UK marketers plan to increase ‘Intent Data’ budgets this year
The majority (72%) of UK-based B2B digital marketers are planning to significantly increase their spending on intent data to boost customer purchases.
‘Intent Data’ is behavioural information that identifies the likelihood, or intent, of a buyer to purchase within the next year.
With marketers facing increased pressure to reach new and existing customers more cost-effectively, research commissioned by commercial data and analytics provider Dun & Bradstreet found the majority (72%) of UK-based B2B digital marketers surveyed are planning to significantly increase their spending on intent data.
This is data which indicates how likely a buyer is to purchase in the next year, and is a result of marketers being under pressure to reach new and existing customers – with many of their traditional channels to market such as events and conferences closed due to the pandemic.
Other key findings include: • 23% of marketing budgets are already being spent on intent data, contributing to increased website traffic (86%), ad click throughs (85%), email click throughs (85%) and conversions (85%) • Marketers are using intent data to: o deliver more personalised content for prospects (79%) and customers (83%) o drive prospective customers through the buyer journey (82%) o present solutions before customers’ needs are fully revealed to them (85%) • However, 48% admitted difficulties integrating intent data into their Mar-Tech stack and connecting signals to existing accounts
The study surveyed 250 B2B digital marketing decision makers on their usage of intent data and the challenges they face. An overwhelming 99% of respondents use intent data in their demand generation activities, with 87% saying it is providing a return on investment. What’s more, the survey showed almost a quarter (23%) of budgets are already being spent on intent data, contributing to increased website traffic (86%), ad click throughs (85%), email click throughs (85%) and conversions (85%).
According to Dun & Bradstreet’s own data, marketing teams currently using D&B Buyer Intent report compelling results, including a 37% increase in email open rates. When using D&B Buyer Intent for its own campaigns, Dun & Bradstreet saw a 22% increase in click-through rates, a 20% increase in return on ad spend, and a 13% increase in conversion rates.
In addition to improved levels of targeting, marketers surveyed said they are using intent data to: deliver more personalised content for prospects (79%) and customers (83%); drive prospective customers through the buyer journey (82%) and present solutions before customers’ needs are fully revealed to them (85%).
Respondents also revealed how intent data has helped them a gain competitive edge, with a high proportion agreeing that intent data allows their organisation to understand customers interactions with competitors (83%) and identify signals when customers are considering switching vendors (82%).
“Marketing teams have faced severe disruption from COVID-19, with many traditional channels no longer viable for reaching prospects effectively. Intent data can help marketers react both quickly and appropriately to buying signals and plays a crucial role in influencing purchasing decisions and closing sales,” said Adam Leslie, European Sales & Marketing Solutions Leader at Dun & Bradstreet. “Businesses are especially cautious when making purchases in the wake of the pandemic, so identifying the right people to target at the right time is more important than ever.”
Despite the widespread adoption of intent data, marketers surveyed admit they still face some obstacles with successful integration. Respondents highlighted difficulties integrating intent data into their Mar-Tech stack and connecting signals to existing accounts and other sales and marketing activities (48%). This highlights the importance of effective master data management across the organisation to ensure that intent data is fully integrated disseminated quickly to realise the full benefits.
Leslie continues: “For some, integrating data into existing Mar-Tech can be perceived as a greater challenge than it is likely to be. Avenues to support with this include Customer Data Platforms (CDP), but also and importantly for entry-level users, there is software that integrates directly to a leading Marketing Automation Platforms (MAP) or Customer Relationship Management platforms (CRM). These integrations help realise clear benefits that intent data can provide for marketing teams and the wider business. These include more precise targeting of buying locations that have buying authority, helping to prioritise leads and arming the sales team with companies that are in-market to purchase and searching for solutions now. Ultimately, integrated intent data helps to more effectively target existing customers up for renewal and prospective buyers to support new business.
“To help marketers better integrate and interpret this kind of information, we recently launched D&B Buyer Intent, a solution which takes a personalised, precise and intelligent approach to enable B2B companies to identify and reach their in-market buyers when it matters most.”
D&B Buyer Intent is now available in the UK allows organisations to identify their in-market audiences that are displaying early-stage buying signals to increase the timeliness, relevancy, and impact of their go-to-market strategy. To view a sample reach report or learn more about how your business can benefit, visit the Dun & Bradstreet website.