Use Intent Data and Buying Groups To Survive Uncertain Times

• Data is critical for marketers to achieve their annual goals. Having the right data and knowing how to use it spells the difference between overachieving goals and buckling under pressure for them.
• So how are marketers using data to grow their pipeline and convert audiences? And what can they do better in today’s economic climate? Anteriad and Ascend2 tried to find out.

There is a saying that data makes the world go around. This is especially true in marketing. The right data and knowing how to use it makes a huge difference. For marketers, it could also be the difference between buckling under pressure and outperforming annual goals. The data should also be in a format that is easily accessible and that marketers can work with. And above all, it is necessary to have a comprehensive data strategy.

So, how are marketers using data to build and convert their audiences? And what can they do to achieve better results this year? Anteriad partnered with Ascend2 to find out the answers. The following are a few more insights from the study.

The Right Data Significantly Impacts Audience Conversion

Building an audience is a fundamental step in all marketing efforts. Building an audience that converts requires solid data. Marketers who use the right data for business are more confident about their results and saw better revenues and improvement in metrics last year. They also use data for more advanced use cases than their competitors.

The study found that 27% of marketers, considered “data heroes,” used the right data to convert their audiences. What differentiates them from their competitors?

These data heroes reported a 3x increase in revenues compared to their competitors last year. They also reported increased budgets. While almost half of their peers reported stagnant or decreased marketing budgets, 78% of these data heroes saw a significant increase in their budgets this year.

See more: Stop Wasting Your Marketing Budget and Make Results Really Count

Marketers Are Under Severe Pressure To Show They Are Driving Value

The study found that 41% of marketers feel the pressure to show they are driving value is overwhelming — 14% said the pressure was so high that they felt like pulling their hair out. Only 5% said that the pressure doesn’t exist.

With most marketers reporting no significant budget increase this year, they should be more strategic in making the biggest impact with limited resources. The good news is that 56% felt they could prove the value of their efforts. About 46% also said they could prove the quality of leads they brought in, and 40% said they could prove the value of a marketing-driven pipeline and revenue.

Marketers using intent data feel significantly more capable of proving the value of their efforts across the board of senior executives. For example, while 61% of intent data users said they could prove the value of data-driven marketing programs, only 37% of non-intent data users said so. This means professionals using intent data have an edge over their competitors.

Areas in Which Marketers Can Prove the Value of Data-Driven Marketing Programs

Source: The 2023 Marketing Data Impact ReportOpens a new window 

Regarding tracking performance, 25% of marketers still track performance manually, and 25% use automation. The rest use a combination of manual and automated tracking. That said, marketers using automation to track performance felt better equipped to prove their value.

Right Data, Intent Data, and Buying Groups Lead To Improving Metrics

While many factors contribute to whether marketers see an improvement in their metrics, three primary factors were found to lead to improving metrics.

1. The right data

The right data hugely impacts marketing metrics. And the right data goes deeper than the type of data. It involves how marketers use data, access and store it, the confidence in data providers, and the quality of leads and pipelines generated.

The data heroes who used the right data witnessed greater improvement in metrics, such as click-through rates (CTR), sales pipeline generated, cost per lead, and lead-to-customer conversion last year.

2. Using intent data

Intent data users witnessed greater improvements in metrics last year, such as sales pipeline generated, campaign conversion, lead velocity, and CTR. That said, only 38% of marketers are using it for targeting.

3. Scoring by buying groups

Marketers using buying groups as a scoring element in their marketing programs, too, witnessed more improvement in their metrics than those who didn’t.

Marketers Value Data Accuracy When Selecting Data Providers

How marketers collect high-quality data and use it impacts results. So, how are companies collecting data? About 55% use their own properties to gather insights, while 46% access audience-building or select tools through a data platform. About 34% said they purchase standalone data to use internally, and 24% said they receive pre-made audiences from a partner.

Second- and third-party data offer some benefits but also come with challenges. Regarding outsourced data, the areas marketers find important are also their greatest challenges. For example, 44% considered data quality and completeness a challenge, while 31% considered finding trusted sources a challenge.

That said, marketers agree that working with a reputable data partner is important. When it comes to the features most important when choosing a data partner, 62% rated data accuracy, 50% rated proven results, and 30% rated data privacy and compliance. When it comes to data heroes, it was found that while they valued the same factors as the other marketers, they didn’t care much about proven results. Instead, they cared twice as much about the breadth of topics a data partner could provide.

Engagement and Lead Scoring Are the Most Common Scoring Elements

Companies use scoring elements to prioritize, segment, and sort their prospects. The study found that engagement and lead scoring are the most commonly used scoring elements, with about 57% of respondents using them. About 40% also use buyer groups and 36% use account scoring.

Scoring Elements Marketers Use in Their Marketing Programs

Source: The 2023 Marketing Data Impact ReportOpens a new window 

Data heroes were 2x more likely to use buyer groups than those who didn’t feel they used the right data. In fact, 83% of the group was satisfied with the existing use of scoring elements. Moreover, none of them reported the requiring more budget or the need to investigate the value of scoring elements.

This means marketers should consider evolving their scoring elements to include buying groups.

Intent Data Drives Pipeline Growth

The study found that demographics is the most commonly used type of data to target audiences. This is followed by content and campaign data, behavioral data, and intent data. That said, the most used type is not the most impactful for growth. While the top three most used types of data are good for driving leads, intent data is critical to driving the pipeline. The study confirmed this, as 97% said that intent data drives more pipeline than non-intent data leads. About 94% also said intent data leads were of higher quality. Further, 35% of those who saw significant revenue growth last year said intent data had the biggest impact on driving leads than 28% of those with less revenue growth.

However, only 38% of respondents reported using intent data, which means a huge opportunity exists for other marketers to use intent data in their pipeline growth and conversion strategy.

Fortunately, marketers are now recognizing the power of intent data. Most respondents plan to increase the use of this data or start using it. In its previous year’s studyOpens a new window , 57% of marketers said they would increase their use of intent data to some extent this year. According to this year’s study, 63% of marketers plan to increase using intent data over the year.

Most marketers use intent data to deliver relevant content and marketing messages to identified audiences. On the other hand, data heroes use intent data for these purposes and also for account-based marketing (ABM). Hence, ABM is one area where other marketers can use this data. Another area with room for growth is using intent data for competitive monitoring.

See more: The Deliberate Disruption Guide for Marketers To Navigate 2023

Next Steps

In an economic climate where budgets are tight, and marketers are under severe pressure to prove their value, having the right strategy to drive the highest impact with available resources should be at the top of marketers’ minds. Marketers should consider investing in intent data, acquiring high-quality data, and scoring by buying groups to significantly increase their odds of improving their metrics, sales, and revenues.