Revenue Marketing?

Revenue marketing is a holistic marketing and sales strategy, which businesses use to drive revenue growth predictably.

When done successfully, revenue marketing aligns marketing and sales with this same goal by developing a continuing feedback loop involving sales and marketing.

Why Is Revenue Marketing Important In 2021?

In the days of the most conventional sales and marketing books, the sales and marketing in silos performed well enough. Marketing generated leads and converted them to sales for closing in the old paradigm.

revenue rising illustration drawn by marker

B2B purchases are more and more self-directed. Thus, marketing and sales must support clients throughout their whole lifecycle in a holistic, relevant, and useful approach.

The funnel is now changed!

Just to be clear—this is not to say that sales representatives should start to cold-call the leads atop the funnel. It means, instead, that you know what is going on in the whole funnel and can use it to your advantage.

Marketers can no longer regard it as "job done" when they have progressed to the stage of consideration or intent. Rather, they develop certainties that boost the full lifecycle and understand the best way to increase revenues by marketing channels, emails, and collaterals.

Key Advantages of Revenue Marketing

These are the three key ways in which revenue marketing appeals to all:

  1. Sales understand which prospects are ready for sale and have the essential context for closing deals.
  2. Marketing will find out, in addition to clicks or leads, which promotions, channels, and messages generate revenue to improve ROI.
  3. The most appropriate communication is always sent to the consumer. They can progress through the funnel more quickly or speed up their decision to give up.

We trust that it's worth fighting for these advantages. However, according to B2B Marketing Trends, only around half of the marketers feel empowered to work on sales or to disclose their objectives.

When 100% of business buyers have migrated from conventional B2B buying cycles and only 50% of sales and marketing of the businesses are working together to serve the buyers of today, who do you think will win?

Four Steps to Create A Revenue Marketing Strategy

If in today's B2b market you're prepared to be one of the winning teams, then continue reading. It's time to look at how you can execute revenue marketing in your business.

Wanting to execute or implement a revenue marketing strategy doesn't necessarily mean that you will have to start from square one. It gives you the chance to assess your marketing and sales operations and ensure that they drive revenue growth effectively.

The revenue marketing approach has been broken down into a four-step process.

1. Understand Your Prospect

A deeper understanding of your buyer is the first aspect of any revenue marketing plan. This means objective evaluation of your demands and the buying cycle is mapped out.

You have to lift heavily to comprehend the customer's wants. You can set up extensive buyer personas or any kind of marketing research to map the demands and needs of the buyers. The "Job to Do" (JTBD) framework could be one you would like to consider lately.

The JTBD framework is fantastic since it encourages you to think of the most important thing that your customer needs to know: what they want to achieve. "What is the job to be done" in the JTBD jargon.

This signifies that the product or service helps the client achieve the job. That is, the buyer might "rent" your product or service to accomplish the task.

jtbd illustration showing customer needs
Source: Intercom

You need to analyze your buying cycle once you know your customer's needs or jobs.

The buying cycle represents the number of steps via which the customer purchases a product or service. To align your marketing and sales activities to assist their buying process, you must understand the cycle.

While the actual buying cycle for each organization seems distinct, the marketing and sales funnel can generally be seen as the framework for mapping the buying cycle. In the end, the details of the method your customer passes through the major buying stages are very significant to you. These are:

You may move forward with the following stage, armed with a comprehensive grasp of your buyer.

2. Marketing and Sales Alignment

Almost half of the professional sales and marketers say they are still not well aligned. Yes, even in 2021.

So, how can you align yourself?

Think about where you are and where you want to go today. Answering these questions below can help you understand what you need to work on to align marketing and sales:

Indeed, research discovers that management buy-in, collaborative meetings, and shared KPIs connect with revenue growth.

3. Implement Collateral and Campaigns

This is the component with which your marketing staff should be comfortable.

The vital part here is that this step needs to be informed by steps; 1 and 2. Generally, you may make full use of insights you got from the sales and customers to construct successful marketing campaigns for your buyers.

Create and distribute your collateral and campaigns using the knowledge of sales and customers you got previously. For any and all stages of a buyer's journey, this means developing content and SEO, implementing automated e-mail marketing, PPC, and any other B2B marketing strategy that is appropriate for you.

4. Analyze and Enhance

Finally, examine your marketing efforts and measure the results. The results show what works and what needs to be improved.

You can follow two sorts of marketing metrics:

Some Final Revenue Marketing Tips

You may achieve consistently reliable revenue growth through revenue marketing. To start off, find out where your firm is now and ponder what you need to implement a revenue marketing strategy.

Here are some final recommendations to make your business' revenue marketing work.

1. Create a playbook for sales marketing involving both strategy and techniques

The playbook should direct the answers to the following questions:

You must be adaptable and constantly developing your revenue marketing strategy. It is great if you experiment and document what works constantly. Continue trying new channels, fresh content, lead readiness indications, and reverse-engineering already closed leads sources and signals.

2. Choose the appropriate DNA tools to support the revenue marketing

Do not ignore the impact your technology stack will have on how you act. If your sales and marketing tools clash with each other and separate the two more than they unite, then there is a problem. There will be more friction.

Consider the following in order to find the correct tools:

3. All about people

None of the plans or techniques will work unless you have a team in line with your marketing objectives and equipped with the knowledge and expertise to push them forward.

For example, with organized communication and explicit objectives, Userlike has done this. Weekly calls are held between marketing leads and sales, two-week synergy meetings, attended by marketing, sales, and support professionals, and a quarterly business evening for the whole company.

Help Scout maintains its sales, marketing, and support in line with common KPIs and a unique North Star: customer experience. They have established a culture of collaborative learning, in which the groups focus on how numbers increase or fall in relation to any alterations.

The KPIs of Livestorm are connected to their funnel and each has an "owner." They also emphasize the significance of data exchange, (over)communications, and a shared goals culture to keep sales and marketing synchronous.

Wrapping It Up

In conclusion, you can keep your people in tune in a number of ways. The important thing is to identify what works for you and establish a revenue marketing-driven workforce.

Want to find the right B2B prospects to drive your revenue marketing efforts? Book a demo with OneMoreLead today!