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Understanding Intent Data Basics and Applications
- 1. Understanding Intent Data May 23, 2016 CRM Evolution David M. Raab draab@raabassociatesinc.com www.raabassociatesinc.com 1
- 4. Reality “Third-party intent data often isn’t conclusive enough to actually be predictive. It may be helpful to compare people with no activity to people with lots of activity, but keep in mind that you’re likely to find a lot of false positives.” - Infer Inc., What’s the Deal with Intent Data? www.raabassociatesinc.com 4
- 5. Intent Data = Snake Oil? www.raabassociatesinc.com 5
- 6. Intent Data Basics • Sources: page views & ad networks, also: downloads, Webinars, social posts, site search, registrations, reviews, … • 1st Party vs 3rd Party (big difference!) • Anonymous vs Known • Processing Required www.raabassociatesinc.com 6
- 7. Intent Data Vendors • Web Sites: IDG, TechTarget, Demandbase, Bombora, MRP, Madison Logic • Ad Exchanges: The Big Willow, Everstring • Predictive: 6Sense, Infer, Leadspace, Lattice Engines, Mintigo,… • B2C: Nielsen eXelate, Oracle DataLogix, Magnetic, Neustar, … www.raabassociatesinc.com 7
- 8. Under the Hood Quality Issues • Coverage • Timeliness • Accuracy • Precision www.raabassociatesinc.com 8
- 9. Under the Hood Execution Issues • Data load • Account vs Person • Contact details (email, phone, etc.) • Identity match www.raabassociatesinc.com 9
- 10. Applications Acquisition • Net new names • Prospecting • Display retargeting www.raabassociatesinc.com 10
- 11. Applications Nurture • Lead scoring • Personalization www.raabassociatesinc.com 11
- 12. Applications Other • Reactivation • Content creation www.raabassociatesinc.com 12
- 13. Getting Started Viability Checks • Business Terms • Quantities • Elements • Match Rate • Quality www.raabassociatesinc.com 13
- 14. Getting Started Performance Tests • Select Application • Define Success • Define Test Process • Execute Test • Evaluate Results www.raabassociatesinc.com 14
- 15. Acquisition Tests Net New Names • Measure list quality • Find near-term metric Prospecting • Run trial promotion • Measure cost per response • Consider response quality Display Retargeting • Use intent-based content • Measure results by account • Compare vs control accounts www.raabassociatesinc.com 15
- 16. Nurture Tests Lead Scoring • Compare scores with and without intent data • Use intent-based scores to change treatment of test group • Compare test vs control results Personalization • Send intent-based content to test group • Send standard content to control • Compare test vs control results www.raabassociatesinc.com 16
- 17. Other Tests Reactivation • Match intent list against inactive leads and accounts; find names with activity • Promote to test group using intent- based content • Also promote to random sample • Compare results Content creation • Acquire intent category trend data • Identify gaps and create new content • Test performance of new content against all leads (vs control) www.raabassociatesinc.com 17
- 18. Intent Data … is NOT snake oil … comes in many varieties … has many different uses … needs careful testing … is probably worth the effort (your mileage may vary) www.raabassociatesinc.com 18
- 19. Thank You David Raab Raab Associates Inc. www.raabassociatesinc.com draab@raabassociatesinc.com Twitter @draab www.raabassociatesinc.com 19
Editor's Notes
- Promise: intent data will give you bushels of people ready to buy your product. Just hand them off to sales and take the afternoon off.
- Reality: not quite so sunny
- Infer did detailed study – found that external intent data by itself wasn’t very useful. Found that fit and internal intent were effective.
- So, is intent data just a bunch of snake oil? I would argue it’s not. But you do have to know what you’re doing to get the real benefits.
- sources of intent data for business and consumer marketers - where it comes from: web sites, ad networks, internal (for retargeting), search terms; consumers also get from surveys, commerce, comparison/review sites, loyalty programs 1st party vs 3rd party Anonymous (e.g. cookie) vs known (have contact info) - vendors (aggregators: Bombora, Big Willow; publishers: IDB, Tech Target; predictive vendors (who mostly buy it); Magnetic - Processing required – e.g. identify surge
- vendors - Web sites: based on who reads which content; have networks of sites they monitor - Ad Exchanges: (aggregators: Bombora, Big Willow; publishers: IDB, Tech Target; predictive vendors (who mostly buy it); Magnetic …not listing actual white paper download/content syndicators e.g. NetLine, TrueInfluence, etc.
- limitations - quality - coverage: match rate vs own data, % of market captured - Mintigo: Over 99% of web visitation events are anonymous and only 30% to 40% are resolved at the company level. (http://www.mintigo.com/blog/demystifying-the-intent-behind-intent-data/) - timliness: how quickly data reaches you; speed is critical but vendors accumulate from many sources - accuracy: are they really in-market? Must look at behavior (surge), who person is. Requires intelligent processing; can’t just look at a few page views - precision: are they in-market for my product. Vendors have taxonomies but they don’t necessarily match your business categories - execution: identity matching, loading, account vs individual, group buying, contact info
- limitations – execution - data load (format presented, ability of own systems to import - account vs person (which level? - contact details: email, phone, cookie, etc.; - identity match (ability to match to own data, match 1st vs 3rd party; depends on data quality; many people provide false info
- applications: - name acquisition: net new (doesn’t usually work by itself; won’t be sales ready or close; might have long-term utility Prospecting (even if name isn’t a lead, can use list for prospecting e.g. send acquisition offer, etc.; is basically same as nurture Display retargeting - big advantage is these are people who didn’t give you their name, which is most of them - works on 1st party (own site visitors) or 3rd party (other sites)
- applications: - nurture: lead scoring/nurture (use intent data to help set lead score, where to put in nurture - applies to names already on file as active leads well as net new name (=prospecting), Personalization (use intent topics to define what content to send; can give insight into interests - applies to both 1st and 3rd party intent sources; is only way to get at 3rd party - can apply to ad personalization too
- applications: - other: Reactivation (inactive leads or customers; find names showing new interest, esp. on 3rd party sites - has been particularly successful application content creation (look at popular topics and make sure have enough content; test effectiveness)
- getting started: how to incorporate intent data into your customer data systems - viability checks - business terms (can you get permission to do what you want, is the pricing reasonable) - adequate quantities available (for your interests, meeting your other criteria e.g. company size, contact info if needed, etc.) - data elements (is data with the elements you need, in a format you can use) - match rates (if you’ll load it) -quality (check for completeness, validate some records, etc.)
- getting started: how to incorporate intent data into your customer data systems - viability checks - business terms (can you get permission to do what you want, is the pricing reasonable) - adequate quantities available (for your interests, meeting your other criteria e.g. company size, contact info if needed, etc.) - data elements (is data with the elements you need, in a format you can use) - match rates (if you’ll load it) -quality (check for completeness, validate some records, etc.)
- ways to test intent data for practical value - generally, try programs with and without and see if is lift - specifically: - net new: buy a list and see how it works; look for near-term event e.g. Sales Acceptance; exclude existing names - prospecting: run a trial promotion and measure cost/name, /SAL; exclude leads from other sources - retargeting: with and without (inc. intent-based content)
- - lead scoring/nurture: does it make scores more accurate? does it push people down different paths in nurture programs? Are those paths more effective? - personalization: standard content vs. intent-based content
- Other Tests - reactivation: value from reactivated name, esp. vs. other reactivation criteria (inc. intent-based content) - content creation: intent-based content vs control - can use content on all leads, not just those identified as having intent