Understanding purchase intent and how to utilise it is a fundamental part of any marketing strategy, and an invaluable tool for improving sales rates. In B2C marketing, purchase intent data is based on context data such as browsing history and demographics and can be used to persuade consumers to make purchases they may not have necessarily made otherwise through targeted ads.
On the other hand, business purchasing is generally influenced by logical, data-driven decision-making processes, rather than the feelings and desires that personal consumers respond to, so B2B intent will be signalled through different context data. Therefore, it’s important to understand what drives business decision makers, how to efficiently discover a prospect’s purchase intent and how you can use this data to your advantage in order to boost sales for your company.
Understanding B2B Purchase Intent to Improve Prospecting
As business decision makers are highly unlikely to be swayed to purchase anything that wasn’t already on the cards and factored into the company’s budget, intent data is of even more value in B2B markets. A few B2B-specific examples of factors that may signal purchase intent include (but aren’t limited to):
- Would your product benefit the business in terms of efficiency or standard of work?
- Will the price point of your product suit the business’s budget – what will be their ROI?
- Does the business have a contract with one of your competitors that is up for renewal soon?
Intent data is best used to identify businesses that are likely to already be considering products and services like yours in order to improve the quality of your sales prospects, then use it to customise the pitch and ultimately boost conversion rates.
How to Efficiently Find Purchase Intent Data
One way to find out the information needed to determine intent is to reach out and ask, but tactics such as cold calling can be a huge drain on resources – sales professionals can spend up to 40% of their time just looking for someone to call (InsideSales) – and tend to be inefficient when ROI and conversion rates are considered. However, using a prospecting software such as EngageIQ will not only dramatically reduce the number of working hours spent searching for prospects, but also improve the quantity and quality of purchase intent data available to your sales team.
Integrating EngageIQ into your prospecting tactics does the majority of hard work for you – our research team make around 20,000 calls each week in order to build incredibly detailed profiles of companies’ purchase intent data, which is filtered by our artificial intelligence technology in order to match them up with your product, and we deliver this intelligence to you in a continuous stream through our easy to use sales software. This leaves your sales team confident in the knowledge that they’ve found the right buyer and fully informed about their intent, therefore in the best possible position to make that all-important call.
To find out how EngageIQ can provide your company with full purchase intent data on a wealth of sales prospects, book a demo with us.