Before the popularity of the internet, social media, and websites, the only way to know about the intentions and behaviors of people was to ask using questionnaires or customer reviews. Companies had to wait for customers to tell them what they wanted. This made customer services, product development, and sales difficult. However, this has changed; we no longer need them to tell us or ask much. Everything is available online.
Intent data is data collected from observation of the behavior of people or entities such as organizations or companies. It is also referred to as predictive data since it is data used to predict the behavior of people or entities. Intent data can be collected from various platforms such as online on social media channels, online commerce sites, and from observing other people’s online behaviors towards certain things. In addition, it can be obtained from the decision-making behaviors and patterns of companies and individuals.
Various institutions can use the intent data to determine the purchase behavior, product loyalty, and level of competition—for example, advert companies to assess people’s reception to the marketing campaigns. In addition, social media companies such as Facebook use intent data for product sales and marketing. They also use the data to decide people’s reactions towards specific posts and products advertised on the platform.
What is the value of intent data?
To understand the value of intent data, you need to accurately imagine what would happen to determine and predict consumer intentions accurately. For example, what do they want, what they desire most, what makes them proud, and the one item they desperately need? Intent data is key to knowing all these.
There is a common saying: “it is best to strike when the iron is hot.” Intent data is the hot iron that enables you to strike and achieve the desired targets. By collecting intent data, companies can discover niches in the market or consumer consumption trends then decide before other companies find the opportunity.
Intent data is an essential requirement for marketers. Companies and individuals can use intent data as a marketing tool for various marketing techniques such as target marketing and segmentation. For example, companies rely on the data to target specific customers with specific adverts and campaigns.
It is critical for real-time decision-making, which is making the decision based on the presently available information. Whichever the name, intent data enables the company to be the first in decision making, product innovation, and introduction. With intent data, you are also looking at profitable opportunities that other companies are yet to discover.
Fortune 500s remain profitable and market leaders because they rely on the intent data. By taking advantage of their data, they can manipulate or take advantage of the market opportunities and make more profits before other players become involved in the same niche. Some also take advantage of the intent data to innovate and patent their discovery hence enjoying a monopoly, lifetime profit, and no competition.
Intent data is like gold, the effects can lead to long-term profitability, and they can also change its financial status, market share, and reputation. Imagine how much Google makes from Google products such as YouTube or how much Facebook makes from marketing and advert revenues. These companies have intent data, and they sell it to companies that desperately need such information to target consumers with adverts and products. They also allow marketers and companies to use the data available on their channels to sell products and generate contact lists.
What are the different types of intent data?
There are three main types of data: first, second, and third parties.
First-party data is intent data collected from anonymous visitors and known contacts. The data can include those collected from social media, websites, and email contacts. The data is essential in helping marketers understand how to approach prospects. An example is data collected from Google contacts, Facebook and Instagram.
Second-party data is data collected from another company. The data can be collected from reviewing sites or publishing networks. The websites usually permit other companies to share their data and sometimes their contacts. Second-party data refers to the data obtained from websites such as Yelp.
Third-party data is collected from all over the internet. It can be collected through multiple ways; however, the most common methods include reverse IP lookup, bid stream data and widgets, media exchange, and publishing sites.
Primary Goals of using Intent Data
Marketing and advertising
Different types of marketing require intent data. The first is personalized marketing which refers to marketing products to specific individual consumers. Once the company understands the demands of particular consumers, it can market to them the desired products or complementary products based on their tastes and preferences.
The data can also be used for segment marketing, classifying users based on groups called segments, after identifying the needs of the groups based on online data, the company markets to their products that are likely to meet these needs or those that are similar to their needs.
The data is also crucial for event marketing. Event marketing is marketing based on an event. Once you have a consumer contact list and understand their online behavior, you can organize an event that addresses their needs. You can organize the event to promote and build relationships with the customers. Alternatively, you can use current events such as music festivals, partner with the event, and then market your products in partnership and through the event. Such events will enable you to develop stronger relations with the customers.
Generating prospect lists
The first, second, and third-party intent data helps you generate a more extensive list of prospects enabling you to access more than the targeted consumers. You can get many contacts through a third party, and the second party intent data allows you to access your competitors’ contacts, improving your contact list.
Product development and overcoming competition
Companies seek intent data to understand user needs and then develop the products the user needs. After understanding these needs, the company can also develop products based on these needs to motivate the users to purchase the products.
By studying competitors, you can know what consumers say about them and improve the information to your advantage. Then, using second-party data, you can develop products that resolve consumer weakness, enabling you to acquire more consumers by converting those not loyal to competitors.
The second-party data can also help you remarket to competitors’ prospects enabling you to sway their customers to buy your products instead of competitors’ products. Other data types, such as third-party data, allow you to understand the industry marketing practices and areas to improve to become competitive.
How to Use Intent Data Increase Revenue
Marketing is not a matter of running television and social media ads. Marketing is currently about consumer targeting. Intent data enable you to target the consumers by first understanding their behavior. Through target marketing, the probability of converting prospects into sales is higher than general marketing, where you wait for the users to view your adverts then respond.
Intent marketing gives you prospect contacts and also enables you to access their preferences. Therefore you can efficiently market your products based on competitors’ quality while resolving the shortcomings of competitors’ products. This will enable you to attract consumers who are not satisfied and are not pleased with the competitor’s products, increasing your sales and revenue.
Intent data also enable you to discover new consumer needs that the competitors do not yet find. You can use this information to develop unique products, patent the products then sell them to consumers before competitors create a substitute or a similar product. The monopoly will enable you to enjoy long-term profits. You can also use reviews obtained from second-party intent data to improve or upgrade your products to address the weakness of the competitor products and capitalize on their strengths.