Intent Data is providing many businesses with the insight needed to target companies that are in a buying window. If you’re reading this blog, you’ll likely know what intent data is by now, so I’ll spare you the definition again – if you need a refresher, check out our blog What is Intent Data? But for some companies, adopting intent data is a daunting notion. There are several common barriers that Cyance come across when implementing intent, outlined in their eGuide, ‘Behaviour Based Marketing’.
You may have seen the exciting announcement that Punch! partner with Cyance! So now seems like the perfect time to expand on these barriers, and give some first-hand insights about how the Nexus tool has been instrumental in the execution of our ABM campaigns. Below are the barriers highlighted in the Cyance eGuide, with counters for how you can overcome them!
1. Fear of the unknown
“For many, change implies risk, and with risk comes fear! Fear of unknown, uncharted territory can prevent many organisations from making essential changes, or at the very least, it can slow down decision making.”
Fear of the unknown is a common and scary thought, but I’d argue that it’s in fact the exact opposite when it comes to intent data. The whole point of intent data is to be more informed and knowledgeable around your future customers, so if you don’t implement intent data, you are voyaging into the unknown! This is because you have no idea if the data is valid, if they have interest, or if they’re in a buying window. However, with intent data, you know specifically how much they have been looking into your sector. So intent data actually helps to overcome fear of the unknown!
2. Risk-averse leaders
“A move away from volume-based mass-marketing to behaviour-driven, qualitative marketing means better qualified, but fewer leads. You’ll need to manage the expectations of a leadership team who still expect the same volume and pipeline as before.”
Sales will be understandably concerned with any change in tactics that may result to less leads, but as Cyance rightly mentioned, these accounts will be better qualified and more likely to convert. This is why it’s so important to get company-wide buy in with regards to intent data and account-based marketing. You’ve probably heard of ‘smarketing’, but sales and marketing alignment is vital to successful ABM. So if marketing educates sales on the merits of both ABM and intent, there should be no worries regarding the difference in lead volume.
3. Drowning by Data
“More data has been created in the past two years than in the entire previous history of the human race – and by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet. Marketers are increasingly challenged to identify the data that’s relevant, make sense of it and turn into meaningful actions.”
This is an understandable query, these are some intimidating stats. However, every piece of intent data that you gather is valuable. This is because the contact has expressed some form of buying intent, whether that be website browsing, content consumption, etc, you know that the data has worth to your company and that the contact will be interested in your product or offering.
This will still be a lot of data to wrap your head around; however, the Nexus platform makes this data easy to digest. Nexus tiers your intent data into nine categories on an A-C and 1-3 basis, this means you can clearly see how much intent the contact is showing (A-C) and how well they fit your ideal customer profile (1-3). So you know that your A1s need your utmost care and attention.
4. Ever more complex buyer journeys
“Most buying journeys at least start online and can switch across many different channels over time. A typical B2B buying journey includes an average of 9 marketing interactions and 6 calls or conversations. But outside of those, prospects both known and unknown, could be researching your brand or service without you ever being aware. All of this makes it difficult to target, personalise and attribute what works and what doesn’t.
The DemandGen 2018 B2B buyers research report claims that majority of online research, which forms part of a buying journey takes place within the first 3-months. This suggests it is vital that your business can not only spot relevant buying journeys, but also find the customers within the early buying research stages. Otherwise, you run the risk of not being part of their journey or end up purely being benchmarked on price.”
There are more decision makers involved in the purchasing decision now than ever, so I get that people will want to use traditional methods of marketing to reach as many contacts as possible. Of all the barriers to adoption, this is the one with the most validity. The problem with this, is that while you may be reaching more contacts, most of them won’t be the relevant contact, won’t be interested, or won’t be looking to buy. However, implementing ABM and intent data ensures that this isn’t an issue. ABM deploys a variety of tactics to reach contacts including personalised video messages, direct mail, guerrilla marketing and many more, ensuring that the buying journey is spread across different channels. By targeting contacts across the board with a multichannel approach, the likeliness of engagement increases thus improving conversion rates.
5. Ever more complex technology
“You know what you need to do, but your technology and operations aren’t up to the job. Add to that the sheer number and variety of new technologies designed to help you, and it can feel like you’re in a minefield of bewilderment. How do you build the right stack, manage it, scale it? How do you knit it all together and still extract the data you need?”
Adapt or be left behind; it’s that simple. You have to keep up with the current technologies or you won’t succeed. You best believe your competition is going to be learning and implementing the latest Martech to help their customers… so you should be doing the same! Education is the key, schedule time out of your week for R&D, look at the latest trends in the industry, research marketing tools, read blogs. If you stay stagnant and don’t educate yourself, you won’t evolve as a business.
The key to selling in 2019 is knowing thy customer. Make a dedicated move to a customer centric approach. Implement intent data as a first step, and grab 2019 by the horns!