When selling in a B2B market, you must manage information on an account level. Accordingly, B2B marketers activate account-based marketing (ABM) campaigns. However, ABM campaigns require a deep understanding of your sales pipeline. Read here how.
You must understand your account attributes. You must also understand how you engage with potential prospects.
Furthermore, you must consider how to use your CRM in marketing. You must also understand how prospects move through the marketing funnel and into your sales cycle.
The Right Technology for ABM Management
You might use a customer relationship management platform to manage marketing. Alternatively, you may use an enterprise resource planning system.
Either one of these sources is a good place to start looking for information for your ABM initiative. You’ll know intuitively whether this task is viable.
For example, you’ll know if your data is valid. You most likely have valid data if your database is well maintained by sales. You should also have a pretty good idea of how easy it is to work with information in your database.
You’ll also need an account based marketing automation system. It’s important to know that you need quality data to work with this kind of system. Advanced technology will do you no good if you’re using bad information.
Assuming you have quality data, you can use your ABS automation system for lead scoring. This practice will help you to track down needs that have engaged with your company’s digital assets.
You can also use the system to evaluate your website visitors. For example, you can analyse what organisations visit your company website the most. If you have a great deal of traffic coming from a particular company, your ABM system will help you figure out how to turn more of those visits into conversions.
How to start? Building Your ABM List
When building an ABM list, it’s vital to follow a structured process. Also, you’ll want to focus solely on accounts that will invest in your product or service.
The following process for building your ABM list will help you to define your strategy.
1. Choose Your Strategy
Here, you’ll pick one of the previously mentioned approaches, such as the one-on-one strategy. You want to select a strategy that helps you to focus solely on your highest-converting accounts.
2. Create an Ideal Customer Profile (ICP)
Now, you’ll create an ICP using the concepts mentioned in the previous section. However, it’s important to understand that an ICP and customer persona are not the same.
An ICP focuses on companies. Conversely, a buyer persona focuses on individuals.
3. Vet Your Data
Before submitting your data, you’ll need to make sure it’s valid. Your ABM initiative will rely heavily on this information. Therefore, it’s critical to ensure that it’s accurate.
4. Segment Your Data
Now that you’ve ensured your data is clean, you can break it down as needed. For example, you might segregate your data based on geographical location, organisation or industry. You can also further segment your ABM list based on how much work you’ll need to do to engage a target.
5. Incorporate Third-Party Data
Third-party data can help you to build an effective look-alike ABM list strategy. This tactic is helpful for finding new audiences.
6. Establish Priority Tiers
Using your ICP, you can make a structured list of target accounts. You’ll segment your targets into three tiers:
Tier 1: Best-fit accounts for your ICP
Tier 2: Accounts that meet most ICP criteria and have demonstrated intent
Tier 3: Accounts that meet only some ICP markers and have demonstrated intent in some way
7. Establish Accountability
A successful ABM marketing initiative thrives on organisational alignment and accountability. By choosing a project lead as a single point of contact, you can ensure that your initiative stays focused and succeeds.
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