Account Based Marketing (ABM) is a powerful B2B marketing strategy that focuses on identifying and targeting high-value accounts rather than targeting a broad audience. The goal is to create personalized marketing experiences that resonate with the needs and pain points of the target accounts. ABM has proven to be highly effective in generating leads, increasing revenue, and improving customer retention.
The key to successful ABM is selecting the right accounts to target. This requires extensive research and analysis to identify the companies that are the best fit for your product or service.
Viewpoint Analysis conducts this research on behalf of a variety of different global technology vendors - from Nexthink to Pluralsight, and from Orange Business Services to Informatica. The research has to be extensive - generally taking between 2 and 3 business days per account. But once it's completed, it sets the ABM team up for success.
In this blog post, we will explore the importance of researching ABM accounts and provide ten elements that marketers should know about the companies they are targeting.
Importance of Selecting the Right Accounts for ABM
One of the primary benefits of ABM is that it enables marketers to focus their efforts on accounts that are most likely to convert into customers. This means that they can prioritize their resources and budget to deliver a personalized experience that is tailored to the needs of the target accounts. By focusing on the right accounts, marketers can:
Increase conversion rates: ABM allows marketers to create personalized campaigns that are designed to resonate with the target accounts. By delivering a message that speaks directly to the needs and pain points of the target accounts, marketers can increase the likelihood of converting them into customers.
Improve customer retention: ABM focuses on building long-term relationships with high-value accounts. By providing personalized experiences that exceed their expectations, marketers can improve customer satisfaction and loyalty.
Increase revenue: ABM enables marketers to prioritize their efforts on high-value accounts that are more likely to generate revenue. By focusing on these accounts, marketers can increase their chances of closing deals and achieving their revenue targets.
10 Elements to Research for ABM Accounts
To create effective ABM campaigns, marketers need to have a deep understanding of the companies they are targeting. Here are ten elements that marketers should research to be successful with their ABM strategy:
Industry: Understanding the industry that the target account operates in is crucial for creating personalized campaigns. It allows marketers to tailor their messaging and value proposition to the specific challenges and opportunities that the industry presents.
Company size: The size of the target company can influence the decision-making process and the type of solutions they are looking for. Marketers need to understand the company's size to create messaging that resonates with their needs.
Revenue: Revenue can be an indicator of the company's budget and purchasing power. Understanding the company's revenue can help marketers tailor their campaigns to the budget and resources available to the target account.
Geographic location: The location of the target account can impact the messaging and value proposition. Marketers need to understand the geographic location to create campaigns that speak to the local market and cultural nuances.
Key decision-makers: Understanding the key decision-makers within the target account is critical for creating personalized campaigns. It allows marketers to understand the decision-making process and tailor their messaging to the specific needs and pain points of the decision-makers.
Pain points: Identifying the pain points of the target account is crucial for creating effective messaging. It allows marketers to position their solution as a way to solve the specific challenges that the target account is facing.
Buying cycle: Understanding the buying cycle of the target account can help marketers create campaigns that align with the decision-making process. It allows them to provide the right information and resources at the right time to move the account closer to a purchase decision.
Competitors: Identifying the competitors of the target account can help marketers understand the competitive landscape and create campaigns that differentiate their solution from the competition.
Customer persona: Understanding the customer persona of the target account can help marketers create messaging that speaks to their specific needs and preferences. It allows them to create a personalized experience
Company News: what's happening with the company? What are they talking about? What's impacting them and how are they explaining this to the world?
If you want to learn more about ABM Account Research, take a look at our Account-Based Marketing service. You can also download a copy of our ABM Account Research Whitepaper, explaining what you need to know and where you can find it.