Marketing is ever-evolving, and B2B businesses that want to stay ahead of the competition must invent innovative ideas to shield their B2B space. Account-Based Marketing (ABM) is one of the trending ideas for B2B marketing. Its strategy enhances the short-term marketing goals of lead generation objectives by emphasising long-term revenue generation instead.
Its adoption is rising quite fast, and it’s becoming the B2B marketing strategy of choice as it focuses on attracting, engaging, converting and measuring high-value accounts. While most companies strive to adopt ABM as their marketing must-have, only about 20% of those businesses have had the full program in place for over a year.
Here is how more B2B businesses can leverage their B2B database for efficient ABM.
Prioritise High-Value Accounts
Working with a B2B database provider, companies should identify high-value accounts in their B2B database that align with their ideal customer profiles. These are the accounts with the potential for revenue generation. Therefore, prioritise those accounts in the account-based marketing efforts allocating them more attention and resources to tailor personalised campaigns specifically for them.
Personalise The Marketing Messaging
The B2B marketing agency must analyse the information in the company’s B2B database on each account to personalise the business’ marketing message. These include the industry, past interactions, company size and purchasing behaviours. Using these insights, the marketing agency can craft a message that addresses each account’s specific challenges, pain points and goals. Tailoring the B2B messages to the individual needs of each account establishes a deeper connection and relevance. It makes marketing efforts more effective by demonstrating understanding and care about the contacts’ unique circumstances, increasing the likelihood of engagement and conversions.
Segmenting The B2B Database
Segmenting the company’s B2B database involves dividing the data into distinct groups based on specific criteria like location, past engagement, industry, and company size. The segmentation allows the business to create more targeted and personalised marketing campaigns tailored to each segment’s unique needs and preferences. It provides a deeper understanding of different subsets of the business target audience. As a result, it becomes easier to analyse each segment’s characteristics, preferences and behaviours to develop more relevant and effective marketing strategies. Furthermore, segmentation enables the business to customise its messaging and offers to resonate specifically with each segment.
Clean And Update The B2B Database
Eliminating inaccuracies and outdated or incorrect information from the business database is crucial. Businesses must partner with the best B2B database agency to regularly clean and update their B2B database. This process involves inviting the target audience to receive the business’s regular newsletters or emails. It is crucial because only the legitimate email owner will click on the link reducing spam complaints. Additionally, the agency will ensure to verify account details, append missing data and remove any duplicate entries. It will ensure the company has a clean and up-to-date B2B database for effective account-based marketing.
Aligning Sales And Marketing Efforts
Enable a coordinated approach to account-based marketing by aligning the business sales and marketing efforts. By sharing the insights and data from the business B2B database provider with the business sales team, they can gain valuable insight into the business’ targeted accounts and better understand their needs and preferences. This collaboration allows the sales team to personalise their interactions and tailor their sales pitches based on the data, resulting in better engagements and higher conversion rates. Integrating data from the database provider facilitates a seamless alignment between marketing and sales, creating a unified strategy to maximise the impact of account-based marketing efforts.
Measure And Analyse Results
Keeping up with continuous monitoring and analysing the performance of account-based marketing campaigns is crucial. Businesses can achieve this by using the data provided by the B2B database provider to track metrics such as conversions, engagement rates and revenue generated from specific accounts. The sales team can then measure the effectiveness of the campaigns and gain insights into strategies that are working best and which ones need improvement. Analysing results allows the business to identify areas of optimisation, refine the account-based marketing strategies and allocate resources more efficiently.
Account-based marketing is growing, and B2B vendors, market research firms and marketing agency in Malaysia are investing in innovative ideas to save their B2B space. The core idea of ABM is creating a cohesive sales and marketing process that builds relationships with specific targeted accounts. And for this, several fundamentals exist, like sales and marketing alignment, account planning offers and metrics. Therefore, this is the time to invest in ABM for companies looking to expand their target audience reach and improve marketing campaign strategies.