Account-based marketing is so popular and incredibly present among companies. ABM is a strategic form of business marketing that focuses on a company (account) and treats it like its own market. This is useful for companies that has multiple people that are part of the decision making process, like buyers or stakeholders. It helps focus your attention on those people and market to them, rather than just trying to hit one person from five different companies. ABM focuses on the quality of leads rather than the quantity.
New resource comes up constantly to help companies utilize the most out of ABM to generate revenue. But sometimes, all of these resources can be a tad overwhelming, but two questions typically come up: How do I start? How exactly can I target decision makers? And while ABM isn’t a quick win strategy, it usually does have a higher payout. Here’s how you can start:
Set & Map Your Goals
Setting attainable goals is key to the beginning of this process. It keeps your team focused and on task instead of running around and making assumptions. Your goals and strategy will be dependent on whether you want to reach new accounts or grow existing ones. After determining which direction, determine outcomes to keep marketing and sales aligned.
Select Identifying Criteria
Now that you’ve chosen which accounts to target, you need to segment the target audience. This will help keep you aligned with your goals to make sure you’re obtaining the right quality lead. Here’s some identifying criteria to consider:
• No. of Employees (Company Size)
• Role of Primary Decision Maker(s)
• Geographic Location
• Company Annual Revenue
Don’t Oust Existing Data
Look at your CRM and other databases like email lists. Is the information accurate? Do you have all of the identifying information you need? Is the data quality? When information is in abundance and updated, it yields the opportunity for more personalized messaging. When looking at a contact’s data, it’s good to have job title, historical purchase data (if current customer), current provider (if competitor’s customer), department, and so much more.
It’s not about the size of the list, it’s about the accuracy of the data.
Assess the Accounts
Now that you have a list of possible accounts to target, there are two ways to go about it depending on the size. If your list is too small, expand it by including lookalike accounts. Smaller lists are also beneficial when it comes to testing strategies. If your list is too large, it can be challenging if this is your first go around at ABM. Sit with your team and refine the list to maybe a specific region or industry.
Focus on Decision Makers/Influencers
Once your accounts are refined, engage with the contacts who make or influence purchasing decisions. If they are all part of a team, target the team as well. Typically, one person isn’t making the decision.
Account-based marketing is a great way to not only unify sales and marketing, but also a way to generate more quality leads. And with automation services like HubSpot, ABM has never been easier to segment and personalize.