Some sure-fire ways to determine if account-based marketing is the right choice for you are to determine if:
- The sales cycle includes a research or evaluation phase and often involves multiple stakeholders.
- Your sales and marketing teams want to have a bigger impact with a more strategic focus.
- You've found that the existing buyers who generate the most income have different characteristics, or you have identified accounts with different characteristics that can generate more income.
- Some organizations have requirements that your solution clearly meets.
- Your organization wants to move into a new segment, field or industry or take care of the customers of your competitors.
Your organization offers a variety of products or services and aims to increase the value of the buyer's life through up-selling and cross-selling.
How to create a successful ABM strategy for your business?
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The choice of target accounts will vary for each company, as each company has unique business goals and a personalized strategy that defines the criteria. Before you start building a solid plan, there are a few account-based marketing benchmarks to consider:
This way you know what content to update, reuse, or delete from your repository. Start by developing an effective content strategy for your target accounts once you have a clear idea of the content you have available, the gaps that exist in the content repository, and who you are creating the content for. You can use a content / message matrix to map the content you are going to use to reach your target along the buying journey.
Distribute your content on social media, emails, websites, etc. and make sure that the process is organized so that no target account receives the same content twice, or any content irrelevant to the stage it is in.
To engage your ABM audience, your content needs to be personal, relevant, and timely.
Measure and optimize your marketing results based on your account
You can't assess the success of any strategy without understanding its impact on revenue. So you need to make your ABM results actionable, tangible and available in real time. It is reported that around 60% of marketing managers struggle to prove their ROI - one of the main reasons for this is not asking the right questions.
After your campaign has been running for 30 to 60 days, check:
- Did your personalized content prove to be engaging? If so, how?
- What if more and more accounts are engaged with your brand?
- Should you increase the number of known stakeholders within these organizations?
- Did you move any of these targeted leads down the funnel?
- Did you generate income from these campaigns?
- What could you do better in the future?
Purpose of your ABM program
Accounts you target
Prospects in the accounts you target
Identify and choose your KPI (ideal customer profile)
Before you begin your ABM efforts, your marketing and sales activities should do extensive research so that you can make an informed decision regarding which accounts you choose. Determine which industry, company size, location, annual sales, opportunity, profit margin, etc. are suitable for generating the highest long-term profits for your business. This research must be both qualitative and quantitative.
If you're not sure which accounts to target or if you've exhausted your original list, work with the marketing team to create a predictive model. Predictive analytics takes into account millions of data attributes from internal and external sources (company technology stack, recruiting trends, social media activity, funding level, marketing solution, CRM, blog posts , third-party websites, social media channels, etc.). then applies machine learning to understand who is most likely to buy.
Then prioritize your accounts and decide which ones to look for first. It is important to prioritize the lists to demonstrate early success and to maximize your ABM return on investment.
Map your accounts
Now that you've prioritized your target accounts, start mapping personas into each key account. This will allow you to better understand which business groups are best suited. You need to fully understand your audience - the challenges each person faces, the implications of their decision, and who makes those decisions.
Have a plan that focuses on the key part of the organization. Remember that
- Financial health
- Commercial initiatives
- Staff development
- Technologies
- Organizational structure
- SWOT analysis
- Industry Analysis
Successful and effective marketing must begin with understanding your audience. This is especially important when the audience is an entire buying group or a specific group of key people who decide when, what and where to buy.
Create the right content
You need to have relevant content in order to convey the value of your solutions to your ABM audiences. In order to deliver a tailored brand experience across all channels, you need to personalize the content of contacts in your accounts.
Creating scalable content to support your ABM model throughout the buying cycle can seem a little overwhelming at first, but not impossible. Before you start creating original content from scratch, check what you already have in your library. You can have a full list of content with details on date, audience, etc. that can be used to find potential loopholes.