Picture this. You’re a marketing executive in 2023. You’ve been wracking your brain about how to create more personalized campaigns for your target audience based on data-driven insights that result in better sales and revenue. Then it hits you. Three words (with a hyphen) that have the answer to everything you’ve been looking for.
While 70% of today’s marketers report using ABM, only 17% of them have a mature, aligned strategy for it.
You’re bold. You’re ready to dive in, no toe-dipping necessary. You don’t just want the basics of ABM, you want an advanced ABM strategy because you know it can deliver. “Deliver what?” You hear someone ask from afar. You turn to them and eloquently outline the below.
One of the tenets of ABM is a more personalized approach to marketing. With a more advanced ABM strategy, you can key in on specific high-value accounts. This means you would prioritize certain targets to better allocate your resources, time, and effort, thus leading to better outcomes and more sales opportunities.
Building on that laser-focused targeting are campaigns tailored to those strategically selected accounts. That means not only do you understand your customer’s specific needs and preferences, you’re able to deliver the precise content and experience they need to interact with you resulting in better engagement and conversion rates.
Data, data, and more data. No, we’re not referencing Brent Spiner’s iconic character from Star Trek. We’re talking about the foundation of any ABM strategy. Data-driven insights provide valuable information about your target accounts and their interactions with your marketing materials.
Collecting and properly interpreting data helps you understand your target so much better. You feel their pain points, you can identify their specific needs, you get their motivations. Compile all that, and you can produce content that’s so relevant to them that they’d be fools not to reach out to you.
Though before all that personalization can take place, data can actually help you figure out what those high-value accounts are. It’s like finding a needle in a haystack, except with advanced ABM, you have a powerful magnet and a filter that brushes away 99% of the hay. That’s to say, it’s easier.
Getting technical for a moment, you can look at intent data, technographics, and historical customer data to identify accounts with the highest potential for conversion and revenue generation. Though the needle in a haystack metaphor paints a more vivid picture.
Increased Sales and Revenue
All of the above brings us to the big payoff (maybe a bit of a pun intended) of an advanced ABM strategy—higher sales and revenue. With an advanced ABM strategy and aligned marketing and sales functions, the focus shifts from generating leads to generating accounts that are most likely to drive revenue.
If you have identified high-value accounts/targets and are creating personalized marketing for their specific needs showing that you understand them, there are likely going to be opportunities for cross-selling and upselling. Which, in turn, can help drive additional revenue growth and maximize the lifetime value of customers.
Moreover, advanced ABM strategies encourage collaboration between your marketing and sales teams to jointly define target accounts to generate more qualified leads and shorten sales cycles. Combined with the aforementioned tailored marketing efforts, it’s a recipe to increase engagement and drive conversions.
Jumping back to our visualization that started off this post—you’ve just finished eloquently outlining all of the above benefits of an advanced account-based marketing strategy. Stakeholders and decision-makers alike are in awe and can’t wait for you to implement everything you just talked about. It’s a good day to be an advanced ABM expert and an even better day for your marketing department.
Ready to take your ABM program to the next level? Find out what BOL’s Advanced ABM can do for you.