Purchase intent is a measure of the probability that a consumer will purchase a service or product.
Purchase intent is an important figure to monitor and measure in advertising / marketing because brands want to spend money engaging and audience that is in the market for their product service. After all, a company wouldn't market a 401k fund to a pre-schooler. The purchase intent of a pre-schooler for a 401k fund is going to be close to zero - that is, the probability that a pre-schooler wants / cares / has enough money to purchase / or is even aware of their needs for a 401k fund is zero.
Once you are aware of purchase intent as a key metric for advertising / marketing / media spend, the next thing to understand is how it relates to the world. When firms speak with brands about purchase intent it usually falls into the following three categories:
- Classifying Purchase Intent
- Measuring Purchase Intent
- Increasing Purchase Intent
Not only can you measure purchase intent before a consumer is exposed to an advertisement, you can measure purchase intent after the sale and at intervals after the sale. This gives you valuable insight into how effective the online or offline media spend was in either actually causing a purchase or increasing the purchase intent.