Precision targeting, dynamic strategy, and data-driven insights are the currency for success in B2B marketing. That sentiment may seem obvious when applied to typical customer acquisition efforts. But what about customer re-acquisition? Yep, we’re talking about account-based marketing (ABM).
It’s no mere buzzword; ABM is a powerful strategy that can take your campaigns to the next level and help achieve your goals. Take PayScale, for example; Navattic reports that by developing targeted promotions, the compensation platform experienced a 500% increase in target account traffic.
To truly master ABM like other successful brands, you need to embrace four fundamental principles that will set you on the path to success and keep you ahead of the curve.
Here are the four fundamentals of ABM mastery.
1. Invest time in ABM research
The foundational step to mastering ABM is to consistently conduct thorough research. Study and refine your ideal customer profile, identify high-value accounts, and pinpoint key decision-makers within these accounts.
Forrester reports that 80% of buying decisions are made by committees of three or more people. Thus, it’s imperative that you remain knowledgeable about each decision maker and their priorities. Just because a portion of the target committee favors working with you doesn’t mean it’s a done deal.
Maintaining detailed and current customer knowledge allows you to tailor your campaigns effectively. This awareness advantage can position you to best promote your organization as the right partner for these businesses. Thorough research ensures you’re targeting the right customers for your product or service.
2. Set clear ABM campaign goals
Setting clear and well-defined goals for your ABM campaigns is an absolute necessity. Today’s B2B marketers operate in a dynamic landscape where audience expectations are evolving rapidly. Clear goals provide direction, purpose, and vision for your sales and marketing teams. Possessing this sort of roadmap is crucial to guide your sales and marketing teams effectively.
Without clear goals, your efforts can become disjointed, leading to inefficiencies and wasted resources. The Wallstreet Journal reported earlier this year that “[A]t least 23% of the $88 billion spent annually by marketers on automated digital ad buying, or programmatic advertising, on the open web is a waste.”
In prioritizing these goals and objectives, you not only set the stage for a more efficient ABM strategy but also ensure your campaigns are laser-focused on achieving your desired outcomes. By providing clear direction and purpose, these goals become the guiding force behind your ABM efforts, helping you nurture valuable client relationships, drive business growth, and stay ahead in the ever-competitive marketing landscape.
3. Align sales and marketing
Effective coordination and alignment between your sales and marketing teams serve as the cornerstone to successful ABM strategy. The coordinated relationship between these two departments is pivotal in conveying a consistent and compelling message to your target audience. The role of internal documentation cannot be overstated in this context. Effective documentation acts as the glue that binds your sales and marketing efforts together. By sharing key messaging, goals, and strategies, you create a seamless and tailored experience for your target accounts. This unity is what differentiates a generic marketing approach from one that resonates deeply with potential clients.
Synergy between sales and marketing is more vital than ever in today’s shifting business landscape, where every interaction with a potential customer counts. According to ZDnet, it only takes a single poor experience to potentially harm your brand. This alignment not only ensures your product or service is presented cohesively but also effectively emphasizes your value proposition. The trust and confidence built through such alignment fosters stronger relationships with target companies, enhancing your chances of conversion.
4. Leverage data for decision-making
Harnessing the power of data is a must for any ABM master. To successfully navigate the complexities of ABM, you must direct your marketing efforts at high-value accounts and pivotal decision-makers. The data you gather during the research phase acts as your compass, leading you to discover trends that align with your ideal customer profile. By adopting a data-driven approach, you gain the capability to zero-in on the right accounts, making your efforts more efficient and effective.
Moreover, the art of identifying the most suitable marketing channels for your B2B customers is an integral part of the process. This tactic ensures your resources are wisely allocated, avoiding wasted time and effort on channels that might not matter to your target audience. The culmination of these efforts lies in crafting a personalized customer journey. Your digital experience should be finely tuned to cater to individual visitors, leaving a lasting impression of tailored excellence.
By taking these initial and crucial steps, you can build a strong foundation for your ABM strategy, leading to smarter success in account-based marketing. These steps empower your organization to target the right accounts, set clear objectives, ensure team alignment, and make data-informed decisions to help achieve your goals.