The buyer intent data you ignore has the same effect as putting a muzzle on a floor salesperson as customers walk around your store, picking up and poking at your inventory with interest. These potential buyers may be waiting for your employees to offer assistance, but they don't. The prospects may leave confused, or worse, angry that they were not considered important enough to speak to and sell — even as they showed interest.
Marketers who take advantage of the wealth of buyer intent data, sharing revelations with the sales team have an opportunity to convert browsers into loyal customers over time.
The Basics of Buyer Intent
Depending on who you ask, you'll get different answers for what buyer intent data entails. What most marketers can agree on is that buyer intent data includes indicators of buyer interest, however small or esoteric those details might be. These details are also quite numerous. As our data collection tools get better, we can pick up on pieces of data that flew over our heads in previous business generations.
For instance, we can now glean relatively strong buyer intent data from customer purchases. When customers make a purchase, they select things like size, color, brand, and materials that indicate their preferences. These preferences expressed over time then grow to be reliable predictors. Using customer data collected provides marketers access to better long-term retention, more efficient lead generation, and higher conversion rates.
Sidenote: DataQ ingests your store's historical data when you integrate your e-commerce platform, allowing you to tap into your these types of data predictors quickly. Having this access would let you see customer preferences over time to help you build the right strategy for customer acquisition and retention.
Making Buyer Intent Data Work for Marketers
It is becoming less common for human-to-human interactions to take place in the early parts of the sales funnel. Prospects are conducting their online research, formulating opinions, and making purchase decisions long before they engage (if ever) with a team member.
Let's face it; your customers prefer to keep things digital than to talk to people.
In an increasingly digital world, successful sales teams are now relying more on digital marketing teams to reel in these new types of consumers. A triangulated strategy involving sales, business development, and marketing is the right mix for today's digital prospect. Buyer intent data that is centralized and organized provides your marketing team solid insights based on the behavioral cues from customers. Properly managed, buyer intent data shortens the sales cycle and opens the lines of communication between company and consumer.
Lead Generation and Lead Conversion
Buyer intent data can help marketers with every aspect of the sales funnel, from acquisition to conversion and retention. Let's take a look at how this works.
- Acquisitions - With traditional lead nurturing strategies, you may miss your best prospects in the noise of an overflowing inbox. Using buyer intent data means that you can automatically follow up on your prospect's initial action with the proper retargeting strategy. You can also use buyer intent data to connect with entirely new prospects. DataQ makes this easy by providing you with tried-and-true segment templates that you can use to activate lookalike audiences on Facebook or similar lists in Google. Using your first-party data in conjunction with your pixels will help you unlock new levels of relevancy.
- Conversions - Retargeting your prospects on social media and starting a good back-and-forth allows you to gather information to prioritize your lead list. Account scoring prioritizes your prospects according to their specific actions and predicts who your best customers will be. From there, you can use a number of platforms to generate notifications at the appropriate time (when that account is in the middle of a relevant sales action).
- Retention - Now that you have adequately targeted, prioritized, and converted your leads, you should complete your buyer intent data cycle by analyzing the strengths and weaknesses of your campaign. You can also deepen your relationship with successful accounts for upsells. Buyer intent data lets you know who is still lurking around your ecosystem for more value, which adds to your arsenal of information that you can share with your sales team for further outreach.
In the age of inbound sales, your marketing program must be more insightful than ever. If you are not using every bit of your data, you put yourself behind the eight ball. Buyer intent data is one of the most reliable digital assets you can put in your repertoire. It can enhance your marketing, your sales, and the alignment between departments.
Additionally using your customer data can help you:
- Attract high-quality customers that behave like your best customers.
- Build stronger relationships with customers (current and new).
- Understand your customer base to further refine and optimize your approach.
If it is not already a priority in your collection and organization strategy, you may want to consider it very carefully and apply it. And when you're ready to use it, you can sign up for a free 14-day trial, and we can help you kick-start your initiatives.