When even the tiniest improvements in sales and marketing strategies mean huge differences in terms of revenue, teams are delving into several new techniques, trying to come up with an advantage. Some call it smarketing — the blending or improved collaboration of sales and marketing teams. Similarly, for the B2B marketer, there’s Account-Based Marketing, or ABM.
ABM shifts the focus of sales and marketing departments to the building and management of individual client accounts through improved communication and collaboration. The lines between sales and marketing become blurred, as ABM takes a collective approach toward the process of marketing/advertising, moving the customer through the sales funnel, closing the sale, and inevitably building a relationship with the customer.
In order to be successful with ABM, it is essential to have the right data. Here’s why:
Delve Deeply into Market Insight
ABM requires that sales-marketing teams become industry experts. It’s no longer enough to rattle off X of your product’s best features. You have to understand the technology behind those products, as well as how customers use the products, what the pain points are, what the technical difficulties involved are, and how customers apply these technologies to improve their operations, drive revenue, and/or meet the needs of their own customers.
That means data. Use the data to dive deeply into the market, discovering insight and learning more about industry trends, your customers, their needs, and the way they use products to meet those needs. With ABM you have to be an expert, and data is the avenue to expertise.
Find Better Business Opportunities Within the Market & Cross-Markets
Data is also the vehicle for identifying your best target customer, as well as where they tend to go to consume information, what information they consume, how, and when. Data also helps you identify cross-opportunities to increase revenue.
For example, you may use social media data to discover that there is a high correlation between businesses that utilize desktop virtualization and your products, or between businesses that adopt cloud technologies and your products. Those then become obvious markets for cross-targeting with your ads and marketing strategies.
Make Sure You Understand Your Contacts & Their Relationships Within the Business
The data also helps you discover who within your target customers does the research and makes purchasing decisions. For example, you may think your finance software is mostly bought by CFOs, but the data might show that most businesses have one of their finance team do the research, and the CFO isn’t involved until the final signoff of the purchase. When you discover who within the organization is doing the research, for whom, and how the inevitable buying decision is made, you can then hone and fine-tune your marketing messages for the audience that’s really doing the legwork.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.