Thomson Reuters, one of the world’s most trusted news and media companies once encountered challenges in driving expansion, retention, and pipeline velocity for key business accounts. Can you guess how they re-established themselves? The answer is account-based marketing (ABM). With proven ABM tactics and strategically tiered accounts, the organization was able to drive a win rate of 95 percent and shorten sales cycles by 72 percent. Following the same path, currently, innumerable business organizations are implementing account-based marketing strategies to accelerate conversions.
A 2020 Information Technology Services Marketing Association (ITSMA) report attests to the fact that ABM strategies are way more popular than any other B2B marketing strategy. By designing personalized campaigns and exploring the various benefits of social media, brands can amp up the conversion rates of their ABM campaigns, and more details are included below.
Understanding Buyers’ Needs Is Crucial For ABM
B2B marketing is not just numbers and metrics, it involves human needs and behavior too. Psychologist Abraham Maslow has shared five basic needs of a humans, which include safety, physiological, belonging/love, esteem, and self-actualization. If one or more of these needs are not met, it’s likely that individuals or organizations will take the proper steps to fulfill these needs.
Similarly, businesses are known to invest in a particular product/service because they have a specific need to meet. Understanding buyers’ needs are crucial to designing effective ABM strategies and converting. It’s important to keep these two points in mind:
- The cause of your buyers’ pain or discomfort
- Solutions that will solve your buyers’ problems
3 ABM Strategies That Boost Conversions
In addition, if you’re ready to implement ABM strategies, start with these three proven ones and take conversions to a whole new level.
1. Build Strong, Data-driven Target Account Lists
The implementation of ABM tactics has gained significant traction among B2B marketers in recent years largely because of its power to maximize ROI. ABM enables brands to focus on accounts that are a perfect match for the products or solutions they offer.
Also, companies can use the firmographic data-driven predictive tools to identify interested accounts. It even allows businesses to leverage existing accounts particularly if they already know their accounts’ unique needs, who the key decision-makers are, and who the buying groups are.
Furthermore, intent data signals provide as much intel as possible about the businesses you have and want as a part of your portfolio. In turn, this not only makes personalized ABM easier, but also more effective for their business.
2. Choose the Best Channels to Reach Buyers
Oftentimes, ABM strategies are the most effective when brands use a combination of a cross-channel and multi-channel approach. It’s important to treat each touchpoint as a potential engagement opportunity for buyers. Also, keeping content messages consistent is key in order to build trustworthiness and value proposition across all channels.The various channels brands can use to reach their prospects are targeted display ads, email marketing campaigns, webinars, and social media.
3. Curate Personalized Messages For Prospects
All in all, the key to turbo-charging conversions lies in curating personalized messages for targeted accounts. Brands can start by mapping the inventory of their existing content pieces with their buyers’ profiles or buyer personas. By analyzing which content pieces benefit individual buyers, companies can fill the critical content gaps with personalized messages. Also, it’s essential to strategically design content while keeping in mind the demands, problems, struggles, and goals of various buyers. In general, ABM content strategies are aimed at reaching stakeholders and key decision-makers in an orchestrated way. Account-specific research, account mapping, and profiling can help your brand curate content as per the buyers’ stages within the funnel.
Overall, as target account needs and priorities keep changing, it’s critical to design ABM strategies strategically. If your company’s ABM strategies are successful, you will likely witness a noticeable increase in conversion rates and ROI. If you don’t see these results though, we are here for you. The True Influence Marketing Cloud platform uses advanced analytics, artificial intelligence (AI), and natural language processing (NLP) to identify buying groups and prioritize the best accounts to convert, which can play a significant role in your company’s success!