Intent data can change how you prospect, manage the sales cycle, and close deals. And the right data can be the difference between success and failure.
And while there are many types of intent data, let’s dig into three that you may not have thought about in the past. These will open your eyes as to how intent data is used in specific industries, as well as the ways in which you can use it to your advantage.
What is Intent Data
Intent data is a collection of data about a person’s behavior that provides insights into their behavior-based activity.
This type of activity includes but is not limited to:
- Website visits
- Time spent on website pages
- Webinar attendance
- Content consumption
- Product reviews
- Online subscriptions
So, now that we’re all on the same page about normal intent data,let’s get into the list of more uncommon ones you might not have thought to use.
Commercial Real Estate Data
What if you had access to your prospects’ buying windows (time periods when they are most likely to buy)?
More and more sales professionals are using commercial real estate data to determine these buying windows for their prospecting strategy, and, in doing so, they ensure that their outreach is timed perfectly.
Consider this — most ( if not all) your B2B prospects or target accounts are tenants in commercial buildings where they occupy space.
These tenants are service professionals, software companies, multinational corporations, and local businesses (among others).
Maybe you sell a product or service targeting new tenants or those who are preparing to move out of their office space.
Through the use of commercial real estate data, you can track important details such as move-in dates and lease expiration dates. And that means you can get the jump on your competition.
Let’s dig deeper with two specific examples:
Selling a telecom or ISP service:
Say, you need to reach new tenants at the right time, with the right offer. And that sweet spot is typically between the date the lease is signed and the date when they’ll move into the building.
With access to execution and commencement date data, you’re able to target these prospects at the time when they’re most likely to buy.
Selling moving services:
The end of a lease doesn’t necessarily mean a company will move out, but even if they don’t, they may expand within the same space.
Your primary concern is the ability to get in touch with the company before they hire another provider. Tracking move-out dates allows you to do just that.
Companies like CompStak Prospect collect and distribute this commercial real estate data such as lease commencement, lease expiration, execution dates, concession dates, and more.
This information can be used by sales teams in a variety of industries — such as telecom, SaaS, insurance, hotels, cleaning, and janitorial — that are interested in improving their timing and focus when prospecting.
New Construction Data
In the United States alone, private construction spending reached approximately $992 billion in 2018. If that number doesn’t impress you, maybe this will — spending is forecasted to reach more than $1.53 trillion by 2022.
Access to new construction intent data could be your golden ticket to exceeding your sales goals.
This type of data can include but is not limited to:
- Companies initiating new construction
- Cities where new construction is booming
- Construction start and end dates
- Proposed move-in dates for new tenants
- Intended use
For example, let’s assume you sell office furniture. You know that companies moving into new commercial construction buildings are in need of what you have. But what you don’t know are the finer details that can position you for a sale.
With access to intent data, you can search for prospects that meet specific criteria, such as:
- New York market
- Companies with 500 to 1,000 employees
- Companies in the tech industry
- Moving in within the next six months
- Annual revenue of $1 million +
This means the choice is yours. Would you rather cold call companies, hoping that you eventually hit the jackpot? Or would you rather ensure you’re spending your time chasing warm leads?
New Homeowner (or Business) Data
According to the National Association of Realtors, 5.34 million existing homes and 682,000 newly constructed homes were sold in 2019.
That means that roughly six million people found a new home last year. It also means that many of these people changed their lifestyle, from where they shop to how they commute.
If you sell a local product or service, or if you work within a specified area, this type of intent data will change the way you sell.
Imagine what you could do with the following type of data:
- Name and address of the homebuyer
- Names of other people in the household
- Age of the homeowner and spouse
- Purchase price of the home
- Lender name
- Mortgage amount
- Date of closing
- Subdivision (if applicable)
- Contact information (telephone and/or email)
- Mortgage amount
- Lender name
Maybe you run a cleaning service and want to target new homeowners within a specific zip code. Or maybe you run a digital marketing agency and want to contact new small business owners within a 50-mile radius of your office.
And while you don’t need any data to target homeowners or business owners in a specific area. For example, you could send a sales letter to thousands of homeowners or small business owners in the 60 zip codes that make up Pittsburgh, PA. What you can’t do is target them by who is new to the area.
If you’re selling a product or service that’s best suited to a new resident or business owner, you’re taking a wild shot in the dark. You’re not giving yourself the best chance of success.
Intent Data Is on the Rise
The use of intent data is on the rise, but Demand Gen Report’s annual ABM Benchmark Survey Report shows that there’s still plenty of room for growth.
Get this, only 35 percent of B2B companies said they planned to use intent insight in 2019 (an increase of 10 percent from 2018).
So, even though more companies are using intent data, there’s a good chance that some of your competitors are missing out.
That gives you a powerful competitive advantage, as you can get to the hottest leads first.