What is ABM Process?
Many new trends and methods come in the market but among all the process ABM Process has got the attention of the majority of marketers with greater velocity. You as a marketer need to know what is ABM Process and thus in this article, we have mentioned the things you should know about Account-Based Marketing.
You cannot do ABM only because everyone else is doing, so why not learn more about ABM Process? Many define ABM in their own way and here is another definition for you –
ABM is a systematic process which uses data and intelligence to find, identify, segment, target, and engage with prospects that are likely to turn into customers.
What are the components of ABM Process that make it such a successful marketing methodology?
In ABM, you need to do –
1. Align your sales and marketing goals
There is a good suggestion that people give to motivate to work your best by helping you focus on the end results. Isn’t there a proverb called ‘Keep your eyes on the prize!’?
You will be able to have tight sales and marketing alignment only if your goals are measurable.
The measurable goals could be deal size, sales opportunities, win rate, etc. The objective of setting measurable goals is to have sales and marketing teams work for the same goals without any friction between the two.
2. Find out target accounts
Rather than relying on human intuition and conventional methods of selecting target accounts, Account Based Marketing relies on fit (data and predictive analytics). You need to know an answer for this important question from the available data, which is – ‘Why would the customer buy from me?’
Rather than using the list of fortune 500 companies as a list of companies to target, you need to do extra to find who your ideal customer should be. With the help of data and behavior patterns of the prospects, you can make out the key accounts you need to target.
3. Identify decision makers
There is a lot of information found on the internet nowadays and around 60-70% of decision making is done prior to direct contact with individuals. Because of greater awareness about the solutions in the initial stages itself, there is a great need to target key decision makers in the early stage itself. You need to find out the details of those who are looking for your solutions early on. Also, knowledge of competitive solutions is necessary.
What can you do? Understand the digital body language of the individuals in target accounts. Digital body language(or intent) means actions pertaining search on topics related to your products or services and behavior means any activity directly with your company (website, events, content) that can be captured, recorded, measured, and stored in a marketing automation system.
4. Create content
Once you know the Digital DNA and likelihood of that individual decision maker becoming your customer, you can create relevant content. This content will help them to choose the best solutions for them.
After all the necessary pre-work, as described by the above triangle (fit, intent, Behavior), you can target the right people at the right time with the right messages.
5. Select channels to distribute the content
Once the content is created you can shift to the initial approach of reaching out to key individuals through proper channel. Of course, you don’t want to bombard them with an unstoppable stream of cold calls or unexpected emails because this is surely not the secret or something. For your ABM Process to be successful you need to approach through the proper channel (s)
6. Use Omni-channel engagement
As I mentioned above, there might not be only one channel that you choose for the communication and hence you need to put forth coordinated efforts provided details are synchronized across all channels. Yes, only an Omni-channel approach can help you engage with the right content.
7. Measure results
Once I was told by an old aunty to measure my expenditure or so to keep a record of things. What would be the reason? I can tell you the same logic applies here too! Just as only if you measure your spend you can gauge where you can save, you can do better only if you measure what resulted from ABM Process.
You might be thinking ‘The more is always better’ and thus would rely mostly on demand generation. But you also need to think of how badly your sales and marketing team would be loaded with a number of leads that are waste of time. With ABM you will pass only fewer leads but with a less chance of being disqualified by the sales team. Getting lots of leads seems like a short-term success to me and hence would like to encourage you to go for a fewer but qualified leads using ABM Process.
I have explained above how Account Based Marketing works step by step. Moreover, I want to go a step ahead and invite you to subscribe to keep yourself updated with tips and trends about ABM. Get ready to be ABM loaded. Contact us or comment in below section.