Intent data. It’s marketing’s secret weapon. The sales team loves it, too. And yet, only 25% of companies are using it, according to a 2018 study.
So are you part of the 25% harnessing the power of intent? If not, it’s time to take a look at what it can do for you.
Wait a second…what the hell is intent data?
Hold up. Before we get into this, let’s get on the same page.
In the last few years, the world of data has grown by leaps and bounds, burying marketers in jargon and leaving us scrambling to catch up. (In fact, that’d make for a good drinking game: take a shot every time a new data term pops up.)
So, before we talk about why intent data matters, let’s get on the same page about what the hell it is:
Intent data is information about prospect or customer activities that helps us understand their intent. It’s the data we collect on them when they’re actively researching our products and considering our services.
The MarTech company that owns the intent data space right now is Bombora, and they put it well on their website:
“[Intent] data identifies which businesses are actively researching your products and services, signaling when and what they want to hear from you.”
So, for example, if you’re an ABM solution, intent data allows you to identify people looking for ABM solutions. If you’re a digital marketing agency, you can find people who are already researching digital marketing agencies.
It’s yet another way that the old marketing model of throwing a wide net and hoping you catch the right prospects is out. And the newer, smarter model—of identifying the right people before you spend your marketing dollars going after them—is in.
Intent data in the time of COVID-19
While identifying customers who already want what you’re selling is a smart strategy no matter the economic backdrop, it’s an especially smart strategy right now.
Because the better you can target the right prospects and ignore the ones who don’t need your services, the less money you’ll waste on people who simply aren’t interested. The more you can home in on people who already know they need your services, the higher your conversion rates are likely to soar.
And with economic slow-downs already starting in certain sectors, smart targeting is one of the ways to weather the storm. Because companies most likely to survive economic downturns are those who keep investing in marketing, R&D, and assets, but find ways to make their spending more efficient, according to the Harvard Business Review. And marketing and sales efficiency are what intent data is all about.
What can intent data do for you?
We haven’t seen any large-scale studies on the impact of intent data yet, but we can tell you that Bombora’s case studies show 700% increases in website engagement, 67% jumps in LinkedIn ad engagement, and email open rates that doubled. Those success stories are pretty compelling and we’ve heard plenty more like them.
Curious to learn more about intent data and how we recommend folding it into your marketing strategy? We’d love to chat. Reach out anytime.