There is no question: clean data is foundational to an ABM program.
The concept of account-based marketing (ABM) is tied to the use of data, analytics, marketing insights and predictions. Right from the start, whether identifying the high-value accounts, adopting ABM strategies to target accounts, monitoring activities, optimizing campaigns, or tracking and measuring revenues – account-based marketing activities are inevitably dependent on having good data.
Account-based marketing campaigns are used to be able to trace key decision makers’ behaviors, preferences, online activities and interactions across diverse channels. The methods outlined below will enable you to develop data-driven account-based marketing strategies that are destined to deliver more relevant and personalized campaigns and more, that are capable of driving more revenues and better customer relations.
Better account selection
The key to drive revenue growth with account-based marketing campaigns is to select high-value accounts. Data-backed account selection processes have culminated in increased average contract value (ACV) of up to 35 to 40 percent. If accounts are chosen based on data collection, then the foundation of marketing endeavors is established. On the other hand, wrong selection of accounts lead to wastage of resources, time and your team’s efforts in pursuing leads which will not convert into leads. For better and more data-backed account selection process, marketers must take these 4 types of data set into consideration.
The firmographic relates to the dataset which tells about the characteristics of any company that is planning to make a purchase. This dataset incorporates information on the firm’s annual revenue, revenue growth, number of employees, industry-specific information – that’s why such information is essential while you are targeting companies and to know more about decision makers of those companies. You can collect these firmographic data from the LinkedIn page of companies or using third-party data vendors.
This refers to the technologies or marketing tools that target account companies have in place such as, CRM, CMS, social media marketing tools, ERP tools etc. With this data set available at your team’s disposal, you can figure out the technologies your target account wants to make investments into and how they channelize their business communications. Such data can be collected using third-party data intelligence companies, web data providers, and using social media channels.
Third, you need adequate data and information on target companies’ engagement with other companies, channels, connections, and interactions with your company – all the history of interactions and engagement between your company and the targeted company. You can collect all these data from web analytics, social media interactions, email stats and lead scoring tool. You also need to check if the account-based marketing or marketing automation tool is synced with the CRM tool to get all these information about activities.
Fourth, the intent data shows information about the targeted companies’ purchase behaviors. You need to get information about not only about the buying behaviors of key decision makers or specific employees but, that of the account itself. This intent data reveals a lot about the similar type of products and services the target company has shown interests in, has mentioned in any keynote, social media channels, forums, discussion boards etc. You can also trace how they respond or react to your articles, newsletters, forum discussions.
The accuracy of firmographic and technographic data and the right amount of depth of engagement and intent data will help a great deal in selecting and mapping healthy account-based marketing plans that will increase the odds of conversion.
Shortening sales cycles
ABM begins with the best account selection and but does not end there – accurate and right data set can also aid in shortening the sales cycles. After all, you need adequate and accurate information to devise the ABM strategies that can target the account company, the people in it, their goals, preferences and people taking the final in buying decisions.
That’s why you need to collect these following data on all employees involved in the buying decisions and the company –
Their titles and job description
Their tenure in the company
The hierarchy in making decisions
Their engagement, interactions, reactions and responses with your company
Their experience and expectations with similar products and services
With correct information in all these areas, marketers can identify metrics for how to influence the decision makers and how your marketing strategies will impact the target account. Usually junior managers who are interested in the product, action taker groups, subject matter experts, finance teams are the major groups of people who factor in the decision. Good account-based marketing platforms scour information and fetch all the information about the real people in the company to target to, in order to close the deal. Then by utilizing ABM tools, you can personalize the message and communicate with the right people at the right time to improve the outreach and engagement with them. The benefits of building this data on account-based marketing platform is that one it is done accurately, the data can personalize the marketing deals and send at the right time, boost engagement and shorten sales cycles by as much as 50%.
In-depth account data impacts increased close ratios
Account-based marketing makes it necessary that marketers have more personalized, close interactions with leads. That’s why marketers often need much more than traditional firmographic data in order to closely watch and monitor the company and key people of the company. It requires tracking their behaviors, needs, expectations in order to adopt the right strategy to close the deal as soon as possible. Hence, you should also need to narrow down upon following information –
The market of the target account
A SWOT analysis on the company
Connections you have within the company
Relationships with the people inside the company
This information can keep your marketing team updated about essentials in creating the ABM program: which information is relevant to the people of the target company and personalize the campaign in a way that will increase the reach. A marketing automation platform tied to the account-based marketing platform will enable you to send the email communications, messages and news at the right time and will enable your team to focus on the right people. You can collect these data from your sales team’s connections in the company, social media connections, annual reports of the company, the ABM tool, CRM tool and third-party data vendors.
By closely aligning your sales and marketing teams and with coordinated marketing and sales activities when dealing with a larger company, you can significantly speed up the closing of deals.
So we can see here the importance and usage of good data in creating successful account-based marketing campaigns.? If you also need help with collecting and utilizing the data set in setting your account-based marketing campaign in action, then you always seek professional assistance of our ABM experts – dial Showmeleads at (408) 502 6765 or simply get in touch with us via social channels including Facebook, Twitter, and LinkedIn. Meanwhile, join us on these social pages to check out all the latest happenings in the ABM movement, including people who matter, tips, facts and motivation on account-based marketing.