14 Feb Account-Based Marketing (ABM) and more.
You’ve Googled it and you understand your target company and how it aligns with your company’s goals and initiatives. Now, it’s time to reach your full potential by maximizing your demand generation efforts. To ensure your ABM campaign soars to new heights, here are 3 tips to for optimizing your personal marketing strategy.
Tip 1: Start with a Target Vertical
Target verticals are the people that you want to become your premier customers. They are a small group of influential vendors (the influencers) specific to products and the market sales in any given industry.
On average, a Business 2 Business (B2B) contract consists of approximately seven stakeholders involved in a single or small purchase decision. The larger the account, the more stakeholder will be involved in the purchase decision. Make sure to include a champion or an influencer from the targeted vertical that represents your company’s vision and enhances your mission.
To reach your ABM goals, use the Pareto Principle, or the 80/20 rule, which states that 80% of the results are obtained from 20% of efforts. For example, 80% of your profits comes from 20% of your sales. When applying this idea to your target verticals, focus on the highest average contract value, because this will make up the bulk of your revenues in that industry. Another way of applying the Pareto Principle to your target accounts is to determine who will have the greatest influence on the purchase decision. Focus 20% of your time and resources on those specific stakeholders for maximum impact.
Tip 2: Cleary Identify Target Vertical Roles
Use a lead-to-account (Demand-Base) mapping tool or data enrichment tool to label contacts on the target account and include their job title, job description, departmental structure, and target vertical function. By using a mapping tool to capture essential details like roles and responsibilities, identifying the correct person in your target vertical is made easier. For example, if a person in marketing at a B2B technology company holds the same job description as a person with an Audience Solutions degree at a health insurance company, you know how and where to focus your marketing efforts.
The three target vertical functions are Champion, Influencer, and Decision-Maker. A person’s target vertical function is key in using the Pareto Principle, so you know where to focus your marketing efforts.
a. Champions are passionate about the value of the proposed solution and will spread the word with other influencers/decision makers.
b. Influencers give critical feedback throughout the purchase process and have a major interest in the outcome of the purchase decision.
c. Decision-makers are likely to be the buyers during the decision-making process.
The last part of Tip 2 is creating a multichannel message that works in each these different channels: social media, internet, networking. Your multichannel message should align your vertical goals and emphasize your strengths and weaknesses, to tell the world who you are and what you have to offer them. Your message can start with a “do this, get this” strategy to jump start your campaign.
Tip 3: Follow-up to see if your campaign is working
Your campaign is targeted to a few champions and influencers for a specific goal. When you receive a response, you know you have targeted the right people. In addition to planning a personalized campaign to each champion and influencer, you should have a clear step-by-step plan to ensure that your efforts are “always-on” (such as email nutrition or ABM awareness announcements).
The goal of ABM is to create a focused connection between your brand and your targeted accounts. Using the ABM marketing strategy makes your whole approach more personable. Understanding what is beyond an ABM strategy through personalization assures your campaign(s) will effectively produce the results you want.