How can Social Purchase Intent Data Help You Come Up with Better Strategies?
You must be aware of purchase intent data but possibly don’t know the use of social media conversations to gather such insights. There used to be paper and phone-based surveys and now online surveys are being carried out as the part of digital marketing services. However, along with the advancing digital world, you must have seen the increased use of social media even for the businesses. People now share their views and opinions on the brands on their social media pages. We are going to see how we can use social media to learn about the user’s purchase intent from their behavior on social media.
What is intent data and where can you find it?
Marketers today are working together with big data giants like Google and Facebook for data partnering. All marketers use first and/or third-party data in their marketing strategies.
But there are two things they need to know –
- The origin of the data they are dealing with.
- They also need to know what your buyer’s goals are so that they can display the relevant ads in front of them.
Using simple in-market insights like websites visits is simply using retargeting tactics but the intent data can help you with the insights from the prospecting audiences’ behavior. B2B marketers need more scalable and actionable data to target the buyers at different stages of the buyer’s journey. Businesses are looking forward to opportunities that help them with customer insights. Intent data is information about a company’s or person’s activity.
These insights can be gathered through either internal intent data or external intent data.
Internal intent data –
This is the information which a company captures on its website through its marketing automation software. It generally contains highly predictive buying signals such as click-through rates, the duration for which the visitors stayed on the website or a product page, onsite his behavior, etc.
External intent data –
This is the data collected through publisher networks, either through IP level, through user registration, or cookies. This data can contain information like user reads, content that is downloaded, what they searched on the website, etc information.
Intent data can help you unpack the specific user behavior and metric that tells exactly when the buyers are predisposed to buy. Frequent visits to product pages, reading content and reading ratings for products indicate the prospects’ high interest in buying products.
Having fresh data that includes behavioral information in it will help you greatly. Relying on the diverse and constantly refreshed data helps you have a clear picture of the customers who are most likely to convert. It’s time to root your campaigns in timely and relevant data that indicates strong intent to buy. Are you ready to make your ad dollars work harder for you?
Using Social Media to know purchase intent
As discussed in the beginning, you can use social media analysis to measure the purchase intent by observing consumer conversations. This can be another source of gathering internal intent data which will quantify your efforts.
To understand this, let’s think about the last time when you purchased something. Let us see the order in which this process got carried.
Did you visit the website or the social media page of the website first? It is very likely for most of the people to visit social media pages first rather than visiting the website. Like most of the buyers today, more probably you also talked about the products on social media. What is this saying to you? For me, it is crystal clear –
Social Media is the same tool which creates brand awareness for you but at the same time provides you valuable insights on what people think about your brand.
How can you gather insights from social media?
With advanced digital marketing technologies, brands can track behavioral information which leads to purchase. Word of mouth and online marketing comes into the picture before that. After which social media can help you tap into the intent data. How so?
How do your prospects give you insights on purchase? They interact on the social media in the following ways which can help you measure their intent to buy –
- By posting on the social media about the product they want to buy,
- By adding a product to the cart
- By requesting information on products
- By asking for a gift
Benefits of using social media –
- The announcement of a new product on social media can go viral on social media. Above image is an example of what all conversation can go on there. Looking at such data can help you to forecast the demand for the product.
- You can also get insights into how your consumers feel about your product in comparison with your competitors.
According to the above image, Social Purchase Intent data can help do competitors analysis as well.
- Social media can also help you to understand what exactly makes your audience to buy. Perhaps, it could be the price, a specific feature, or the customer service you provide. Understanding the intent of purchase can help you come up with better marketing campaigns.
I hope this post helped you learn how to use social media to gain insights about your prospecting audiences. Increase your ability to predict their purchase intent through social media and thus increase revenue, better yet; get the intent database from us. For more information keep following our blog.
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