How Buyer Need Data Drives Business Performance

When your primary business aim is to find and cater to the right audience by solving their biggest problems, the challenge you face is how to identify a target audience that aligns closest with your solution. The SMB space in the United States is fiercely competitive and quite dynamic. Hence, the best way to cater to them is by offering disruptive solutions which will allow them to stand out in an overly crowded market space.

How do you, then, find the right target market whose needs can be best met with your specific offering? To unlock that puzzle, you need to know what these millions of SMBs in the United States require right now. That is, you need “buyer need data”.

Buyer Need Data supports the practice of need-based segmentation as it allows you to identify groups of companies based on their shared attributes that signal a specific problem or need. Buyer Need Data identifies different factors which contribute to that, so that your business can determine segments that are best served by your product.

Buyer Need Data is an Imperative

Need Data collection is a vital component of revenue operations and marketing operations. (Or whichever departmental function has responsibility for the CRM database.) Research shows that Need Dataor the lack of it—can significantly affect business performance; collecting this data is becoming mainstream as a modern component of any CRM data enrichment or hygiene practice. In the research, Need Data featured in the top 3 data types revenue leaders desired to include in their CRM.

Buyer need precedes expressions of intent. For your buyers to express intent to consider your solution, they must first not only have a need for it, but they must also recognize the need. The ability to detect the need for your product before your prospects express intent (primarily determined by Internet keyword searches) can give you a competitive advantage. It may also help you tailor more closely your offering to your audience. Wouldn’t it serve your business to be able to present your best-fit offer to an audience in need of it, sooner?

BuzzBoard

Here are some key data points that highlight just how important buyer need data can be.

  • According to our research with SaaS revenue leaders, there is a correlation between a lack of Buyer Need Data and lower confidence levels in CRMs. In fact, we found in our survey that companies that had Buyer Need Data rated their confidence level in their CRM higher than those who did not by over 12%!
  • Further, companies who already have need data were more likely to personalize their go-to-market motions. Our study showed a lift of over 17%. Finally, we found that businesses who currently have Buyer Need Data also have higher conversion rates. Need data enables greater personalization and better targeting, which translates into better results.
  • Buyer Need Data allows you to fine-tune your sales and marketing efforts by prioritizing prospect accounts that have a clear need for your product—before they demonstrate intent, and perhaps even before they know they need your product. Buyer Need Data empowers sales and marketing strategies that are highly personalized, and highly targeted.

How to Source Buyer Need Data

BuzzBoard uses data science to surface thousands of digital and technology signals for the vast universe of SMBs. Within these signals are indications of your prospects’ need for your offering.

Virtually all businesses today have unique digital footprints made up of their cloud-based technology mix, web presence, and digital marketing and advertising activities. These generate thousands of digital signals, which reveal much more about individual businesses than traditional firmographics and technographics ever have. We call this collection of digital signals digiographics.

Leveraging Machine Learning and Artificial Intelligence, we can surface the digiographic indicators that most reliably signal a need among your target audience for your product.

By starting with prospect accounts that have an identifiable need for your product, and then prioritizing those prospects with account-first tactics, your sales and marketing teams will find much more receptive SMB audiences. This, in turn, should translate into closing more deals, faster!

Talk to us today about how Buyer Need Data from BuzzBoard can help accelerate your growth.

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