You diligently follow all steps of your account-based marketing (ABM) campaign. However, it may seem like all your efforts come to naught when it comes to converting leads into sales.
Give it Time to Ripen
According to a survey by Lusha, organizations that are invested in ABM deliberately focus on just 38% of their target accounts at any given time. What this basically means is that ABM is not a strategy that you can rush through and expect it to deliver results.
Tip 1
Each phase of the buyer’s journey across the funnel needs to be nurtured and given time for fruition.
A Dual Approach Works Best
Account based marketing works best when you give optimum time to
- Build brand awareness
- Personalize your messaging
This approach lets you attract attention and create an account-based experience for potential leads. The best part is that you don’t need a huge budget to implement an ABM strategy; it requires just a bit more of your time.
The rewards, though, would be extensive as B2B audiences are much more involved in the buyer’s journey. Today’s B2B buyer is equally quick to look for better options if the current offering is not up to par.
Tip 2
Seek to create brand value by focusing on your USP while gathering insights on your ideal customer profile or buyer persona.
This way, you can align your products with your target audience’s firmographics to generate interest.
Data is Key in ABM Strategies
However, you will need to collect relevant data to know more about your audience’s pain points. A great place to look for information is your martech stack, including your customer relationship management (CRM) tool.
You also need to identify the channels and platforms your audience prefers as a touchpoint for engagement.
Tip 3
Keep an eye out for anything that is drawing responses and for changes in audience behavior.
For example, did any prospect unsubscribe from your newsletter out of the blue or did something specific push them to disengage?
Other warning signals include
- Prospects have moved to different channels from earlier ones
- Potential clients talk about different pain points
- Leads are reluctant to engage with sales teams
Make it a Cyclical Process
Set a timeline that provides you with sufficient bandwidth and information. You can monitor the number of responses, conversions and revenue generated to understand what’s working and what’s not.
This could be done once a quarter to initiate changes or intensify efforts according to the results you are getting. You can incorporate the intelligence garnered from your observation into your process to make it cyclical.
Tip 4
Quantify the insights into measurable key performance indicators (KPIs).
The KPIs that you could track are
- Rate of conversion
- Cost per lead
- Bookings and revenue
- Leads are qualified by sales or marketing (SQL or MQL)
Additional parameters could include forecasting the returns from a client across the entire lifecycle, denoting the lifetime value. You could also check the conversion rate according to the marketing channel.
Everybody Needs to Buy-in
Keeping all stakeholders in the loop to inculcate a culture of sharing best practices is highly recommended for ABM campaigns. This practice translates into a consistent account-based experience for your audience.
The stats back a collaborative outlook. Research shows that alignment between the sales and marketing teams boosts the deal closing rate by as much as two-thirds.
What’s on the B2B grapevine?
Your aim should be to establish yourself as a thought leader in your domain. Follow the noted innovators and trailblazers in the ABM marketing space. LinkedIn is still the preferred platform for most marketing leaders and C-Suite roles to congregate and share insights. You can look for relevant hashtags to track the latest trends and buzzwords doing the rounds.
This is where you will find new ways to analyze your audience’s behavior. For example, intent data is currently a hot topic in lead nurturing. To set the record straight, intent data is a predictive method to know how a potential lead browses the web and which cues indicate a decision-making mode.
Tip 5
The best way to use intent data is to gauge interest and prioritize your focus and engagement strategy accordingly.
What’s Your Opinion?
Another method you need to explore is regular polls and surveys.
This will enable you to stay up-to-date with your audience’s shifts in terms of
- Challenges
- Social media preferences
- Overall business goals
A good poll question will let the user select a single choice or multiple options. You could also let the user type a response if the question is more open-ended.
Account based marketing is a long-term strategy and needs to be interpreted in that context. A well-executed ABM campaign not only lets you boost conversion but also provides you with scope for up-selling and cross-selling by way of client retention, loyalty and advocacy.
