It is every B2B company’s dream to find out which potential buyers are interested in the products or services it offers. Or perhaps it is better to say “it used to be a dream”. With the B2B Intent Data Analytics applications, it is now possible to use a data-based perspective to the purchasing intents of target audience and to be there at the right time with the right message. There are still many question marks on how this system works, as it is quite a new concept to the world of B2B marketing. Here are some answers to most common questions on B2B Intent Data Analytics and a short list of its benefits.
- A brief introduction to B2B Intent Data Analytics
- How the system works
- Alignment with GDPR – importance of consent
- Good reasons to prefer working with a dedicated service provider
- Benefits of B2B Intent Data Analytics
“On-time” is a great word! Cambridge Dictionary defines it as “used to describe something that arrives, happens, or is done when it should and is not late”. In addition to this definition, it is obviously a clear motto and a major goal for marketing teams. Until now, B2B marketing used to rely on tools and applications such as market data, predictive analytics, and data analytics to understand potential customer behaviors based upon past actions. However, this is not enough to be at the right place and right on-time to make the perfect sale!
With the respectively new B2B Intent Data Analytics applications, it is now possible to see which potential buyers are currently interested in the products or services that you offer. B2B Intent Data Analytics is all about using collected data to understand a company’s purchasing intent. These applications analyze web content consumption and web searches, and then transform the results of this analysis into a list of potential buyers. This list helps B2B marketing teams to approach prospects with the right message, via the right tools and right on-time.
Let’s imagine a B2B company that provides software solutions to large-scale businesses alone. This company may have a long list of businesses that might be interested in its software, but what is the use of bombarding them unnecessarily and untimely with an entire product portfolio? Such an approach will only exhaust potential buyers and waste marketing resources, time, and workforce. What this company actually needs is a shorter list of potential buyers who are interested in what it offers. The key to owning this list is B2B Intent Data Analytics.
How the system works
B2B Intent Data Analytics uses either first-party intent data gathered from the company’s website or via third-party service providers such as Bombora, EverString, Demandbase etc. that collect data from relevant sources. For instance, Bombora, a leading B2B intent data provider, says it captures “over 1 billion visits worth of data per day”. This means a huge flow of data, but it is meaningless unless it is sorted. Therefore, the data are scored according to the relevance and amount of online activity, and the resulting final list becomes a great tool and an insight for B2B marketing teams to act upon.
In short, the intent is identified, an insight is achieved, and the marketing team uses this insight to employ the right marketing strategy, tools and methods to generate leads. Then these leads are transformed from potential buyers into actual buyers, because now marketing knows who to reach, when and how.
However, whenever data is concerned there is the question of compliance and GDPR. Don’t worry, B2B Intent Data Analytics can be a safe sea to navigate in once the rules are set beforehand.
Intent must come with consent
GDPR and other national and regional data privacy laws continue to introduce new rules and regulations as the variety of data gathering methods and online channels increases. Abiding by these regulations is critical in B2B Intent Data Analytics, as well as in any other data-collecting system.
The problem is not gathering data, but how it is gathered. Data can be collected via many methods such as ad-exchanges, in other words by tracking advertisements on websites. This is definitely a risky method in terms of privacy laws and regulations. Another method can be using co-op intent data, which is collected through monitoring the internet users who have given consent to the use of their data. Co-op intent data is safer as consent has already been received from users.
Certainly, data-gathering can be an in-house operation, though it is risky, quite expensive, and time-consuming. Plus, in-house systems may end up with tons of unnecessary or irrelevant data that are not at all meaningful to marketing teams.
Therefore, the safest and easiest way for businesses to act in accordance with regulations while also employing effective B2B Intent Data Analytics is to work with platforms that provide this service. As such platforms have direct integration with technologies and platforms like Salesforce, LinkedIn, and Google Analytics, the resulting intent data are safe, extensive, diversified, and up-to-date.
In short, when such services are employed:
- Data are collected totally in accordance with regulations.
- User consent is guaranteed and legal liability is avoided.
- Only relevant data are collected and used.
- A large and reliable database is employed.
- An extensive perspective is ensured thanks to a database covering both past and present data.
Boosting lead generation is not enough
Obviously, B2B Intent Data Analytics is a great application to improve lead generation and to transform prospects into actual buyers. According to a RollWorks and Bombara research conducted in cooperation with Ascend2, 97 percent of B2B marketers expect competitive edge within a year thanks to B2B Intent Data Analytics. This means new target accounts, identifying priority accounts, designing customized marketing strategies etc.
However, the benefits of B2B Intent Data Analytics are not limited to lead generation or extending customer base. It also offers additional advantages such as:
- Identifying priority accounts
- Helping a business be in the right place at the right time with the right message
- Optimizing resource and budget allocation in marketing
- Saving time, workforce, and energy
- Customized marketing strategies and messages
- Greater alignment between sales and marketing
- Offering better guidance to sales teams
- Making better-informed marketing and business decisions
To sum up, B2B marketers need more than current trends to be able to manage their strategies and resources properly. It is not enough to understand today, they need to have a better view of the future or the possibilities. They need to reach the right target audience with the right message. Let us exaggerate a little bit: They need to have a sense of what is not yet openly revealed. With B2B Intent Data Analytics, hitting the bull’s eye is no longer a dream!
* The information on B2B Intent Data Analytics and its relation to GDPR and other privacy laws and regulations are given solely for informative purposes. They cannot be construed as binding statements by Arina Digital.