Account-based marketing isn’t a novel concept. It has been in use since decades for securing strategic accounts for B2B and B2C businesses. Marketers have since long been defining their ideal customers with buyer personas. Marketers develop these personas after extensive research and analysis. Buyer personas outline the needs, the challenges, and the values of a person or an organization, depending on who your ideal customer is.
Generally, marketing strategies target a group of people. But, ABM strategies take on a different approach. ABM enables you to target specific companies and people. An effective AB strategy starts with defining and determining who your ideal accounts are. Businesses determine this by looking at their buyer persona and casting a glance at their current or potential buyers.
These are the stakeholders and decision makers who will be interested in buying what you have to sell.
Account-Based Marketing Services- Pinpoint Accounts
At the core of any ABM strategy is the need to convert high-value prospects into customers. When you know who these businesses and individuals are, you direct all your marketing efforts towards them. Statistics reveal that about 58% of B2B businesses currently use an ABM strategy to up their sales results.
The foundation of any ABM strategy is the data and its purity.
ABM marketers need current, latest, and accurate information on their accounts so they can make decisions. Therefore, the first step involves organizing and streamlining the data across the complete organization. Without the identification of key accounts, an ABM strategy’s failure is inevitable.
“A Single Source of Truth” is what we like to call this today. One data that exists throughout the organization, revealing numbers and insights that are true.
When you have the right data sorted, you can power your account-based marketing campaign, boost efficiency, offer better customer services, etc.
Marketing and Sales Teams Unite! – The HOW of an ABM Campaign
Account-based marketing brings together your sales reps and marketing wizards. Sales and marketing teams share goals and objectives and work together. When teams pass on useful insights, processes, and measurements, the probability of the success of an AB strategy spikes!
Engagement levels early on in an account-based marketing strategy can reveal its fate. However, towards the end of the strategy implementation, the metrics sales reps care most about should be measured- close rates, pipeline, and sales.
For even better results faster, align your ABM strategy throughout your organization. Make sure all your departments focus on the accounts you are targeting. When all your workforce targets the same account, the business’ decision makers get the personalized and sophisticated experience they need to increase their bets on your products and services.
How to Pick Accounts In an Account-Based Marketing Strategy
This is a real challenge for organizations who have not maintained their data. Data maintenance and management is a severe setback for an ABM strategy if it’s not there. And the biggest strength if you have it.
Study the characteristics of your customers-
- Who is expanding their need for your services?
- Which businesses are continually renewing their subscription to your offerings?
- Who are the ones spending the most on you?
- Which accounts have grown at the fastest rate?
These are the questions you can start with. Predictive analytics could be your guide on this journey as you look for the accounts who have the most potential to become your ideal customers.
After you have had the initial customer segmentation, you’d need to identify the decision makers in these businesses. And, it might serve you well to understand the hierarchy and buying process in these organizations.
This is imperative when you want to focus on the right influencers in the business. Use Business Intelligence and Smart Segmentation techniques so that you get it right the first time.
Improving Customer Engagement – Account-Based Marketing Tactic
A survey of marketing influencers revealed that about 52% of ABM marketers consider personalized content the most effective channel for marketing to their targeted accounts. About 49% of marketers believe segmented email marketing is the most effective way to reach out to the accounts they have shortlisted.
While 45% marketers think social media marketing is the best. When you consider ABM strategies for your marketing goals, make sure you incorporate the channels that have previously proven effective with your audience.
When you repeat what worked and rinse the process, again and again, you move closer to perfection. ABM strategies need continuous updating and modifying so you can target accounts effectively. No single platform or channel of ABM can suffice. Therefore, businesses need to create a blend of all crucial marketing channels.
Account-Based Marketing in 2018 – Yay or Nay?
Account-based marketing is emerging as one of the top strategies undertaken by marketers this year. While inbound marketing stays at the top too, it can be paired with an ABM strategy to boost business. ABM campaigns help you win engagement because no two companies or people are the same.
So, when you target leads and accounts and present them with the information they want to see, in the way they want to, you substantially improve your chances of closing them. Account-based marketing allows businesses to deliver targeted, relevant, and personalized content to their targeted accounts. Thus, opening channels for conversion. Account-based marketing services could be your best shot this year. Here are some benefits you earn from ABM strategies-
- Crunch the Sales Cycle – When you offer personalized services and exceptional customer experiences to your high-value accounts, they are more likely to expand and sooner.
- Empower your Value Proposition – When your customers see that they are at focal of your interest, you become top-of-mind with them in the noise of your competitors.
- Efficiency and ROI – With a targeted strategy, you waste less money on generalized groups of people and zero in on the ones who mean the most for your business.
- Strong Client Relationships – When you send personalized messages to your targeted companies, you give them just what they wanted, thereby improving relationships with them.
We invite you to dive all-in with ABM this year.