For many years, Account-based marketing, or ABM has been a useful and effective strategy. Still, several businesses struggle to take advantage of it because they are not able to implement a formal strategy for ABM. There are various steps when you think about ABM strategy.
If you fail to create an ABM list properly, then it is not an easy thing to target the most relevant accounts. But experts say that it is not rocket science to create an effective ABM list.
When one uses the right techniques, the sales and marketing teams can target the most promising targets.
What is a Target Account? It is a business or organization that you want to convert into a business client. The advantage of creating an ABM list is that the business directs the attention and resources to those accounts that have the maximum potential. They are the best-fit accounts and can be converted into long-term accounts.
Here are some effective ways of creating an ABM list.
Build an ideal Customer Profile
What is an ICP? It is nothing but the buyer persona of a company. It is a set of attributes that makes an organization a good match for the products or services offered by you, e.g.
- Industry type
- Size of the business
- List of relevant products
- Geographic location
It depends on the need how extensive or basic characteristics are included in the list.
When there is a long list of relevant target accounts, it is essential to break it down into manageable chunks. It is important to have a tiered strategy to prioritize it. A three-tiered strategy is considered effective by experts.
Segmentation can be done on these parameters:
- Based on the target account
- Ease of access
- The reputation of the account
- Engagement level
- Buyer intent
To get the maximum advantage of the ABM list, it is essential to narrow down the list. It is done by identifying the high-priority accounts and targeting them specifically.
Segmentation based on Ease of Access
We know that the focus of the ABM list is on accounts that are easy to access. If sufficient information about an account is available, then it is easy to build a relationship and close the deal. You need to search through the CRM system and discover accounts that have the most links. You can conduct an account-based marketing campaign to get the maximum information.
Account engagement-based segmentation
We know that ABM focuses on closing the best-fit account that might build a long-lasting relationship with the business. Hence, a company that gets engaged with your marketing content regularly can be a good fit. It shows a great interest to know about your company, then it can be fruitful to pursue it further.
This method is quite useful and effective when the market size is small and there are only a handful of dominant players. Here, you can make an ABM list by looking at the most respected and prominent accounts. They need more attention and more targeted messages as compared to other strategies.
Since these targets might have very strong connections with the existing partners, you may have to put extensive effort to demonstrate your value proposition.
To get success, you must find out the pain areas that can be fixed by you. Once it is found, specific marketing and sales communications should be targeted.
Buyer Intent-based segmentation
At times, you have better visibility of the accounts that are already interested in what you can offer. In such a situation, this data can be used well for engaging the clients. You have to use relevant contacts with the right message at the right time.
Buyer intent-based segmentation can enhance the possibility of contacting a customer, who is ready to buy.
Develop a data-driven strategy
Nowadays, it is very much essential to build a data-driven strategy for attracting clients and customers. Two important things can benefit a lot- the use of Firmographics and technographics.
Firmographics give you the corporate attributes that make a corporate a suitable fit for you.
Examples of these attributes are industry, size of the firm, number of workers, location, projected revenue, and estimated growth count.
Technographics are the technologies that are being used by your target customers now.
Get Insights into Your Contacts
It is important to spend time and effort getting insights into your contacts. Which are the target accounts to whom you want to reach out? What are various stakeholders? What are their positions in the organization structure? What is their level of influence? These and many other questions need to be answered. When you do targeted sales prospecting, you can quickly contact the relevant individuals.
These methods will reach you to the clients with good prospects because the ABM list made by you will be highly effective and result-oriented!