Third-party intent data is behavioral information that gauges the user’s level of interest in a given product or service and is collected from multiple sources by a specialized third party (also known as an intent data provider).
Intent data providers aggregate this behavioral data in order to provide insights about potential customers to the companies that they do business with.
For instance, a company selling software may use third-party intent data to better understand which potential customers are researching its products and competitors.
This information can be used to inform marketing and sales strategies.
While third-party intent data can be incredibly valuable, it is important to remember that it is only one piece of the puzzle when it comes to understanding potential customers.
Key Data Attributes
When it comes to intent data, there are a few key attributes that are most commonly used by marketers in order to better target their audience.
- Demographics include information such as age, gender, location, and income.
- Interests give insights into what someone is passionate about or what they might be looking to learn more about.
- Behavioral intent data is another cluster of data attributes that is often used to measure buyer intent. This type of data can reveal things like what kind of device someone is using, how often they visit a certain website, how they interact with content online, or what time of day they are most active.
By understanding these common attributes of third-party intent data, marketers can more effectively target their audience and boost the ROI of their efforts.
What Are the Pros of Third-Party Intent Data?
The use of third-party intent data can be incredibly valuable for organizations trying to fill gaps in their internal intent data.
Because it is compiled at a large volume, it can be used to identify patterns and trends that would otherwise be difficult to discern.
As a result, organizations can save time and resources by relying on intent data providers instead of maintaining their own internal data sets.
What Are the Cons of Third-Party Intent Data?
With third-party data, businesses must rely on the data collected and managed by a third party.
This can create data privacy and security risks if your data vendor fails to comply with data privacy laws and regulations.
Another potential disadvantage of third-party data is that it may be less accurate than first-party behavioral data.
Often, third-party data is collected passively, through cookies or other trackers, rather than being directly supplied by the customer. This means that third-party data is more difficult to verify for accuracy and more likely to contain errors.
In addition, because third-party data is typically sold in bulk, businesses can have difficulty finding the specific data they need, which can limit its usefulness.
Is It Legal to Use Third-Party Intent Data?
It is important for businesses to adhere to a number of rules and regulations when it comes to data privacy. GDPR, CCPA, and HIPAA are only a few of the laws that govern how companies can collect and use personal information.
How do those laws apply to third-party intent data?
For example, a company might collect data about someone who visits their website but doesn’t make a purchase. Data of this nature can be useful for marketing purposes, but it can also be very intrusive.
After all, the person who is being tracked probably doesn’t even know that they’re being followed.
So is it legal to use third-party intent data? The answer isn’t always clear. In some cases, it might be considered a violation of GDPR or CCPA. Further, in some instances, it may also violate HIPAA.
Ultimately, it depends on the unique circumstances related to how to use that data. Companies should always err on the side of caution and obtain explicit consent before collecting or using this type of data.
How Can This Data Be Used to Improve Marketing and Sales Efforts?
Third-party intent data can be used in a number of ways to improve marketing and sales efforts.
- Lead generation: By identifying potential customers who are interested in your company’s products or services, you can target them with specific ads and offers.
- Virtual prospecting: Based on your research into the online behavior of potential customers, you could identify when they are most likely to respond to a sales pitch.
- Lead scoring: By analyzing the online behavior of prospects, you can identify those most likely to be interested in your products or services and focus your sales efforts on them.
Ultimately, using intent data from third parties can help improve your marketing and sales campaigns and generate more leads.
How Can You Get Started Using Third-Party Intent Data?
Intent data providers offer a valuable service to companies that want to better understand their customers.
However, with so many intent data providers on the market, it can be difficult to know where to start. Here are a few tips for getting started with intent data:
- Define your goals. What do you hope to accomplish using intent data? Are you hoping to improve brand awareness, drive sales, or something else? As soon as you know what you wish to achieve, you can narrow down your list of potential intent data providers.
- Compare features. Not all intent data providers offer the same features. Some may focus on specific industries or customer segments, while others may offer more detailed reports or customized services. Evaluate the features offered by each provider to find the best fit for your needs.
- Get a free trial. Many intent data providers offer free trials, so be sure to take advantage of them. This will give you an opportunity to test out the service and see if it’s a good fit for your company.
- Ask for recommendations. If you’re still not sure which provider to use, ask for recommendations from other businesses in your industry to cut through the noise of advertising.