Buying signals are behavioral cues that indicate the intentions of prospective or existing customers in terms of their readiness to buy. They can help make the sales process more efficient and higher-yielding.
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Companies often rely on tools such as predictive analytics, leading scoring and account-based marketing (ABM) technologies to identify buying signals. These signals are often triggered by a change in customer behavior or attitude. So, for example, a company that just signed a lease to rent office space in a building and hired a CIO may demonstrate the right buying signals that it is ready to buy server hardware or networking gear. As the example indicates, buying signals may not be directly related to the product or service but may indicate readiness based on secondary factors.
While companies might have previously enlisted tools like direct mail or cold-calling to identify new customers, tools like analytics and ABM can help identify a more targeted audience of prospects. Organizations can also zero in on prospects that are closer to a buying decision.
The customer journey is also an important component of gauging buying signals. Companies need to evaluate where customers are in the buying journey (whether they are researching, evaluating more closely or at a buying decision phase) and tailor their information and communications with prospects accordingly.