The internet is full of data that can be mined for business insights, and one type of data that can really help your company is intent data. Here's what you need to know about intent data!
Let's dive right into the topic and learn what is intent data.
Intent data is a way for companies and marketers to collect information about their customers' behaviours in order to build better marketing strategies.
This information can then be used by brands on various platforms, like email, SMS and social media.
The purpose of collecting such data is to understand how customers interact with the end-product or service, as well as what they like and dislike about it.
The data collected through an intent-based marketing strategy comes from your app user looking at a particular part of your mobile application or interacting directly with your brand by using different channels (in this case we are talking about social media and email).
By analyzing customer engagement data, you can gain insight into what kind of products your customers are looking for or how they would like to be reached.
And with this information, it is possible to build a campaign that truly speaks allow your customer's needs and wants when using the service(s) you offer.
Now that you know what is intent data then let's move forward and understand who should use it.
Intent data is best for companies that want to understand how their users are engaging with their products.
The data can help marketers determine which ad campaigns work best and where they should place them on the website.
Intent data is a form of machine learning that can be used to determine a customer's intent. It's based on patterns in the purchase path.
For example, if a customer spends $100 and follows that with 2 more purchases over $75, then they are likely to make an additional purchase of over $100.
Most importantly, it can accurately predict the likelihood that a customer will make another purchase after the one they just made.
Intent data is most commonly used in the B2B marketing space to determine how your marketing channels are performing.
It's a great way to see what your customers are actually doing and how you can improve each channel. But, there are some drawbacks of intent data that should be considered before implementing it in your company.
Intent data has been heavily criticized for the past few years because it's not accurate.
It analyzes customers visits, downloaded products and ads they have clicked on but fails to consider other activities such as filling out a form or submitting an email.
Therefore, this often leads people to believe that intent data is unreliable and inaccurate when in fact it can be quite accurate depending on how you analyze your data with more complex algorithms than Google Analytics.
The bottom line is that the more advanced algorithms you use to analyze your data, the better chance there will be of being able to determine a clear picture of your customers.
Intent data is becoming a big deal in the advertising and marketing world.
LiveIntent, as one of the main companies for intent data, says that brands are using intent data to measure what consumers are really meaning in their natural interactions with advertising.
The company's numbers show that 91% of consumers' online sessions begin with no action other than scrolling on the web or watching video content.
This means that a lot of value is being passed over to marketers through these behaviours.
Intent data can be used by two types of companies: B2C and B2B. In the case of online advertising, intent-based marketing has advanced considerably in the past couple of years with companies such as LiveIntent experiencing explosive growth throughout 2017.
We are here to share with you the latest trends in data science and AI. In order to grow your business, data is essential.
Data can help us better understand our customers and products, which will ultimately improve customer experience and loyalty. I hope now you know what is intent data and everything related to it.
You can create a better product by knowing your customer's needs and wants. In order to do that, you need to be able to gather data from your customers in a systematic way.
With this, we can analyze the usage patterns of our customers and thus figure out what they like or dislike about your product or service.
That's all for now! See you later with a different topic! Till that keep the conversation going in the comment section below.
