A 2018 Gartner survey predicted that by 2020, 81% of marketers would leverage data to make decisions. This is why it’s no surprise that data-driven marketing strategies are dominating the B2B industry. Intent data, in particular, is taking the industry by storm, despite being underutilized (only 25% of B2B companies use it). This is, however, good news because it means that most of your competitors (the other 75%) are missing out on its benefits, giving you a competitive edge.
So, you’ve done your research and identified that intent data could help you generate more sales qualified leads, personalize your experiences, identify prospects that have not engaged with you, and help you prioritize leads. But there’s one major challenge: you don’t know how to convince your CMO to adopt intent data solutions. Here’s a simple guide outlining how to get your CMO (or marketing decision-maker) onboard with intent data.
Top Oppositions You are Likely to Face and How to Deal with Them
Intent data is a great marketing tool, and as highlighted by a Gartner study available to their clients, more than 70% of B2B marketers will have adopted the use of third-party intent data by 2022. However, even though the CMO is responsible for developing and implementing the overall business marketing strategy, they also tend to focus on objectives such as the reduction of costs and revenue generation. They will also want to mitigate all risks related to marketing, which is why you might face some resistance. What kinds of opposition are you likely to face?
Marketing is often very expensive, and the most effective trick is investing in strategies that have a high ROI to offset costs. Your CMO will want to know how much initial investment the company is expected to make and how much returns they will get. They may even require case studies of organizations that have successfully used intent data.
For this kind of opposition, you will need to be armed with statistics supporting the financial viability of intent data and those that highlight its return on investment.
Some examples include:
- Abacus, a Facebook Ad agency, has successfully leveraged intent data using LeadSift and has increased their meeting booking rates by 5x.
- TOPO’s intent data marketing guide also showed that 90% of marketers that use intent data had experienced a moderate impact, 47% have had a high impact, and 31% highlighted that using this data exceeded their expectations.
You need to convince your CMO beyond doubt that investing in intent data is a worthwhile investment.
2. Available Resources & Data Management
This is one of the checkboxes you need to tick as you assess whether your company is ready to start using intent data. The use of intent data is quickly growing, and 62% of companies are using some form of intent data solution. This is an increase from 2019, which was at 48%, and 2018 at 28%.
Before adopting data intent usage, you need to have the necessary resources and technology in place to help make the data actionable. The good news is that you only have to assign a member of the team to oversee the data. Loop your boss in about who will manage the data and how this will fit into their schedule.
“I’m not sure this is the best time to use intent data”… what next?
You shouldn’t give up that easily! It’s up to you to prove to your CMO that your organization should have started using intent data years ago. The benefits are far too much for you to miss out on, and this is the best time to adopt it. A study by Forester showed that more than 60% of B2B buyers prefer to conduct research on their own before making a purchasing decision. With intent data, you can easily track them throughout the stages of the buyer journey.
The beauty of intent data is that it can integrate seamlessly into your current processes. Yes, it will take some more time, but with proper planning, it should fit easily into your current email, ABM, ads strategy, etc. Atlantic Growth Solutions prioritizes leads using LeadSift, ultimately starting conversions.
Make sure you have strong processes in place beforehand, so that intent data is here to elevate your current strategy, not create a new one.
4. Actionability – “Intent data isn’t actionable.”
How can you use intent data to drive actionable strategy? How will this data help you personalize your marketing campaigns? Are there statistics supporting the usability of intent data?
A considerable number of users say the most significant challenge with intent data is making it actionable, and your CMO will definitely ask about this. All marketing strategies have to be actionable; otherwise, the company will be throwing their investment down the drain.
LeadSift combats this by providing contact-level intent data (email, phone number, LinkedIn URL, etc.) so that leads can be actioned immediately. We also provide the intent score, and what the intent trigger was so you can personalize and prioritize your outreach as needed.
Vidyard uses LeadSift to re engage the cold leads in their funnel and acquires approximately 70% new leads through intent data. Social HorsePower also converts an average of 20% cold leads into sales qualified prospects using LeadSift.
Prove to Your CMO That Intent Data is Worth the Company’s Investment
The truth is, your CMO may be a little bit reluctant to invest in intent data solutions, partly due to the financial investment and the uncertainty of its benefits. They will definitely ask a lot of questions, and most of them will touch on:
- Costs: is intent data a worthwhile investment? What is the expected ROI?
- Resources availability and management of data: Will we have to purchase new systems, or will the solution iterate with the existing ones? Most importantly, who will be in charge of the data?
- Timing: is the organization ready to start using intent data?
- Actionability: how will we use intent data to create data-driven marketing strategies?
You need to go to your CMO armed with the answers to these questions if you are hoping to get them on board with intent data. To make sure you’re prepared, check out the things you need in place to be ready for intent data.
CMO’s convinced and you’re ready to close more deals with intent data?