What is Buyer Intent Data: How to Use Software to Find and Close 80% More Sales

Introduction

There’s an interesting tool that is quietly revolutionizing sales right now!

According to data providers, if you’re the first one to reach out to a potential customer who’s looking for the products and services you provide, you have an 80% chance of closing the deal. But if you’re second to the game or later, that chance drops to just 10%.

This is known as the “first-mover advantage,” and it’s changing how companies approach sales workflows and the insights they need for sales success.

In short, being the first one to reach out to a prospective customer when they indicate that they’re ready to buy (this is key) can exponentially increase your chances of closing a sale.

But how do you identify when a prospect in your market is looking for the products and services that you offer?

This is where buyer intent data and what are known as “Signals” come into play.

In this article, we’ll cover what intent data is, and how buyer intent signals work. Then, we’ll dive into how you can equip your sales teams with the right tools to get in front of potential customers at the right time, with the right message, so they close more deals.

What is Buyer Intent Data?

How Buyer Intent Data Works

Every person online leaves what’s known as a digital footprint. It’s a record of the questions you’ve asked, the products you’ve searched for, and the solutions that you’re trying to find.

To use an example, have you ever googled something, clicked on one of the top links, and then gotten a message saying, “This site is tracking your cookies”? Then, for the next few days, you start seeing ads and articles that are related to what you were searching for, or that answer your questions.

Well, it’s not a coincidence—it’s actually a perfect example of “search intent” in action.

Search intent is the first step to understanding what a potential buyer wants. Were they just browsing? Looking for answers to an immediate question? Or, looking to make a purchase?

As the number of searches increases or the prospect begins searching for specific products and services, visiting pricing pages, looking at ratings and reviews, or downloading content relevant to those specific items, their actions indicate an increased intent to make a purchase.

Buyer Intent Data:

• It is information that indicates a potential customer’s likelihood to make a purchase based on their online behavior and activity.
• It provides insights into a customer’s purchase intent, enabling your teams to identify potential customers earlier in the sales cycle for outreach.
• Buyer intent data helps sales teams understand customer behavior and tailor their efforts to the customer’s needs.

Importance of buyer intent data for sales and marketing teams

When you break it down, buyer intent data is all about helping revenue teams connect with the right person at just the right moment with a personalized message.

The ability to see these insights aligns your messaging with what prospects actually want and tracks customer behaviors which streamlines sales workflows, boosts conversion rates, all while shortening the sales cycle—because sales teams know exactly where to put their energy.

Plus, it lets sales spot and prioritize those high-intent leads, which means a better shot at closing deals.

It’s a game-changer for marketing too. Buyer intent data allows marketing to create targeted campaigns that truly resonate with potential customers because they provide answers to their most pressing questions.

How buyer intent data differs from other types of data

But this brings us to what buyer intent is not! Many platforms today act more like a database of names and contact information, tracking firmographic traits like company insights, revenue, and company size rather than buyer signals.

While this information helps sales teams understand their target accounts and build better ideal customer profiles (ICP), firmographic data is far less effective at predicting future purchases.

The same could be said of demographic data, which is information about a prospect’s age, gender, education level, etc. While this is also very helpful in creating a target avatar, it doesn’t indicate the actions or behaviors that customers are taking online.

To track this effectively, buyer intent data is collected from first-party and third-party sources (i.e., your own websites, social media accounts, and others’ similar profiles) and aggregated to understand what will truly meet their needs.

Understanding Buying Signals in The Sales Cycle

This is where the conversation can get very confusing. For marketing, buying signals are the actions or behaviors collected on a potential customer that would indicate their interest in making a purchase. These signals would trigger an outreach event and transition the conversation from marketing to sales. For sales, buying signals can be verbal cues like asking about pricing and add-ons, signing up for demos or free trials, and requesting copies of contracts to begin the approval process.

Each is important to the customer’s journey and the overall sales process. But our goal today is to help you accelerate revenue by finding the right prospects at the right time. So, we’ll stay focused on the tools and tactics to be the first to connect with potential customers- so you get the benefits of the first mover advantage.

Using Tools and Software to Track and Monitor Buying Signals

There are dozens of tools on the market that offer buying signals, but only a handful are helpful to accelerate sales. Here are 10 of the top platforms to give your sales strategy an edge:

Convex:

Description: Convex provides real-time intent data to identify and prioritize high-intent leads, enabling commercial services sales teams to streamline their sales process and increase conversion rates. This is particularly beneficial for sales professionals who work with property owners and managers and need to identify opportunities for installations, maintenance, service, or repairs.

Unique Benefits for Sales Professionals: Convex equips HVAC sales professionals (to use one industry example) with powerful property intelligence to identify installations, maintenance, or service opportunities. This includes permit histories, building age, square footage, ownership details, and even aerial views of the property. One of Convex’s unique features is the integration of equipment data, including service history and warranties, allowing you to predict when properties may need special services, giving you a competitive edge.

Key Features of Convex:

• Signals: Identify prospects ready to buy with lead scoring based on buyer intent data, enabling sales teams to track buying signals and prioritize high-intent leads.
• Generative AI: Send highly personalized emails or phone scripts in just two clicks, helping sales reps engage with potential customers earlier in the sales cycle.
• Property Intelligence: Access detailed data like building age, square footage, tenant information, ownership, and permit history, providing valuable insights into potential customers’ needs.
• Atlas: Visualize property and contact data on a map, create lead lists, and sync customer data bidirectionally with your CRM, streamlining the sales process.
• Engage: Reach out to high-priority prospects based on their signal strength, enabling sales teams to identify and prioritize high-intent leads.
• CRM Functionality: Track leads, assign stages, tag coworkers, and manage pipeline with integrated CRM tools, helping sales teams tailor their efforts to the customer’s needs.

ROI & Success Stories: Teams using Convex experience a 9x median ROI*, based on year-average estimates with a 95% customer retention rate and 45% profit margin. This demonstrates the effectiveness of Convex in helping sales teams leverage intent data to improve the sales process and increase conversion rates.

DnB:

• Description: DnB offers comprehensive business data and analytics to help identify potential customers and their purchase intent.
• Features: Provides detailed company information, financial data, and predictive analytics to identify buying signals and potential customers.

Seamless.AI:

• Description: Seamless.AI offers a robust platform for identifying and engaging with high-intent leads, leveraging third-party intent data to track buying signals.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

LinkedIn Sales Navigator:

• Description: LinkedIn Sales Navigator is a powerful tool for identifying and engaging with potential customers on LinkedIn, helping sales teams uncover buying signals and track the buying journey.
• Features: Tracks buying signals, provides real-time alerts, and integrates with CRM systems to help sales reps identify potential customers and their purchase intent.

Cognism:

• Description: Cognism provides high-quality B2B data and intent signals to help identify and engage with potential customers, enabling sales teams to track buying signals and identify strong buying intent.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

Demandbase:

• Description: Demandbase offers a comprehensive platform for identifying and engaging with high-intent leads, leveraging intent data to track buying signals and identify potential customers.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

6sense:

• Description: 6sense provides AI-driven intent data to help identify and prioritize high-intent leads, enabling sales teams to track buying signals and identify potential customers earlier in the sales cycle.
• Features: Tracks buying signals, provides real-time alerts, and integrates with CRM systems to help sales reps identify potential customers and their purchase intent.

Qualified:

• Description: Qualified offers a platform for identifying and engaging with high-intent leads through AI-driven conversations, helping sales teams uncover buying signals and track the buying journey.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

Drift (by SalesLoft):

• Description: Drift provides a conversational marketing platform to help identify and engage with potential customers, enabling sales teams to track buying signals and identify strong buying intent.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

Uplead:

• Description: Uplead offers a platform for identifying and engaging with high-intent leads through targeted prospecting, helping sales teams uncover buying signals and track the buying journey.
• Features: Tracks buying signals, provides real-time intent data, and integrates with CRM systems to help sales teams identify and prioritize high-intent leads.

Keep in mind that most of these tools are not what you’d call “cheat.” Lower price tiers begin at around $149 per month per seat, and some tools cost up to $40,000- 60,000 or more per year (in the case of Qualified and 6sense), depending on the size of your team.

But these tools have become so valuable to the market that they warrant investigation, even if they’re a bit outside your budget.

These tools help sales and marketing teams identify and prioritize high-intent leads, increasing the chances of closing deals. By leveraging these tools, businesses can streamline their sales processes and improve conversion rates.

How Intent Data Improves the Sales Process for Marketing and Sales Teams

Intent data providers like Convex and Seamless can streamline sales and marketing operations by providing valuable insights into a customer’s purchase intent.

This information enables both teams to identify and prioritize high-intent leads, increasing the chances of closing deals. Let’s consider the benefits for each team:

Benefits for Sales Teams:

• Identifying High-Intent Leads: Intent data helps sales teams identify potential customers who are actively seeking solutions, enabling them to prioritize these leads and increase the chances of closing deals.
• Tailoring Pitches and Messaging: Intent data enables sales teams to tailor their pitches and messaging to resonate with potential customers, addressing their specific pain points and needs.
• Data-Driven Decisions: Intent data helps sales leaders make data-driven decisions and optimize their sales strategies, ensuring that resources are allocated effectively.

Benefits for Marketing Teams:

• Targeted Campaigns: Intent data helps marketing teams create targeted campaigns that resonate with potential customers, increasing the effectiveness of marketing efforts.
• Personalized Marketing: Intent data can be used to drive personalized and optimized marketing efforts, ensuring that marketing campaigns are tailored to the specific needs and interests of potential customers.
• Measuring Effectiveness: Intent data can be used to measure the effectiveness of marketing efforts and make data-driven decisions, enabling marketing teams to refine their strategies and improve results.

The Role of AI in Enhancing Intent Data

Artificial Intelligence (AI) plays a pivotal role in elevating the capabilities of intent data tools, making them more efficient and effective for both sales and marketing teams. By incorporating AI into intent data analysis, businesses can gain deeper insights and uncover patterns that are not immediately obvious through traditional methods. Here are some ways AI enhances intent data:

• Predictive Analytics: AI-powered predictive analytics can forecast buyer behavior with greater accuracy by analyzing historical data and identifying trends. This allows sales teams to anticipate customer needs and proactively approach potential leads.
• Automated Lead Scoring: AI can automate the process of lead scoring by evaluating intent signals and providing a score that indicates a lead’s likelihood to convert. This helps prioritize efforts on the most promising leads.
• Enhanced Personalization: AI enables more fine-tuned personalization of marketing and sales approaches by analyzing vast amounts of intent data to understand individual customer preferences and behaviors.
• Real-time Alerts: AI-driven systems can provide real-time alerts when significant changes occur in a lead’s behavior, allowing sales and marketing teams to react swiftly and capitalize on timely opportunities.

By leveraging AI, businesses can not only streamline their operations but also make more informed decisions, ultimately leading to higher conversion rates and improved customer relationships.

How Convex Uses AI to Give Sales a Competitive Edge

Convex is one of the tools on this list that employs AI in the sales workflow. Let’s take a look at how simple it is to spot buying signals with Convex (we might be a little biased since we’re Convex, but hear us out!) and how you can use best-in-class data and AI to send personalized outreach.

1. Log in and Check Signals

Start by logging into Convex and checking the “Signals” category—our proprietary buyer intent data—to see who’s in-market and ready to buy. These signals provide intent scores based on various factors, helping you prioritize high-value prospects.

2. Search for Properties, Accounts, and Contacts

Search for properties or accounts that align with your products and services. This could be anything from a specific property type (e.g., hospital, airport) to individual contacts, job titles, account names, or tenant information. Convex’s property intelligence includes key insights such as permit histories, building age, square footage, ownership, transaction details, and equipment data, making it easier to identify and close new leads.

3. Leverage Generative AI for Personalized Outreach

With just two clicks, use Generative AI—trained on buyer signals, firmographic data, and your company’s contact data—to send a personalized email or draft a phone script. The AI uses data like job titles, decision-maker information, and property history to craft targeted messages that resonate with prospects.

4. Automate Follow-ups and Manage Leads

After outreach, set up automated follow-ups or reminders and track the lead in your CRM. Convex allows you to export lists of prospects, assign stages, tag coworkers, and assign dollar values to leads, offering light CRM functionality for lead management. Integration with CRMs like Salesforce or HubSpot ensures seamless pipeline tracking.

Did you know that, according to Salesforce, a sales rep using traditional tools spends about 21% of their week on this process? That’s around 2 hours a day, 4 to 5 days a week! But with Convex, sales teams can do the same work in just 3 to 5 minutes- meaning your team can reach 10- 20x the accounts as they would with traditional platforms.

Types of Intent Data

As you build your target avatar and begin analyzing which tools are best for your team, keep in mind that there are several types of intent data. Each type provides valuable insights into a customer’s purchase intent and helps sales and marketing teams tailor their efforts to the customer’s needs, but not all will help accelerate revenue.

Here are the three types:

Fit Data: Understanding Company Fit and Demographics

Fit data is all about understanding what makes potential customers tick, like their demographics and firmographics. It’s super helpful for sales teams to figure out if someone is a good match for their product or service. By digging into this data, sales reps can spot potential customers who are really likely to be interested, which boosts their chances of closing deals!

Opportunity Data: Identifying Potential Opportunities

Opportunity data is all about the outside factors that can affect what people want to buy, like market trends and what competitors are up to. It’s super helpful for sales and marketing teams because it helps them spot potential opportunities and really get in tune with what customers need. By digging into this data, sales teams can find customers who are on the hunt for solutions to their problems, which boosts their chances of sealing the deal!

Intent Data: Recognizing Buying Signals and Intent

Intent data gives us a glimpse into what customers are thinking about buying, which is super helpful for sales and marketing teams. It allows them to spot potential customers earlier in the sales cycle. With this info, sales teams can focus on high-intent leads, boosting their chances of closing deals. By looking at intent data, they can pick up on buying signals and adjust their approach to meet customers’ needs, making the sales process smoother and improving those conversion rates!

At Convex, we focus on the third option because it’s the best indicator of a customer’s intent to purchase. Our Signals automatically score leads based on signal strength, intent intensity, and other factors to help sales teams identify high-intent leads quickly.

This allows your team to see a strong signal and reach-out to the prospect in minutes, so you gain first mover advantage.

Common Mistakes to Avoid

Ignoring or Misinterpreting Buying Signals

There’s an old quip, “getting your signals crossed,” which means misunderstanding each other. In sales, this can be a huge mistake when it comes to buying signals.

For example, just because someone searched the term “content marketing” one time, doesn’t mean they want a barrage of cold emails, texts, and calls from hundreds of companies offering these services.

The same could be said for your customers. As you look at tools in this category, consider software that offers lead scoring, signal strength, and other indicators of a prospect’s interest in making a purchase, not just a one-time search.

But that doesn’t mean you should ignore the signal that you see. As you build relationships with your customers, you’ll begin to see patterns in their buying habits that will help you build better qualification processes and triggers for outreach.

By understanding the different types of intent data and avoiding common mistakes, sales and marketing teams can improve the sales process and increase conversion rates.

Conclusion

Throughout this article, we’ve explored the transformative power of buyer intent data and buying signals to accelerate revenue. If you truly want to speed up sales, you have to use first mover advantage to gain an edge on the competition.

Up to 80% of your new opportunities could depend on it.

But this is not just about getting to leads faster; it’s about improving the sales process, delivering more value to leads and potential customers, and allowing your team to optimize their sales workflows for maximum efficiency and effectiveness.

The result will transform the way your business approaches sales and marketing.

Ready to unlock the power of buying signals and accelerate your revenue growth?

Schedule a demo of Convex today to discover how our platform can help you identify and prioritize high-intent leads, drive personalized outreach and marketing efforts, and optimize your sales strategies for growth.