What it is and how to measure it
Posted: Tue Jan 07, 2025 6:38 am
In this article we will explore the means to measure purchase intention and the different mechanisms we can use to reduce cognitive stress (make a survey smarter, shorter, easier to understand and interactive) while collecting the data necessary to make smart decisions.
Let's find out how we can obtain information to predict consumer behavior .
What is purchase intent?
Purchase intent is a measure of a consumer's intention to perform a specific behavior or make a decision to purchase a product or service.
Typically, purchase intentions are classified into four types: informational (discovery), research (consideration), navigational (consideration/conversion), transactional (conversion).
Having an accurate idea or measure of a customer's intentions can help you design marketing activities in a way that reaches your target audience and produces the desired results, i.e. increased customer engagement and higher ROI.
types of purchase intention
Where to get data on purchase intent
Purchase intent as a measure can be predicted or recorded from behavioral romania phone number or interaction database, captured explicitly when the customer attempts to purchase a product or service and the transaction is aborted or the purchase does not occur.
Some sources of purchase intent measurement can come from search marketing, better known as search engine marketing and search engine optimization.
Other sources of purchase intent data may include on-site data, off-site web activity, or point-of-sale or customer relationship managers. Data obtained from social media can also be of great help.
Content consumption data or patterns are very useful as they act as a digital fingerprint. This data comes from interactions, when consumers visit a website or participate in social media platforms, and gives us a brief idea or measurement of the customer’s current and future purchase intentions.
Purchase intention and price elasticity
Simply put, purchase intent and price elasticity are measures that can help determine the “optimal” price for a particular product or service.
In general, as with any consumer-facing product or service, an increase in price leads to a decrease in volume (purchase intent.) The idea here is to accurately model the inverse relationship (if it exists) and the price band that exists.
For example, there may be no relationship (between price and purchase intention) for products and services that rely heavily on brand perception .
A good example is luxury car sales, luxury car prices do not affect purchasing decisions as much as brand loyalty and brand relationship. Consequently luxury car manufacturers do not compete with each other on price, they compete on brand.
There are many established ways and models to measure purchase intent and price elasticity. In this article we will show you one of these models that we believe is ideal for consumer-oriented products.
Let's find out how we can obtain information to predict consumer behavior .
What is purchase intent?
Purchase intent is a measure of a consumer's intention to perform a specific behavior or make a decision to purchase a product or service.
Typically, purchase intentions are classified into four types: informational (discovery), research (consideration), navigational (consideration/conversion), transactional (conversion).
Having an accurate idea or measure of a customer's intentions can help you design marketing activities in a way that reaches your target audience and produces the desired results, i.e. increased customer engagement and higher ROI.
types of purchase intention
Where to get data on purchase intent
Purchase intent as a measure can be predicted or recorded from behavioral romania phone number or interaction database, captured explicitly when the customer attempts to purchase a product or service and the transaction is aborted or the purchase does not occur.
Some sources of purchase intent measurement can come from search marketing, better known as search engine marketing and search engine optimization.
Other sources of purchase intent data may include on-site data, off-site web activity, or point-of-sale or customer relationship managers. Data obtained from social media can also be of great help.
Content consumption data or patterns are very useful as they act as a digital fingerprint. This data comes from interactions, when consumers visit a website or participate in social media platforms, and gives us a brief idea or measurement of the customer’s current and future purchase intentions.
Purchase intention and price elasticity
Simply put, purchase intent and price elasticity are measures that can help determine the “optimal” price for a particular product or service.
In general, as with any consumer-facing product or service, an increase in price leads to a decrease in volume (purchase intent.) The idea here is to accurately model the inverse relationship (if it exists) and the price band that exists.
For example, there may be no relationship (between price and purchase intention) for products and services that rely heavily on brand perception .
A good example is luxury car sales, luxury car prices do not affect purchasing decisions as much as brand loyalty and brand relationship. Consequently luxury car manufacturers do not compete with each other on price, they compete on brand.
There are many established ways and models to measure purchase intent and price elasticity. In this article we will show you one of these models that we believe is ideal for consumer-oriented products.