Friday, July 10, 2020

Accounts Based Marketing Strategy

Account-Based Marketing 

Here, this topic is about how to do the account-based marketing, here we will learn how to do that, that's a  five-step process to get your account-based marketing strategy off to a great start. Are you one of the thousands of companies that are working on getting your account-based marketing strategy off to a successful start Well, I've been talking to a lot of customers and that's exactly what they're focused on. And they come and they ask, you know, I know that account-based marketing is going to make me more successful. I know that we want to align our sales and marketing efforts around target accounts, but I don't know where to start. I don't know how to figure out who the right target accounts are for me to go after, and then how to start to engage with them. So here, what we are going do is break down how to do that in a simple five-step process.

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So the first step is to actually analyze your customer base, particularly your best customers. Why you might ask? Because ultimately, what you're trying to do is find more prospects that look like your best customers. So the first thing that I recommend doing is getting with your ops team, or getting with your finance team, and getting a list of the top 20 or the top 25% of customers in terms of the revenue they bring to your business, the retention rate, their profitability, things like that. Once you have that list of top 20% of your customers, now the trick is to figure out what is it about those customers that separate them from everybody else. There's a variety of tools that you could use for this, Discover Org offers one in its platform. But essentially what you're going to do is map characteristics like their revenue base, their industrial base, their technographic characteristics, so what technologies do they have installed. In fact, this is one of the biggest technique for a lot of our customers where they discover that their best customers actually have one or two specific technologies that perhaps work really well with your product. And that helps indicate who the best customer is. So whatever that list of characteristics is that comes out, now the trick is to go identify more companies that look like those customers, who have the same kinds of attributes, the same revenue base, the same employee size, the same technologies installed.

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And that's step two, is to go identify who those companies are that look like your best customers. And not only who the companies are, but who are the contacts that exist at those companies. So if you sell into the sales team, or you sell into the marketing team, you want to find out who are the contacts within the sales department or within the marketing department at those companies that look like your best customers. Well, the trick here is you might do that, and what you might find out is you have a list of 3,000 companies and 10,000 contacts at those companies that look like your best customers. And while that's a great list to start prospecting into, it might not be the list you want to do a really comprehensive account-based marketing program towards. Or you might want to tier your account-based marketing program and do something more personalized, more specialized, at a sub-segment of that list. So, how do you figure out how to do that?

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So that's step three. The first thing you have to do is expand your insights, your understanding of those target accounts and of those target contacts. What might that be like? Well, you want to gather account intelligence like, did this company just have a funding event recently that might indicate that they would move up higher in the list? Did they just have a recent executive move within the department that you sell to? They have a new chief sales officer, or a new chief marketing officer, or new CTO. Within the contacts, you want to find out things like what's their responsibility? How do they actually structure the organization? Perhaps an org chart, for instance, so that you can really start to hone in on who the right contacts at those accounts are. Once you do that, and you have intelligence about the account, and you have intelligence about all of the contacts within those accounts, now you're able to do 

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step four is to rank your target accounts and rank your target contacts. And again, you can do this within a variety of tools including DiscoverOrg. But essentially what this is going do is it's gone a say today, who is most likely to buy or engage with me based on all of this information that I have? You might get something like a five-star rating, right?  So, of all your 3,000 target companies, rate them on a scale of one to five, and then within those companies, you'll want to rate your contacts all so on a scale of one to five. So that you can start to hone in on who are the three to six contacts at the 500 companies that I want to start with first, and then I want to expand beyond that. And that's what we always suggest to companies is to start with your top targets, build out an account-based strategy there, test it, and then refine it as you get bigger and bigger. So now you're ready to engage

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that's step five. And this is important to make sure that your sales team, your marketing team, and even your customer success team is aligned around those target accounts and around the plays that you're going to use against those target accounts. So it could be things like email campaigns, direct mail campaigns, phone call campaigns, an ad retargeting, there's a variety of different ways to build your account-based marketing strategy. But the key is that if you haven't done steps one through four, and you have great data to figure out who your best customers are, who prospects are that look like those best customers, and how to rank those prospects and those contacts, based on data so that you can go after them effectively. If none of that is in place, then it doesn't matter how great your engagement is, your account-based marketing strategy
is going to fall short.

So hopefully that was a helpful primer to get your account-based marketing strategy off to a great start.

You can watch the video for more clarity


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