Purchase intention It is the probability that a consumer buys our product or hires our service, in a given period of time. And it is a basic metric for our conversion funnel.
Why is it important to measure “purchase intention”?
The path that a consumer follows from discovering our brand on the internet, until they buy our product or hire our service is tortuous and complicated. In each step of the conversion funnel of our company, it is necessary to discover what the set of users who are part of the target audience of each step of the funnel will be like. The “purchase intention” is usually found before the final phase of our funnel and we must be able to measure it.
Al principio del embudo, para medir el interés por un producto tenemos métricas como el “alcance de una publicación” (cuánta gente la ha visto en nuestra web o en nuestras redes sociales) o un poco más abajo del embudo la “interacción con una de nuestras publicaciones” (también en nuestra web o en nuestras redes sociales) por ejemplo, gente que ha hecho “like” o gente que ha “compartido”. Pero con estas dos métricas (alcance e interacción), aún no podemos tener clara cuánta gente tiene “intención de compra”…
How to measure “purchase intention”?
The "purchase intention" must be measured at the moment in which the user is faced with a real possibility of purchase. That is, in front of a product sheet. This will normally happen on our website, although if we have sales on Facebook or on another platform, we can also measure the "purchase intention" there.
To know the "purchase intention" we must measure:
- Clicks to product sheets -> our website
- Clicks to the list of physical stores where our product is sold -> our website and social networks.
- Use and redemption of discount coupons -> redemption on our website, distribution of the coupons by the Influencers with whom we work.
Creating the funnel
With what we have commented, we could already create a simplified version of our funnel:
- Interest in our brand (measure: scope of publications)
- Interest in our products / services (measure: interactions)
- Purchase intention (measure: clicks on product page + store list + coupons)
- Purchase Initiated (measure: clicks in the shopping cart)
- Purchase completed (measure: effective sales)
I hope these tips have been useful to you. What is your funnel like? How many steps does it have? What do you measure in each step? Do you want me to take a look at it? We follow the conversation in the comments.
If you want to know more about metrics in social networks, here is this article in which I explain the 10 things you should measure.