What Is Purchase Intent?

The indicator of a prospect’s propensity to acquire a good or a service is called purchase intent or buying intent. In the digital world, there are many different platforms, including websites, social media, and other marketing channels, where intent data is dispersed. Hence, the difficulty for a SaaS marketing team is to separate intent data from various sources and use it precisely to identify customer intent.

Generally, buyer intent data can be identified by following signals of intent from a decision-maker or a business or by deriving insights from other passive indicators of intent. An individual who is actively seeking a good or service to meet their own needs, those of their group, or those of their business is referred to as a high-intent prospect. A passive high-intent prospect, on the other hand, is a person who might have an innate need for a product but isn’t doing any actions that might suggest that they do.

How To Assess Purchase Intent?

Addresses can play an essential role in assessing purchase intent and qualifying leads, as they provide valuable information about a potential customer’s location and proximity to your business. By knowing a lead’s address, you can determine if they are located within your service area, which can be important if your business provides localized services. Address correctness is also an indicator of purchase intent. Monkey-typing, missing fields, and other errors reflect directly on intent. Additionally, addresses can help you identify patterns in buying behavior, such as which geographic areas have the highest demand for your products or services.

Using purchase intent data can be particularly effective in improving lead scoring accuracy because it provides insight into the lead’s level of interest in your product or service. For example, a lead who has visited your pricing page several times and has requested a demo is likely to be more interested in your offering than someone who has only visited your homepage.

Lead qualification is done using data on purchase intent. This eliminates leads with a weak desire to buy. Using purchase intent data can considerably improve the lead scoring’s precision and efficacy. This is where Geoiq’s enriched database with over 3000 plus location data attributes helps by drawing valuable insights to funnel down potential leads.

Lead Qualification:

In terms of lead qualification, addresses can also provide insight into a lead’s socioeconomic status and lifestyle.  On the other hand, if a lead’s address is in a lower-income area, they may be more interested in deals and discounts. You can eliminate unsuitable leads with the help of the company profile-based lead score. Leads with a high likelihood of conversion are those that fit your ICP.

You may score leads more accurately and end up with highly qualified leads who require a solution and are most likely to make a purchase if you add buy intent data as an additional filter. Using purchase intent data to score leads helps make the connection between each lead’s activities and the behaviors that leads normally display before making a purchase. This connection simplifies the optimization of marketing tactics, prioritizing high-value leads and raising conversion rates.

Snapshot of an address quality score

An affluence score is a numerical rating assigned to a potential lead or customer based on their income, assets, and spending habits. This score can help businesses determine the likelihood of a lead making a purchase or engaging in a high-value transaction.

The affluence score that we calculate is an aggregate of multiple location attributes, some of which are average rentals, population density, presence of brands, average meal cost for two, household income, historical pattern, and more. Using an affluence score can help boost lead qualification in several ways. For one, it provides a way to prioritize leads based on their potential value to the business. Leads with higher affluence scores are more likely to have the means to make larger purchases, which can lead to higher revenue and profits.

Addresses can be a valuable piece of information in qualifying leads for businesses in several ways:

• Geographical targeting: Addresses can help businesses to determine whether a lead is located within their service area. This can be particularly important for businesses that provide localized services, such as home services or food delivery. By knowing a lead’s address, businesses can determine if they are a potential customer they can serve, or if they are outside of their service area and may not be a qualified lead.
• Demographic targeting: Addresses can also provide businesses with valuable insights into a lead’s demographic information, such as their income level, home value, or proximity to specific amenities or locations. Companies can use this information to target leads with relevant products or services based on their location and lifestyle.
• Lead scoring: Businesses can use addresses to score leads based on their geographic location, which can provide insights into the potential value of a lead. For example, if a lead’s address is in a high-income area, they may be more likely to have the disposable income to make a purchase or be a higher-value customer.
• Personalization: By using a lead’s address to gather information about their location and lifestyle, businesses can personalize their marketing and sales messages to better resonate with that lead. For example, a business that sells outdoor gear may use a lead’s address to determine if they live near hiking trails or other outdoor recreation areas and tailor their messaging accordingly.

Conclusion:

Thus, knowing buyer intent is crucial because it enables you to identify the qualified prospects you should pursue. You can then focus your efforts and time on better outcomes. Most importantly, addresses can be a valuable piece of information when assessing buying intent and qualifying leads, as they provide insights into a lead’s location, buying behavior, and socioeconomic status. Overall, businesses can use addresses to gain valuable information that helps qualify leads and target them with relevant products or services.

For more information on our products and services, you can visit www.geoiq.io or get in touch with us at hello@geoiq.io