What is Buying Intent?
Buying intent, also referred to as purchase intent, refers to the likelihood and willingness of a customer to purchase a product from you, typically within a specific timeframe. It allows a sales rep to gauge if a prospect is interested in the company’s product, and if they should continue moving them through the sales funnel.
It’s important for sales reps to recognize the flip between a prospect being interested in a product, and their intent to purchase.
Why is Buying Intent Important?
Understanding buying intent allows sales reps to interpret what prospects are truly interested in. If you’re able to determine that a particular prospect is unlikely to purchase your product, then you can put more time and effort into pitching someone else.
If you identify the types of prospects who are likely to convert, then you can focus efforts on building relationships, delivering pitches, and assuring them their intent to purchase your product is the right decision.
Buying intent is incredibly important for sales teams when it comes to prospecting, as it will allow them to properly identify prospect pools. It’s also valuable information for marketing teams to utilize, as it will ensure they deliver effective information to the right audiences.
Factors That Influence Buying Intent
A sales prospect’s budget is often out of your control, but it will affect their buying intent. If they can’t afford the product you’re offering, they’re unlikely to convert. Some companies may offer tier-levels to combat this or provide discounts for new customers.
Is your product well-known within the industry? Is it easily recognizable? Do existing customers speak highly about it? These factors will affect buying intent, so it’s important for a sales team to be aware of their brand reputation and use it to their advantage when selling.
Like brand reputation, existing reviews of your product will affect buying intent. If a prospect is interested in your product, they will likely look up reviews to gauge previous customer satisfaction.
While you can’t control what’s published about your product online, you can work to ensure existing customers are happy. Gathering customer testimonials will also help ensure positive reviews are available, which can then be used as leverage to solidify deals.
How to Increase Buying Intent
Boost Your Brand Awareness
Make sure prospects know about your company and the product(s) you offer. Highlight the unique selling point of your product and ensure audiences understand how it helps and that it’s a worthwhile investment. Knowing the impact your product can make upfront will increase the likelihood of a prospect converting.
Communicate With Leads and Existing Customers
Knowing what exactly prospects and existing customers want will help your sales team understand what drives their buying intent. Ask questions and collect feedback on what convinces them to make purchases, what product features they’re looking for, and what factors into whether they’ll continue using your product.
Ensure Collaboration Between Sales and Marketing Teams
Sales and marketing teams should collaborate to measure and utilize buying intent. Both teams have tools to find out what exactly gets a prospect to convert and can then use that information to bolster future sales. Aligning external communication is key so audiences become familiar with the company’s brand and recognize it as a popular and effective product.