Data rules the commercial environment in which we now reside. Data is perhaps one of today's most valuable commodities. It serves as the cornerstone of any effective marketing or advertising effort, is responsible for some of the greatest tech acquisitions, and is directly causing the emergence of artificial intelligence, a scientific revolution that is already reshaping every sector it touches. Additionally, it is easily accessible: Businesses can easily obtain very detailed data on their clients and prospects (although this overabundance of data comes with its own challenges too).
The rise of the "Data Economy," as it is sometimes referred to, also occurs at a good time for B2B marketing and sales in particular, as they move more and more toward account-based frameworks. Of course, the emergence of "Big Data" and all the amazing potential that go along with it have themselves allowed ABM. ABM gives B2B marketers with a perfect opportunity to succeed due to their increasing access to and usage of unprecedented volumes of data.
In this blog, I'll discuss how data is crucial to account-based marketing's (ABM) effectiveness and what that means for marketers.
First and foremost, ABM is targeted because it is personal.
The phrase "account-based marketing" can be confusing, but in reality, it's not any less personal because you're still interacting with and selling to leads within your target accounts. But compared to a lead-only strategy, ABM actually demands a higher level of targeting and personalisation.
From the recently released The State of Account-Based Marketing study, Leadspace VP Product and Partnerships Travis Kaufman quotes: "To excel at ABM, you must understand the organisational characteristics as well as the characteristics of the individuals within those organisations. With this knowledge, you may organise your teams around the crucial accounts that require attention and create initiatives intended to involve the decision-makers.
To truly interact with a given account, you must:
Create a target list of qualified, named accounts. This in and of itself is a very data-driven process that needs ongoing supervision and adjustment as you eventually hone your profile of your ideal account by gleaning information from deals that were won and lost.
Decide who the main decision-makers are for each account.
Find other outside influences that could be able to affect a decision. Stakeholders like HR, Finance, or IT might not actually approve the purchase, but they might need to be engaged, and they might be needed later to help with implementation.
In a world overflowing with content, fight for their attention with personalised content. Understanding their requirements, concerns, pain points, and other crucial elements influencing their tendency to purchase is necessary for this. In addition to other information like the amount of interest or engagement to make sure the material you're presenting is relevant, this may also contain the compatibility of their current technology stack as well as the best platforms to reach them on.
Recognize the site-level context of any specific account: It's important to understand whether the business you're aiming for is a "account" in and of itself or a branch (such as a subsidiary, local branch, or franchise) of a bigger parent account.
If the latter, which site ought to be your focus, and is this account already being successfully sold into at a different site level?
You need extremely detailed data on both the person and account level to accomplish all of this. Then, to obtain a comprehensive understanding of the overall account, you must merge data from the account and individual levels.
More Data Than Ever to Keep Up
Instead of managing a single lead, ABM necessitates creating a complex network of intersecting intelligence on both accounts and leads. ABM practitioners must be aware of the ongoing advancements and changes in data at both the account and person level, which is difficult enough.
In terms of the account: If a business enters or leaves a buying cycle, modifies the pertinent budget, changes the technological stack, hires a sizable new employee, redistributes purchasing authority or job responsibilities among its leadership, etc.
On a personal level, you should keep an eye out to see if any of the influencers you are interacting with or trying to reach get promoted, change departments, change job functions, or leave the organisation.
Once more, this calls for a tone of precise data that is available in real-time and goes much beyond the fundamentals like job titles, firm size, industry, and so on. These days, it's possible to obtain this kind of granular personal information, and marketers that rely solely on basic, surface-level data sets like job title run the genuine risk of being outmaneuvered.
Make Your AdTech Your Own
Personal ad targeting has evolved, and this is one of the most fascinating advances in B2B marketing execution.
In contrast to their peers in the consumer sector, B2B marketers were previously limited to targeting firm IPs for internet ad campaigns rather than specific individuals. This straightforward approach produced disappointing results because, if you broadcast content to the entire company—from the CEO to every young intern—the great majority of those it reaches are completely irrelevant.
However, B2B AdTech is now finally catching up. Platforms are utilising the vast potential of big data to provide personal targeting that is comparable to B2C targeting. This is perfect for allowing account penetration since it allows you to constantly target the appropriate users inside your target accounts with pertinent content, no matter where they are surfing.
ABM cannot currently be disregarded. It should come as no surprise that the majority of B2B businesses of all sizes are incorporating ABM into their marketing strategies. Have you already incorporated ABM? What achievements do you have with it? In the comments, share your experiences.
Comments