Conversion rates in the B2B space are notoriously low. In fact, B2B technology companies convert only 1.7 percent of contacts.
This is what makes intent data so appealing. By focusing on prospects with a high purchasing intent, companies can narrow down their targets, refine their marketing outreach, and increase their conversions.
However, not all intent data is equal. To help your efforts, rather than hinder them, you need to choose the right sources.
1st, 2nd and 3rd: What’s the difference?
Believe it or not, data comes in ranks. And it’s all down to who owns it and where it comes from:
- 1st party data is data you gather from your own sources. This could be from customer surveys or your Google Analytics account.
- 2nd party data belongs to another company, but they share it privately with you. Essentially, you purchase another company’s 1st party data.
- 3rd party data belongs to third-party companies, such as data aggregators. They collect data from an array of stitched-together sources and sell it on. You do not own or control this data.
The risks of 3rd party data
Around 70 percent of B2B companies use 3rd party intent data.
You may wonder why that’s an issue. After all, the data will look very similar. And third party aggregators typically offer more data from a larger pool of sources.
But therein lies the problem. When you don’t own the data, you can’t be certain of its true intent or compliance. Can you really trust this third party? Did the contacts opt-in? How many contacts actually demonstrate high intent?
These are all important questions to ask. And, if you can’t answer them, it’s a sure-fire sign the third party data provider isn’t worth the risk.
Our 1st party data and you
At Intentify Demand, we care about our contacts and our customers. That’s why we use our own 1st party, intent-only data. This ensures:
- Full ownership. We have control over our data, meaning we can determine its source and relevance. We can also cull any data that doesn’t meet our standards.
- High intent. We assign each dataset an intent score based on behaviours our AI picks up.
- Better data quality. Our data sits in a three-month quarantine period while we verify its accuracy.
- Data compliance. During the quarantine period, we also check for opt-ins. This confirms our contacts are willing participants.
Our 1st party data adds a layer of trust. When contacting your bespoke leads, you’ll avoid regulatory issues with confidence. (And the hefty GDPR fines that come with them.) You’ll also increase the number of meaningful conversations you have.
This is because our AI selects high-intent leads with a 97 percent degree of accuracy. These are people who are more likely to engage with your business. So, once we deliver your tailored prospects, your marketing teams can hit the ground running.
Want to learn more about us? Get in touch with our intent data specialists.