- In-market prospects
- What are they looking for, and
- How likely are they to purchase a product or service?
Still, intent data alleviates prospects‘ targeting processes and enables businesses to guide prospects through the whole journey and offer their product or service as a solution to their pain points. Hence, it is a useful dataset to boost your business development strategy.
What is Business Development?
But what is business development, and what does a business development strategy involve?
To put it simply, business development consists of all the processes, activities, and ideas implemented within an organization to promote its growth and boost its revenue.
Business development tasks, in general, help improve businesses while increasing their profitability at the same time. Even though business development activities often intertwine with sales activities, they shouldn’t be perceived as the same.
In fact, business development involves sales and marketing activities, business partnership and business expansion initiatives, market and product development, vendor management, and more.
Business Development vs. Sales
The main difference between business development and sales is that the former isn‘t directly connected to converting leads into customers and closing deals. While the two often overlap, business development representatives are mainly focused towards:
- Maintaining and nurturing relationships with prospects
- Better understanding prospects and customers
- Increasing brand awareness
- Providing value
- Seeking opportunities for growth and development and more
To do so, business developers follow a business development strategy or a plan that enlists the things the organization and its employees should do to achieve its growth objectives.
- Identifying eligible, quality leads
- Searching for prospects who fit organizations' buyer personas
- Advancing competitive advantage
- Being well-informed of industry and market trends, as well as competitors' strategies
- Researching for new growth opportunities
- Maintaining and nurturing business relationships
Business development involves an integrated approach to achieving organizations‘ goals. Therefore, business development executives regularly collaborate with marketing, sales, and other departments within the organization to provide maximum value to the company.
Intent Data for Business Development
Intent data’s primary goal, as the name suggests, is to reveal prospects’ intent. Furthermore, organizations and businesses can discover in-market buyers and the product or solutions they are searching for by understanding prospects’ intent.
Intent data for business development can be leveraged by business development reps to streamline the processes of their business development strategy.
Intent data can be an asset for business developers to help them:
1. Find Quality Leads & Prioritize Accounts
As statistics from one Gartner research show, up to 50% of the prospects are searching for information from third-party sources. And often, this individual research means that prospects had already made the purchase even before they were contacted by someone from the sales team.
Intent data does not only diminish this blind spot but also helps identify the in-market buyers that are ready to buy particular products or services. Thus, marketers can save time and resources by reaching their ideal prospects for the solutions they offer and surfacing new accounts to target.
2. Strengthen your Competitive Advantage
Intent data can show what your prospects are searching for, the products they are most interested in, and what competitors they are searching for. Hence, organizations leveraging intent data to boost their business development strategies can use it and turn it to their advantage.
Especially at companies who offer various products, intent data can highlight what prospects are searching for, so they can customize and personalize the initial pitch more efficiently.
3. Build Effective Relationships
By knowing that 58% of organizations use personalization for customer retention, marketers use this tactic to create more personal relationships with customers.
In combination with the other technographic, demographic, and firmographic details, intent data can obtain the information needed to get personalization right. Also, this information can highlight specific areas and opportunities for organizational growth and business development.
On a Final Note
Business development reps and companies, in general, can use intent data to both alleviate and streamline business development processes. By uncovering new leads, finding in-market prospects, and identifying their competitive advantage, companies can generate more leads, close more deals, and increase their income.
- The Ultimate Guide to Business Development and How It Can Help Your Company Grow (hubspot.com)
- How to Use Buyer Intent Data to Your Sales Advantage (gartner.com)
- Retention Now A Bigger Personalization Priority Than Acquisition (marketingcharts.com)
- The Importance of Leveraging Intent Data in Business Development (linkedin.com)
- What are the Basics of Business Development (Investopedia.com)