In today’s highly competitive business landscape, capturing leads through broad marketing strategies often yields low conversion rates. For businesses aiming to maximize their return on investment (ROI), account-based marketing offers a method to concentrate sales and marketing efforts on high-value accounts from the outset of the sales cycle. This approach not only aligns sales and marketing teams but also increases efficiency and streamlines the sales process by targeting specific accounts. Learn how to effectively implement this strategy to drive your business growth.
1. Pinpoint Target Accounts
The first step in any account-based marketing (ABM) strategy is identifying the accounts you want to target. To do this, you need to ensure that your product fits the potential customer while also seeing if the customer aligns well with your business model and goals. It’s essential to evaluate potential targets thoroughly by considering both your product’s suitability for the client and whether their values and needs match your business. For instance, if your company sells eco-friendly products, you would want to target accounts that prioritize sustainability.
Once you’ve identified potential targets, categorize them based on their potential value and fit. High-value targets should be aligned with your business capabilities, meaning that you have the resources and expertise to meet their specific needs. This thorough evaluation is crucial for avoiding wasted efforts on accounts that aren’t a good fit or couldn’t sustain a long-term business relationship. Always remember, the goal is to forge strong partnerships that are mutually beneficial.
To illustrate, let’s consider the approach taken by Aloha Protein Bars, which initially turned down large retailers to focus on smaller, regional partners until they had sufficiently expanded. This allowed them to approach larger accounts like big-box stores from a position of strength, ensuring that they had the necessary resources and infrastructure to meet those demands. Identifying and prioritizing the right accounts sets a solid foundation for a successful ABM strategy, ensuring that your efforts are strategically targeted and effective.
2. Recognize When Your Account is Prepared to Purchase
Timing plays a critical role in the success of account-based marketing. Even the most accurate and well-targeted campaigns can miss the mark if not executed at the right time. Understanding when your target account is ready to purchase is paramount. Each account will have its buying cycles, influenced by factors such as budget cycles, strategic planning periods, and specific project timelines. Adapting your marketing efforts to align with these schedules can greatly increase your chances of success.
Gathering intel on the buying cycles of your target accounts is key. For example, retail stores often operate on fixed category review cycles, where they assess products for different sections of the store at specific times of the year. Knowing these windows allows you to prepare your product offerings and marketing campaigns to present at the most opportune times. Additionally, maintaining open communication channels with your potential clients can provide insights into their timelines and readiness to buy.
An example of effective timing can be seen with Heyday Canning Co., which aligns its marketing strategy with the review cycles of grocery retailers. By understanding and working with these cycles, Heyday ensures that its products are under consideration when the buyers are making decisions. This approach of aligning product launches or PR campaigns with the clients’ schedules can help create a sense of urgency and relevance, increasing the likelihood of securing the account. Timing your interactions to fit the account’s readiness to purchase ensures that your marketing efforts are as effective and impactful as possible.
3. Investigate Key Individuals
Once you’ve pinpointed your target accounts and determined when they are ready to buy, the next step involves identifying the key players within those accounts. One of the main differentiators of account-based marketing is the level of personalization and relationship-building it fosters. Understanding the organizational structure and pinpointing the decision-makers and influencers within the target accounts is crucial for crafting personalized and effective marketing strategies.
Start by researching the account’s website, focusing on sections like the About page which often lists key personnel and their roles. LinkedIn is another invaluable tool; you can identify potential stakeholders by viewing the profiles associated with the company and their respective job titles. Additionally, leverage industry contacts or current clients to gain referrals or introductions to the right people within your target accounts. Gathering this information enables you to customize your approach for each key player, addressing their specific role and influence within the organization.
For example, a skin care brand targeting a major retailer like Sephora needs to identify the buyers responsible for skin care products and the stakeholders involved in the decision-making process. This might include product managers, marketing executives, and even store managers. Building genuine relationships through personalized interactions—such as sending product samples with tailored notes—demonstrates your understanding of their needs and can help establish trust and credibility. Collaboration between your marketing and sales teams is essential here, as each can offer unique insights into the best ways to approach and engage with these key individuals.
4. Outline Content and Customize Messaging
The effectiveness of an account-based marketing strategy largely hinges on the relevance and personalization of your content and messaging. When targeting specific high-value accounts, generic content won’t suffice; you need to tailor your messaging to address the unique challenges and goals of each target account. This begins with thorough research into the account’s business needs, pain points, and competitive landscape. By understanding what matters most to your target accounts, you can craft compelling content that speaks directly to their needs and positions your product or service as the ideal solution.
Start by creating detailed buyer personas for each key player within the target account. These personas should go beyond basic demographic information to include insights into their specific challenges, preferences, and decision-making criteria. Use this information to develop highly personalized content that addresses their role within the organization and how your offering can help them achieve their objectives. This might include customized sales decks, case studies, whitepapers, and email campaigns tailored to speak directly to their pain points and aspirations.
For instance, if your target account is a major retailer considering stocking your eco-friendly cleaning products, your messaging should emphasize how your products align with their sustainability goals, meet consumer demands for green products, and offer competitive advantages over current offerings. Highlighting how your product can enhance their brand image and meet regulatory requirements might also be crucial. This personalized approach not only makes your content more relevant and engaging but also builds stronger connections with your target accounts, increasing the likelihood of converting them into long-term customers.
5. Implement Targeted Campaigns
With well-researched target accounts, timely interactions, and customized messaging in place, the next step is to execute targeted campaigns designed to engage and convert these high-value accounts. Account-based marketing campaigns should be multifaceted, integrating various channels and tactics to reach key players within your target accounts effectively. The goal is to create a cohesive and engaging experience that resonates with your audience and drives them toward a purchase decision.
Examples of targeted campaigns include:
Paid Advertisements
Platforms like Facebook and LinkedIn allow for granular targeting, enabling you to reach specific audiences with tailored ad creatives. By targeting job titles, industries, and even specific companies, you can ensure that your ads are seen by the most relevant prospects. Use engaging content that offers clear value propositions and direct calls to action.
Custom Landing Pages
Instead of directing ad traffic to your homepage, create custom landing pages tailored to the specific needs and interests of each target account. These landing pages should include personalized messaging and content that speaks directly to the challenges and goals of the account, offering a clear path to conversion.
Webinars
Host webinars that address the specific pain points and interests of your target accounts. These online sessions can provide valuable insights, demonstrate your expertise, and showcase how your product or service can solve their problems. Webinars also offer interactive opportunities to engage with potential customers and answer their questions in real-time.
Events
Organize or participate in events that allow for face-to-face interactions with key stakeholders from your target accounts. Events like sponsored booths at industry conferences, VIP dinners, and private product demonstrations can help build personal connections and foster trust. Leveraging these events to gather feedback and offer customized solutions can significantly enhance your ABM efforts.
Email Campaigns
Design email campaigns that are highly personalized and relevant to each target account. Unlike traditional lead-based drip campaigns, ABM emails should feel personal and considerate of the recipient’s specific needs and stage in the sales cycle. Use these emails to reinforce your messaging from other channels and nurture relationships with decision-makers.
By combining these targeted tactics, you can create a comprehensive ABM campaign that engages your target accounts across multiple touchpoints, increasing the likelihood of conversion. Consistency and personalization are key, ensuring that your message remains relevant and impactful throughout the sales cycle.
6. Continue to Assist Your Accounts
In today’s competitive business environment, broad marketing strategies often fall short in converting leads. Lower conversion rates mean that businesses might not see the ROI they desire. For those seeking to optimize their marketing efforts, account-based marketing (ABM) provides a more focused solution. ABM allows companies to direct their sales and marketing resources towards high-value accounts right from the start of the sales cycle. By targeting these specific accounts, businesses can align their sales and marketing teams more effectively. This targeted approach not only enhances efficiency but also streamlines the entire sales process, leading to higher conversion rates and improved outcomes. Embracing account-based marketing can be a game-changer for your business growth. Implementing this strategy can significantly impact your success rate, ensuring your efforts are concentrated on the prospects most likely to be profitable. Learn the best practices for adopting ABM to drive substantial growth and gain a competitive edge in your market.
