Purchase intent is the probability that a consumer will buy a product or service. To evaluate purchase intent, marketers uses predictive modeling to help identify the possibility of future outcomes based on historical data. Generally speaking, the modeling uses a core set of variables that includes factors like demographics, website engagement, past purchases, interaction with marketing messages and in B2B marketing, webcast or event attendance.
Evaluating purchase intent involves putting together data from different sources to understand which variables have the maximum impact. The knowledge is used to drive marketing strategies and also to refine messaging across different communication and marketing channels.
An important goal of assessing purchase intent is to gain insight into how effective an offline or online media campaign is and whether the money spent on marketing initiatives has an acceptable return on investment (ROI). The ultimate goal of analyzing purchase intent is to deliver the right message to the right audience at the right time.
Intent data analysis can also reveal when a customer has a strong predisposition to buy from a particular vendor, with practical applications ranging from prospect scoring and nurturing campaigns to programmatic advertising and account-based marketing (ABM). Used effectively, purchase intent can improve conversion rates, expedite deal velocity and create stronger synergies between marketing and sales.