Harnessing the Power of Buyer Intent Data for Small Businesses

Last Updated: 

June 10, 2024

What do your customers want? No. Seriously. This is a reasonable question. Because if you’ve done your research, you know exactly what they want. You know how they want it. You know when they want it. And when you’re really good, you know what they want before they do.

Understanding your customers has become as much an art as it is a science. Small businesses are constantly trying to keep up with their enterprise counterparts. Tapping into the wealth of data on buyer intent is a step in the right direction. 

But what exactly is buyer intent data? And how can SMBs use it to their advantage? Let’s break this topic down some more and discuss how its effective use can benefit your small business.

Customers dispaying intent in a coffee shop
Source - Unsplash

Key Takeaways on Purchasing Buyer Intent Data

  1. Buyer Intent Data Defined: Buyer intent data reveals a potential customer's inclination to purchase based on online behaviour, digital interactions, or explicit signals like cart activity, offering businesses insights into customer actions.
  2. Implicit and Explicit Signals: These signals, both implicit (e.g., frequent product detail searches) and explicit (e.g., visiting a pricing page), provide crucial information for businesses to tailor their approach and enhance engagement.
  3. Data Harvesting Channels: Web analytics, CRM software, social media, search behaviour analysis, email responses, and surveys are sources of buyer intent data, offering a comprehensive understanding of consumer considerations.
  4. Benefits for Small Businesses: Buyer intent data acts as a precision tool, enabling SMBs to boost marketing and sales efforts, improve customer relations, and create highly personalised campaigns through segmentation.
  5. Targeted Marketing Opportunities: Armed with accurate buyer intent data, small businesses can target leads during opportune moments, streamlining the sales process by presenting the right offer at the right time.
  6. Effective Use of Data: Numerous tools exist for collecting and analysing buyer intent data, and the key is to strike a balance between functionality and cost. Thorough analysis of the data helps identify market gaps and informs proactive business moves.
  7. Automation and Business Enhancement: Leveraging buyer intent data involves automating marketing actions, refining the sales pipeline, and developing products or services aligned with anticipated customer behaviours.
Want to Close Bigger Deals?

Buyer Intent Data - What Is It?

Do I want it? Maybe. Maybe I don’t. Maybe I want it later.

Welcome to the incredibly frustrating world of buyer intent.

Buyer intent data indicates a potential customer's predisposition to purchase based on their online behaviour, interactions with digital content, or explicit signals like filling a cart but not checking out. 

These insights can offer small businesses an unprecedented understanding of what their customers will likely do next. Buyer intent signals are the actions and behaviours that users exhibit when they are close to making a purchase. 

These can be explicit signals, such as visiting a pricing page. They can also be implicit, like looking for specific product details more frequently. 

By deciphering these signals, businesses can tailor their approach to effectively capture and convert these prospects by connecting and engaging with them.

Data on buyer intent can be harvested from web analytics, CRM software, and social media. Search behaviour analysis, email responses, and even survey results all offer valuable indicators of what a consumer is considering. 

Benefits for Small Businesses

Captain America may be the first Avenger. But he wasn’t born an Avenger. He had to get a super soldier serum. He had to train with his shield to use it properly. 

Buyer intent data is your shield. Once you figure out how the thing works, you can use it to increase your bottom line. It’s a precision tool. The Swiss Army knife of justice that your SMB deserves. 

Superhero movie references aside, use this tool to boost marketing and sales efforts and improve customer relations. Next, break down your data to create different groups. Segmentation based on buyer intent allows for highly personalised marketing campaigns. 

You can retarget. Craft content that addresses specific purchase considerations. Personalise emails for a better conversion rate. There are a ton of possibilities here.

When armed with accurate buyer intent data, small businesses can target leads during the most opportune moments. Streamline the sales process by presenting the right offer at the right time.

Using Buyer Intent Data Effectively

Numerous tools and platforms exist specifically for collecting and analysing buyer intent data. They range from advanced analytics software to customer relationship management systems that integrate intent signals with your existing customer data. 

As with many SMB-related investments, choosing the right tools is often a balance of functionality and cost.

Once the data is collected, the next step is to make sense of it. Study the buyer cycle. Look for patterns and trends. With a thorough, detailed analysis, you should get an idea of gaps in the market or your own efforts. 

Now, you must focus on leveraging buyer intent data for marketing purposes. Take the information and do something with it. 

You can automate marketing actions. Try refining the sales pipeline. Develop new products or services that better align with anticipated customer behaviours. It’s all about translating raw data into proactive business moves.

Conclusion - Using Buyer Intent Data Keeps You Behind the Wheel

Big data. Small business. 2024 will be the year they intersect. Why? It’s a small business's secret weapon. By learning to collect and decode this invaluable information, you can build stronger, more meaningful connections with your customers. 

Gathering and using this data wisely is the future of small business. It will ensure your small business remains agile, responsive, and ahead of the curve. It’s not just about adapting to current trends. It’s about anticipating needs and creating solutions for your customers. 

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