Intent Data - The Next Level Strategy
In a world where demand generation, and marketing in general, are more data-driven than ever, one of the hottest topics in B2B circles is intent data.
Among the B2B marketers, a lot of buzzes have been created about intent data throughout the year which labeled intent data as a big change in our marketing strategies we all are keenly waiting for it to make its way into our workflows.
What’s Intent Data?
Intent data is all about a behavioral study of prospective businesses or buyers' online activity that showcases which accounts have shown intention to buy solutions similar to yours by analyzing their online activity on the web.
Through time intent data has now become strategically important for sales and marketing organizations to prioritize their efforts and broaden the area of reach for a B2B marketer to reshape their lead nurturing strategies and approach. With intent data, they can enhance their marketing efforts to their prospects with more personalized content and targeted advertising to get them on board.
First-Party Intent Data:
Generating first-party intent data is not the newest method for B2B marketers. As they are practicing this for a very long time now. However, first-party data comes through the sources such as analyzing the traffic on your own website using ‘marketing automation platforms.
And in a world where demand generation and marketing is more data-driven many marketing automation platforms are producing first-party intent data for more than a decade now. First-party intent data can be unknown, or it can just be the people visiting your website identified by the mapping of their IP address with their company name.
Or it can be individuals who have filled out a form and have provided their name and contact information or downloaded your whitepaper. “Marketing automation providers such as Marketo, Eloqua, and others are the most popular tools to generate First-Party Intent Data”.
Third-Party Intent Data:
Third-party intent data has been around for many years. But in the past, marketers couldn’t see a clear path to generate ROI and identify purchase intent. It can be an effective method to identify prospective buyers who are not in the market but searching for similar solutions as yours on the web.
Understanding the third-party data can help you to monitor your future buyer's journey from the start with you can use third-party intent data to prioritize your leads effectively in the CRM and spend your marketing resource wisely.
Third-party providers generate intent data by collecting and aggregating the data of the visitor's activity such as the amount of content consumed, the number of content consumers, the type of content consumed, time on page, scrolling speed, on other B2B marketing websites. ‘Bombora, TechTarget, 6sense are amongst the top third party intent data providers.
“Intent data helps both sales and marketing to know who to call, who to email, and how to segment paid activity,” says Mike Burton, Bombora co-founder and Senior VP of Sales.
However, after a lot of buzzes and remarkable growth in success when compared with the internal marketing efforts, Intent data remains under-utilized by many sales and marketing pioneers in the B2B industry.
“A 2018 ABM Benchmark Report found only 25% of companies were using it.