Intention is a powerful capitalizing opportunity for marketers if they understand customer intention behind purchase and repurchase. Companies need to not only capitalize on intent but generate intent. Understanding the drivers behind customer intention, as well as purchase and repurchase, enables businesses to get the most out of their marketing campaigns. For advertising to reach its maximum potential, businesses must analyze the patterns that influence customer action, such as perceived product value, propensity to buy factors, and preferred platforms for interaction. With the volume of intent-based searches rapidly growing, satisfying this intent is a conversion tool that every business should have in their marketing arsenal.
Research Optimus’s (ROP) Customer Intention and Purchase Analysis Survey is a strategic approach that accelerates discovery behind core intent and buying behaviors for more effective advertising of products and services.
Importance of Understanding Purchase Decisions
ROP assists businesses in understanding purchase intentions and identifies what they can gain from it based on objective data interpretation. Businesses that leverage customer behavior data to produce behavioral insights outperform peers by 85% in sales growth and 25% in gross margin. Identifying what steps, the customer goes through when making informed purchasing decisions, filling in market gaps, and identifying product needs allows business to deliver upon customer intention.
- Purchasing Behaviors Creating a product or service and sending it to market isn’t enough to satisfy customers, or truly create satisfying interactions with your brand, products, and services in today’s B2C and B2B environments. When a customer is likely to purchase, customer needs, product discovery, brand touchpoints, motivations, and requirements are all tied into these behaviors.
- Customer Engagement Trends Analyzing trends from customer engagements determines the best course of action to lead them to the experience they want. Omni-channel engagement and conversational platforms are areas that can specifically benefit from this strategy development based on key engagement trend data.
- High Intent Channels Understanding how customers interact with your brand’s platforms, such as websites and email, can help your business pinpoint certain aspects of customer purchase intention. This may include search volume, which indicates if customers are actively looking for something versus curiosity induced interactions.
- Historical and Micro-Moment Purchasing Data Building accurate predictive models surrounding customer intent generally relies upon past customer buying behaviors. Micro-moments are also useful as they indicate “of the moment” customer actions, like searching about a product while inside a store. This information can help businesses tailor targeted ads for customers and offer better real-time experiences.
How ROP Conducts Purchase Analysis Surveys
Using advanced analytical tools, our approach to purchase analysis surveys addresses both abstract and concrete business goals for customer purchasing behaviors. Through a rigorously comprehensive purchase analysis survey process, intent identifiers are established for more improvement across conversion rates and increased sales efficiency.
- Identification of Client Challenges and Goals We begin the purchase analysis survey process with strategic consultation to help brands understand which data will allow them to meet robust KPIs for lead qualification, demand generation, and outbound sales and marketing. ROP’s analysts access the right data, considering several factors across client challenges and objectives to develop relevant search criteria.
- Implementing the Purchase Analysis Process Using client objectives as the framework for the analysis process, ROP’s analysts then begin deploying a custom purchase analysis process. Data collection points are defined and gathered, which must go beyond customer demographics in order for companies to obtain a full picture of customer behaviors and develop Ideal Customer Profiles.
- Purchase Intent Modeling The next step is collecting quantitative data from segmented populations using formats such as purchase intention surveys that have been developed and validated by industry authorities. We then conduct descriptive and hypotheses analyses on the collected data using automated statistical and predictive analysis tools. This reveals factors related to purchase intent through actual behavior, not general interest. Popular interaction channels, platforms of last interaction, level of product knowledge, points of sales representative contact, and registration indicate customer position within the purchase intent cycle.
- Customer Lifetime Value and Purchase Potential Our analysts then compare customer’s historical purchasing patterns to predict their likeliness to purchase and repurchase. We examine which customers hold the potential to bring your brand the most significant value over time and examine patterns in repeat customer behavior to inform marketing strategies that can help retain business.
- Analysis Report Brands need meaningful consumer purchase intention insights, not raw data. ROP helps businesses operationalize intent data by providing time sensitive analysis reports about the influences and causes of purchasing intention. Connecting a plethora of data points, we synthesize the elements impacting customer demand, customer purchasing selection preferences, customer perception of businesses, market factors, customer intent signals, and customer behaviors. Reports are then adapted into formats that can be immediately used by your company’s marketing teams so as not to limit access to value.
Change Your Marketing Approach to Impact Customer Purchase and Buying Behaviors
Consumer intent is influenced by numerous factors, and customer analysis is the catalyst for marketing effectiveness and success. Marketing actions that can actually change purchase intentions ultimately change customer buying behaviors. Consider this: the average consumer goes through approximately seven stages during the decision-making process. At any stage in this journey, marketing teams have opportunities to influence customers towards a purchase.
Customer intent and purchase data also sets the tone for optimizing marketing and advertising tools and investment points, like attribution, bidding, and budgeting. Brands can then amplify customer acquisition by prioritizing the right leads and improving conversation via strategic guidance through the sales funnels. Businesses can also grow existing accounts, those who have previously purchased from your brand and potentially need to repurchase, by distinguishing upsell and cross-sell opportunities.
Cultivating Customer Loyalty and Lifetime Value
Traditional marketing funnels are an outdated concept, and modern marketing campaigns must quickly adapt their approach to marketing research in order to access intent signals and reach their customers. Customer intent and purchase analysis allows brands to recognize, pinpoint, and build marketing campaigns around critical customer patterns.
As a dedicated research and analysis firm, ROP is positioned to access and interpret market data in a way that strategically aligns with client objectives. Our market research and survey capabilities embrace modern demands for automation and intelligent tools that supplement our experience and methodologies. We continuously set industry standards for exceptional outsourcing practices that enhance our existing research and survey frameworks.