Purchase intention is the expressed preference of a consumer for a brand or product over the competition. However, as it is merely a declarative data from the target audience, it does not always correspond to actual sales.
In other words, it is the probability that a consumer will buy a product or contract a service in a given period of time. This metric is of great importance in marketing, as it helps to devise appropriate promotional strategies and increase sales, as well as to open and segment markets.
For example, if we are thinking about implementing a new product maldives business email list or a new distribution channel, measuring purchasing intentions can help determine whether the concept is worthy of future development.
However, if it is about planning the use of a new online channel, the purchase intention helps to decide which markets to enter and which niche to target through it.
According to Zeithaml (1988) , before making the decision to buy, the consumer is guided by his experiences, his preferences and the external environment. Thus, he gathers information, evaluates alternatives and, finally, makes a decision. The set of these variables determines the intention to buy.
How to Measure Purchase Intention?
Improve purchase intent to increase sales
To measure the purchase intention, it is advisable to do so at the exact moment when the user is faced with the possibility of making the conversion. In general, this occurs in front of a product page on the website or on the social media platform.
The objective of a marketing strategy is, therefore, to directly influence each of the stages of the customer's journey . This is how the buyer persona is taken from awareness to consideration (where the intention to purchase is measured) and, from there, to the purchase itself to reach the subsequent stage of loyalty.
That is why measuring purchase intention requires different steps to consider:
Define the objectives. That is, determine what you want to achieve with the strategy at each stage of the sales funnel .
Define micro and macro conversions. These objectives are measurable and indicate how well you are helping the consumer move from one stage of the funnel to the next.
Let's review for a moment the different phases that the potential client or lead will go through :
Awareness. New visits to the site within a given time period.
Purchase consideration. For example, adding to wish list or cart, completing contact forms, using chat, signing up for newsletter.
Purchase. Confirmed sales (macroconversion).
Loyalty. Second purchases, higher level of interaction, recommendations, among others.
Assign economic values. Here, the purchase intention must be measured based on the influence of microconversions. How? Of the total number of macroconversions achieved, analyze how many have gone through a microconversion.
In this way, it is possible to define which ones have the greatest influence on the final purchase and implement strategic actions based on the results. For example, redefining navigation routes or optimizing landing pages .
Here, an economic value must be assigned to each micro-conversion achieved based on the average cart value and the conversion rate to sale of each of them.
Monitoring. As with any marketing action, keeping abreast of the development of each element allows for further refinement of the strategy.
Measurement will therefore help define customer segments and make it easier to personalize website content . In addition, measuring interactions will help complete the analysis of touchpoints.
By completing all these steps, a coherent line is established for:
Define what you want to achieve with your marketing strategy.
Study and parameterize the customer's journey.
Establish the relevant metrics.
Make them actionable and give them economic value.
Redefine the strategy to adapt it to the needs of the audience.