A First Look at Top-of-Funnel Buying Propensity for B2B Demand Generation
There are thousands of ways to promote your business in the B2B marketplace, all with the common goal of finding new top-of-funnel leads to turn into new customers. With a plethora of options, marketers spend hours upon hours trying to figure out how to use their resources (and budgets) effectively to achieve this very goal. With so many options and people to reach, this process can get pretty complicated pretty quickly.
That’s why buying propensity and modeling is so important to have in your marketing strategy. From the very start of any top-of-funnel B2B marketing campaign, buying propensity is valuable information that can point you in the right direction in a world of millions of potential customers. Curious of how it works? Read on to find out!
The Buying Propensity “Why”
Why is buying propensity important? Simple: it gives you a valuable target market that looks like your current best customers. Customers that are utilizing your product, giving you feedback, and paying you for your time.
Your customers are your best assets when verifying your target market — they’ve already bought your product and continue to stick around for the amazing quality and service. Why not use this data to identify more potential clients just like these?
The Buying Propensity “What”
So what exactly is “buying propensity”? Buying propensity is the ability to predict who is likely to need and want to buy your products. The overall goal is to predict who your next best customer will be, why they are buying, and what they need.
This is done by using AI to learn about your current best customers to then find companies in the market that look like those best customers, meaning they are likely to have a buying propensity for your products.
For example — Savvy Software Inc., a software company that supports companies who do many transactions week over week, identified it’s best customers as those who are IT Managers/Directors who purchase software on a yearly subscription basis that can be distributed across their entire company and are mainly within the retail industry.
Savvy Software Inc. then goes a step further and figures out their best customers also almost always use a complimentary service called Background Basics Software Inc. alongside their own product.
Therefore, they use this information to create a buying propensity model that is a step above the average top-of-funnel parameters of industry, employee size, etc. by finding those companies that are utilizing Background Basics Software Inc. but have yet to subscribe to their own software platform. This model is what they then use to target within the market.
But how do you find out who exactly is this best customer?
The Necessary Buying Propensity Data – Identifying Your Best Customers
In order to create a valuable buying propensity model, you need to know your best customers. This can be achieved through a simple query of your CRM system, which can take a matter of minutes. What may take a bit longer is identifying who exactly is your best customer. When imagining this persona and subsequently querying your database for said customers, you should take into account things like…
- Lifetime value of a customer
- Product engagement
- Longevity of a customer
- Communication and customer relationships
- Any unique factors that apply specifically to your business
Once the persona is established and the query completed, you’ll be able to use these best customers to build an ideal target market to start promoting content and reaching out to.
A quick and easy way to generate this target market is through LeadCrunch’s optimization tool. This tool utilizes AI and your best customers to identify your target market in seconds — Try it out here!
The Benefit of Buying Propensity
Overall, buying propensity is something that should be included in your toolkit no matter what. Buying propensity can lead to achievements such as:
- Higher return on investment
- More efficient use of marketing dollars while maintaining scale, pace, and data accuracy
- Better understanding of your target market through your existing customers
- Insight into how to time your messaging within the market
And many more. Applying buying propensity to your current marketing strategy will only help in your mission to find that next best customer!