Recent years have seen a change in consumer behaviour, particularly in the B2B space. Globally, 40% of consumers report buying more online than before which, if anything, seems to be something of an underestimate. The research process in particular has shifted considerably. The old convention – shortlisting a few options and then calling them to discuss your business – is dying out. Instead, with so much information available over the internet, people are now doing most of their research before making an inquiry or requesting a demo. This means that any decision is usually made close to the end of a buying cycle, before they’ve made any contact with your sales teams.
The reason why businesses are turning to intent data is because of its ability to solve this problem – by finding accounts higher up the buying funnel that are actively looking for businesses like yours. As a tactic, it is incredibly effective – an Insights for Professionals survey found almost 70% of businesses plan to increase spending on intent data in 2021. Bearing this in mind, we’ve outlined 3 ways in which intent data can help drive sales and build pipeline for your business.
Focus on the Right Leads
No sales and marketing teams have unlimited resources. Here, intent data helps by identifying not just your best-fit accounts but those that are likely to be receptive to your messaging, right now.
Cyance uses intent signals across thousands of different data sources to pinpoint accounts searching for your solutions. Not only that, our intent data also reveals via surging intent changes to where they are in the buying funnel.
You can also filter leads by intent, company, country, engagement, turnover and plenty of other factors to achieve a more targeted sales approach. This allows your sales and marketing teams to focus spending on high-value leads that impact the bottom line, while also reducing waste.
At the same time, intent data provides valuable insights into account behaviour which can be used for improved personalisation. For example, knowing where a prospect is in the buying journey can help to target ad campaigns or follow-up activities, as well as to deliver tailored messaging and content.
This kind of meaningful engagement can have a significant impact on conversions – as seen by a study which confirmed that nearly 50% of buyers make impulse purchases after receiving a more personalised experience.
Build and Nurture Relationships
Customer experience, or CX, has also come to the fore recently, with a study finding 88% of companies across industries are making it a top priority.
This shouldn’t come as a surprise. Customers are interested in relationships where they feel valued – so much so that they’re willing to switch brands and pay 16% extra if they can get a better experience.
Here, intent data can be a terrific resource. By seeing which content is being consumed during the research stage, your teams can use it to identify and provide solutions to an account’s particular pain points, nurture your relationship and cultivate brand loyalty.
Perhaps most importantly though, intent data can also be used to track existing customers who are researching the competition or re-entering the buying cycle. With this information, you can reduce churn risk by reaching out to these customers to better understand their needs and wants – which in turn can lead to discovering untapped markets.
By identifying qualified leads and providing you with the information needed to address their concerns, intent data helps you expand your pipeline, shorten sales cycles, and improve conversion rates. Considering how 99% of companies who use intent data are reporting sales growth and increase in ROI, it’s a resource which B2B companies can’t afford to ignore.
To learn more about Cyance’s unique approach to intent data, book a demo.