Intent data will help you grow your lead pipeline and discover sales opportunities that were previously hidden. Intent data can be complicated to grasp at first, but once you begin to use it, you'll wonder how you grew your sales pipeline without it. Eight out of ten senior-level marketing agree that intent data is effective at improving their targeting. If you’re here, it’s because you want to dive deeper and learn the differences between 1st Party and 3rd Party intent data.
That’s exactly what we’re going to show you. Once you're done with this article you’ll know the differences between the two main types of intent data, and be able to apply them to your marketing strategies. Without further ado, let’s jump into the article.
What is First Party Intent Data?
First party intent data is every data point that you collect about your users. This includes data you’re collecting in visitor analytics software such as Google Analytics, your CRM, and any other technology you use on your site or in your marketing that collects identifiable user data. A quick way to define first party intent data is that it’s everything you collect onsite.
Is First Party Intent Data GDPR compliant?
It depends. If you’re following GDPR best practices and only collect personal data in GDPR compliant ways, then it will be compliant. But, if you’re collecting data in ways that aren’t compliant, your first party intent data won’t be GDPR compliant. If you’re unsure about whether your data collection practices are GDPR compliant we’d recommend talking to a legal expert.
What is Third Party Intent Data?
Third party intent data is data that you can collect from offsite destinations. It includes data collected from interactions that take place all over the web, on third party websites that aren't owned by you. Businesses use third party intent data to identify when decision-makers and companies are in the buying cycle and are showing buyer intent.
Is Third Party Intent Data GDPR compliant?
The most common way to access third party intent data is via an intent data provider who collects the data for you, like Internal Results. You’ll need to ensure your intent data provider is GDPR compliant, and ensure that you’re using the data in a GDPR compliant way. It’s always worth talking to your intent data provider to ask about how they comply with the GDPR.
Benefits of Using First Party Intent Data
Collecting your intent data first hand has some key benefits. Let’s take a look at some of them.
1. Save costs by collecting intent data in-house
As you collect first party intent data with your own tools such as Google Analytics, HubSpot, or other MarTech tools, it can be more affordable. You don’t need to work with third party intent data providers and can curate and use it yourself.
That’s not to say you won’t need to spend money on your marketing tools, but for smaller companies, working with a third party intent data provider could be out of their budget. If you want to evaluate buyer intent with your tools you can create goals, events, and automation sequences in your tools like Mailchimp or HubSpot, or with an automation system like Zapier.
All of these will help you find where buyers are in the sales funnel, and how likely they are to purchase. You can track and measure everything, leaving nothing to chance. If you don’t already have a sales funnel set up and aren’t measuring everything, we’d recommend setting those up before working with a third party data provider.
2. Full Control Over the Data
Another clear benefit that first party data provides you with is extra control. As you collect and organize your data in-house, you can act on it in a way that matches your exact requirements. You can be certain of the source of your data as your team set up the data collection mechanisms, and won’t ever receive data you don’t quite know what to do with.
3. Use it to Inform a Data-Driven Marketing strategy
When collecting first party data your team will have all the data necessary to use it to optimize your marketing strategy. You’ll be able to act quickly on the insights you receive and relay insights to your marketing and sales team, so they can optimize their efforts and grow your pipeline.
For example, if you know that a particular blog post is driving more conversions than others, you can guide future content creation efforts and create more content on similar topics or targeting similar audiences to those that convert well. As you collect the data, you won’t have any questions about the source or validity of it.
Benefits of Third Party Intent Data
Third party intent data can be a secret weapon for your sales and marketing team. Here are some key benefits of using third party data. As a result, third-party data will be more detailed, often collating a range of data sources that can enrich your existing database - and so tends to require more investment (and of course, requires care to adhere to regulations and legislation).
1. More insight into target accounts
Third party intent data will show you information about your target accounts that you’d never know otherwise. For example, third party intent data suppliers can show you articles and content that your leads are reading and engaging with on the web, thanks to partnerships with content publishers. The more you know about your leads’ pain points, goals, and questions, the more your sales team can personalize their selling process and provide leads with value.
2. Improve Your Account-Based Marketing Strategies
If you’re running Account-Based Marketing campaigns then third party intent data will be a key asset. 45% of the B2B buying cycle involves buyers independently researching, and that's time where your team would usually have no idea that a potential customer is getting ready to pick a solution.
But, all is not lost. Third party intent data gives you the power to unlock hidden insights into company buying cycles and identify ideal buyers before they talk to one of your competitors. You can use intent data from the moment you start building your target account lists. You will be able to identify organizations who are in their buying cycle, but yet to reach out to you, and add them to your target list. Once your ABM campaign has launched, you’ll be able to discover if your target accounts are continuing to research your solution and gain insight into how purchase-ready they are.
3. Grow your pipeline faster
Most sales professionals spend 36% of their time selling. The rest is spent on research, data entry, and other tasks that don’t help them hit their quota. However, intent data can help your team use their time more productively. Your team can identify companies and leads who are a great fit for your solution, and in their buying cycle. That’s going to save huge amounts of time manually sourcing leads that might not even be ready to buy.
How Internal Results Can Help You Grow with Intent Data
Ready to use intent data to grow your lead pipeline and optimize your sales and marketing efforts? Internal Results can help. Our company database contains millions of company records and our buyer intent algorithms continually update to assess whether or not a company is purchase-ready.
You’ll be able to match your existing ABM lists and discover accounts that are actively showing buyer intent so you can focus on providing value to them at every touchpoint and close new deals as easily as possible. You can also apply intent data to your email marketing campaigns, segmenting and personalizing messaging to match what your leads want to hear.
Now you know the difference between first and third party intent data you can start to use them in your organization to improve marketing effectiveness. Intent data is a powerful tool and there’s a good reason that B2B marketers are harnessing it to grow their pipeline and get more insight into target accounts. If you’re ready to start using intent data, Internal Results can help. Get in touch with us here to see how we can help.