ABM, or Account Based Marketing is becoming a key technique for B2B marketers looking to adopt a more sustainable approach to the development of prospects and clients. It is a marketing technique that encourages businesses to strengthen their relationships with the customers they value the most via more comprehensive understanding of the B2B customer as an “account” composed of multiple individual contacts.
Account Based Marketing focuses on accounts which are most likely to generate revenue. Accounts are shortlisted based on desired characteristics such as industry, line-of-business, size (revenue, employee), geographic location…generally, as best-fit targets.
Within these targets, the key is to understand where B2B prospects (as individuals…decision makers and influencers) reside in the evaluation and buying cycle as it relates to driving and sustaining revenue and profits.
Fundamental to effective ABM is Account Based Intelligence (ABI), where key contacts are identified and “mapped” across a specified set of accounts to assess relationship strength, business needs and revenue enhancement potential. This information is then ported into an Account Level Dashboard/Contact Database to direct where sales team top opportunities exist.
ABI typically addresses 25+ enterprise level prospects. Conversations with business influencers and decision makers are developed to provide account and individual contact specific intelligence: who the right people are, their opinion of your company, and their willingness to engage and expand their relationship with you.
The opportunity to understand your customer at such a deep level has often been something marketers have struggled with, mostly because the data hasn’t been there to support it. Though ABI techniques, specific individual data can be developed to support and drive high very levels of account management effectiveness.
ABI design and implementation can be provided as an adjunct/enhancement to existing customer feedback programs or established as a highly cost effective, revenue driving stand-alone process.