How can you determine and measure buying intent?
To summarize the previous section, let’s assume the universe is made out of pure intent data.
In that case, first-party intent is planet earth, where you reside. Second party intent is a nearby
friendly alien planet or planetary system. And third-party intent would be the whole universe of intent data extrapolated
into bite-sized, relevant insights. So let us dive into what the different kinds of intent data entail.
There are several different ways to determine a prospect’s propensity to purchase your product or service.
This is usually accomplished by analyzing certain signals for transactional intent from a prospect.
As we mentioned earlier, first-party, second-party and third-party data is collected using different methods.
Here’s how it’s done:
How to Collect First-Party Intent Data
First-party data is one of the most explicit ways where users exhibit buying intent directly towards your product through their
interactions with your website/platform. This may include actions such as signing up for a free trial, downloading collateral or filling up book-a-demo forms on websites.
There are many ways through which you can collect first-party intent data on your website:
1. Lead Capture Forms
You can use marketing automation tools like HubSpot to create automated lead capture forms to gate various resources and CTAs on your website.
To bypass this gate the user will be required to submit their contact details. Book a demo CTAs, free trial CTAs, gated resources, webinar
registrations, and newsletter subscriptions serve as great opportunities for capturing leads using these forms.
2. Chatbots and Conversational Marketing Tools
Pop-up chatbots and conversational marketing tools such as Drift and Intercom are great ways to get website visitors to initiate conversation
and collect first-party intent data.
3. Social Media Tools
Social media, especially LinkedIn, is a great channel that’s directly under your control, from which a lot of relevant leads can be captured.
You can make use of various social media tools that help you track and collect leads that interact with your social media content.
4. Website cookies
Cookies can tell you a lot about the visitors on your website including valuable information such as their IP address, location, personal information such as name,
location and phone numbers. This not just allows you to collect lead data but also allows you to do things such as running retargeting ad campaigns.
You can track cookies on your website by adding Google Tag Manager to the headers on your site and adding a tracking pixel or tag.
When you go about collecting any first-party intent data, you also need to make sure that you obtain prior and explicit consent from the user in order to align with GDPR and CCPA statutory requirements.
This is best done using interstitial pop-ups or plugins that allow users to opt in/out.
Food for thought: compliance, while being a mandate within the EU, is binding even if you’re a non-EU company that employs or deals with
individuals from the union. So, when choosing an intent data provider, you want to pick one that’s GDPR and CCPA compliant like Slintel.
How to Collect Second-Party Intent Data
Second-party intent data is collected every time a user on the internet signs up to a platform or service, writes a review, or partakes in any activity that requires them to input
their data under the conditions of a user agreement policy that gives them the ownership to the data.
Co-operatives are a group of websites or publishers that collect this data from users with their consent and add it to a common repository.
This information is then used by data providers and other companies to derive insights or create profiles with contact information.
To access this data, you’ll need to buy it from a second-party intent vendor that is specific to the use case of your product and customers. For example, if you’re a B2B SaaS business,
you can avail this data from a review site like G2. Review sites like G2 track users on their platform that are going through or submitting reviews for your product or a product like yours,
which they then sell to you. There are a lot of second-party intent data vendors that you can choose from, depending on the market you serve.
How to Collect Third-Party Intent Data
Third-party intent, as we discussed earlier, is a much more comprehensive, actionable and all-encompassing solution that derives intent on a macro level.
Here are some of the main ways using which active and passive third-party intent is tracked:
1. Technology Stacks
Technology stacks or tech stacks are the chain of tools and software that a company uses to automate or improve its daily operations.
Inspecting and tracking technology stack data can be a valuable purchase intent signal, since it allows Marketing and Sales specialists to understand a
prospect’s historical purchase behavior, software requirements, and also spot gaps in the technology stack that can be filled by your company’s offering.
In addition to that, it also allows you to find companies that are using one of your competitors’ products, or companies that are using software with which your product integrates.
Check out our in-depth technographics guide to learn more about how it can be a powerful tool for your business functions.
Funding history, EBIDTA information, quarterly targets, and other such financial information can also act as purchase intent signals and influence buying decisions. Here’s an in-depth
guide to firmographics and how it can be a powerful intent indicator.
3. Company News & Updates
Along with the firmographic signals we covered in the previous section, news around a company’s acquisition, investment, funding, growth, or hiring can also act as an intent signal.
Food for thought: Information around a company’s growth or recent hires can also be a great conversation starter when you’re talking to prospects from within the firms.
4. Analyzing Buyer Themes & Objectives
Broad and narrow thematic scopes exist for any product or service that is sold by a business. You can pinpoint high intent prospects by analyzing and segmenting prospects on the basis
of these thematic scopes that fall within your product’s offering.
To identify themes, one must first recognize connotative and contextual identifiers within your business model that can be used to identify prospects that show signs of a use-case for your product.
Keywords form the crux of thematic intent indicators as they help you identify prospects that align with your product’s use-cases.
For example, if you’re a checkout/payment gateway service or plugin, you’d want to find a keyword that best resonates with your ICP’s use case that is actively being showcased.
In such a case, finding businesses that use a keyword like “Add to Cart” on their website would be a great way to find prospects that have a use for your product.
5. Competitor Insights and Contract Expiry/Renewal Information
Tracking your competitors’ customers and gaining deep insights into their behavior is a great way to find high-intent buyers. Insights such as technographics, firmographics, psychographics,
and contract renewals of your competitors’ products are extremely precise indicators of buying intent that will help you win your competitors' customers.
6. Reverse IP Lookups
Reverse IP lookup or reverse DNS lookup is a method using which you can find out the approximate location and/or the organization from which a person is visiting your website.
In a nutshell, this method uses the Internet Protocol (IP) address of a person’s digital device, like a computer or a mobile phone, to see the location of the website visitor.
You can then use this to uncover the office phone number or some other similar such information about your website visitor, which you can then use to contact them.
Reverse IP lookups give a rough idea of who could be looking at your website, but does not give accurate information when the user is, for instance, working from home,
or accessing your website from a place other than their office.