Using Intent Data As A Startup
Intent data is an important resource for all startups because it shows leads or potential accounts that are actively looking up your products or services online. As someone searches online for anything, they are scored on different pieces of criteria. This data is then used to signal sales and marketing functions that there are accounts that are somewhere in the sales pipeline for what they are selling. When intent data is used correctly, it can dramatically boost conversions, sales, and even job satisfaction.
How Can Sales & Marketing Functions Use Intent Data In Startups?
Intent data can be used as a powerful predictor of not only what accounts are ready to buy, it can also help to show the market for a particular product. For example, you can use internet searches to help set reasonable goals for your business when you start out and then you can continue to use it to scale as your business prospers. Intent data can help you to predict what will happen next and better understand the different approaches to take in building that business.
Knowing when a lead is interested in a particular topic or service and when they aren’t is helpful, but it is even more helpful if you know why they weren’t interested or why your product wasn’t the perfect fit. If you see research on a particular product or service that you have, you will know that there is definitely a market for it – and you might even have some information on competitors.
Know How To Use Different Types Of Intent Data
There are different types of intent data that all startups should know how to use, but you shouldn’t expect to master them right away.
First party intent data (also called engagement data) comes from tracking on your website and looking at how much time someone spends there, where they go, and if they do anything when they are there. You don’t always have a lot of information out of this intent data, but sometimes you can get some great information including names, contact information, companies, and positions.
Third party intent data, on the other hand, is a newer type of intent data. This uses a tool to collect data from analyst websites, publications, and other high-value websites. A more comprehensive look at data, it can help with making decisions in production and roll-outs. Even more importantly, it can help your marketing and sales functions to do their jobs more effectively.
By combining these two types of data, there are many steps that startups can take to push themselves forward. You can build targeted account lists and go after them using account-based marketing (ABM). Then, you can personalize your marketing and sales strategies to better connect with leads.
Better Understand The Market You Are Entering Into With Intent Data
For anyone that is trying to start a business, intent data can be one of the most influential and important things that you can get. Whether you use it to make decisions about marketing and sales or you use it when you are determining which part of your business to develop first, it can be something that you revolve your entire marketing and sales strategy around throughout your entire career.
It goes without saying that no method that someone can use to start a business is entirely without work or a little bit of luck. Luck is part of it, but if you work extremely hard and use tools to help you, you will be able to bring your own luck to the table. With like the ones from MRP, you will be able to work your way through the swamp much more quickly than you can imagine – and perhaps find your go-to tactics to easily convert more sales.
Remember that starting a business is difficult and you will hit speed bumps, but if you can build from a solid place, you will have more luck moving into the future.