By the time your sales team identifies a prospective customer, their decision of what to buy, and who to buy from, is all but made. Seventy percent of the buyer’s journey takes place before they even contact a sales representative. When faced with the fact that it now takes eight cold calls before reaching a lead, as opposed to four calls just 10 years ago, you may be wondering how to get prospects to buy from your company.
The answer is data.
No matter the size of your company or the amount of market penetration, data leads you to the best prospects and informs the most reliable marketing strategies.
3 types of data
There are three key types of data that you can collect and use to your advantage when consumers are shopping around. It’s important to note that while each type of data plays its own important role in your marketing strategy, they are most effective when used together.
How to use these types of data
In the B2C space, companies like Carvana, Carfax and CarGurus use web behavior to deliver ads to car-shoppers in the 24-48 hours following an initial website visit.
B2B companies have taken to using similar tactics to show their inventory feeds with the aid of companies like Criteo. That data is also used to retarget ads to inform consumers of the products or services a company can offer to fit their needs or advertise a demo to entice buyers.
Equipment that is new to your lot can also be advertised via email, and the trigger data gathered from recipients actually viewing that inventory can narrow your prospect list significantly, helping you focus your efforts on who is most likely to buy from you.
If a consumer is visiting competing dealers and viewing their inventory, or their search behavior indicates they have begun the buyer’s journey, the intent data collected can be used to push ads featuring your own inventory to the prospect.
Randall-Reilly’s Priority Prospects, in conjunction with EDA and RigDig, produces a “Likelihood to Buy Score” derived from a combination of intent and buyer data. The top 5% of prospects in your market are routed to your sales team the morning after scoring to allow for follow up, allowing you to disrupt the buyer’s journey and make the first contact out of your competitors, giving you a significant boost.
Because consumers do most of their shopping before contacting a sales representative, and because the company that makes first contact has a significant advantage over its competitors, using data, and using it right, is critical to driving sales and boosting revenue. Using trigger, intent and buyer data together to inform your marketing decisions will put you in front of the right prospects at the right time, improving your chances of making a sale.