Businesses that are looking to expand their reach and improve their customer experience need to know what buyer intent data can do for them. It refers to information about the online behavior of your target audience which indicates their interest and intention to make a purchase. The information includes just about everything including: internet searches, social media interactions, website page views, and much more.
If you want to create an effective digital marketing strategy, you need buyer intent data. It is a critical piece of information that can be used for building a targeted marketing campaign that personalizes content on your websites, establishes ad retargeting lists, and more. The fact is that you need to focus on finding ways to stand out.
With competition on the rise, you have no excuse but to focus on targeting your customers. This is only possible when you have information about them. Therefore, you require buyer intend data. It can help your business make a name of its own and compete with major players. There are three distinct types of buyer intent data. Read on to learn more about each type of buyer intent data and how it is obtained.
First-Party Data
First-party data is data that you collect directly from your website visitors. It is like catching fish right from the dock with a fishing pole and some bait. You simply sit back and relax while a fish bites on the bait. A great thing about this type of fishing is that you get to know the exact location of your fish and you can do whatever you want with the fish. Besides, catching the fish is basically free when you remove the cost of the fishing pole and the bait. To help put things into perspective, first-party data is all the information you obtain from website visitors on your own across different digital properties.
What makes first-party data extremely valuable is the fact that it offers unmatched insights into your target audience to find out what they are most interested in and when they look at your product or service. Since you would collect the data by yourself, you can rest assured knowing that it is accurate.
Also, you get to do whatever you want with the information such as building targeted ad campaigns, delivering warm leads, and personalizing website content. Once the tracking technology is in place, you can access the data for free. After all, data would be collected 24/7. But you need to understand that fishing on your own has its limitations such as the number of fish you would be able to catch. This means that only when your target audience visits your digital properties would you get to gain insights.
Second-Party Data
As for second-party intent data, it is like befriending the person who fishes next to you. As you both catch similar fish, you can buy or trade fish from one another. What makes this form of fishing unique is that you both would catch the fish on your own. Therefore, second-party intent data is data that you trade or buy from someone who has a similar audience. The reason why second-party data is of immense importance is that it helps increase the visibility of your target audience as it is considered reliable. However, you will have to pay a price for second-party data. It could either require you to trade your own data or pay the second party a fee.
Third-Party Data
As for third-party intent data, it is similar to getting fish from the grocery store. You have to pay a price for it and you are unlikely to know where the fish was caught. After all, it would purchase fish from different fishermen who caught their fish from different locations. The store wraps the fish into a package and provides it to you. Hence, third-party intent data is obtained from different sources that have been segmented based on demographics and sold to you.
A great thing about third-party data is that you can easily buy it. Besides, the store would provide you with a consistent supply of data and ensure variety. Since third-party data is a lot easier to obtain, you have to pay for the convenience. The third-party vendor would put a lot of time into gathering intent signals from different sources. As you wouldn’t be the one to gather the data on your own, it would be difficult for you to determine its origin and quality. Moreover, it is worth keeping in mind that the third-party vendor would have complete control over the data. This means that they would tell you what to pay and can even stop selling when they want.
Conclusion
There are more buyers who are conducting online research than ever before. This is why it is important that you take advantage of all three types of buyer intent data. With the help of buyer intent data, you can get a glimpse into what your target audience wants, engages with, and when to reach out to them. If you want to generate more revenue and improve customer loyalty, you have to leverage buyer intent data. However, you must make sure that you cast the net for first-party data. This is where Iplytics.io can help you out. We are the industry leaders and allow you to obtain information first-hand from customers. Thus, you would be able to create the best customization strategy and take your company to new heights.
With Iplytics.io, you can cast the rod and capture first-party data on your own. You can rely on our solution to identify interested audiences, power up your marketing campaigns, and generate more sales revenue. To get started, all you need to do is reach out to us. We would be more than delighted to help you out.
