ABM is transforming the B2B marketing landscape. More than 90% of B2B marketers say they see value in ABM and is a must-have strategy for them. A study by ITSMA and ABM Leadership Alliance revealed 73% of marketers who use ABM tactics plan to increase their ABM budgets in the coming year.
Whether your goal is lead generation, improving customer retention, or shortening the sales cycle, ABM can get you there. When we talk about Account-based marketing, importance of data cannot be left alone. ABM is a targeted marketing strategy, effectual in identifying and selling to prospects with the right message at the right time. To begin with, building an ideal customer profile (ICP) requires accurate data of existing customers. This will help to understand the target accounts better. A clear understanding of the target account’s landscape makes it easy to win as well as in better alignment of internal teams.
Data is inevitably, power. Data provides the foundation for all of the campaign decisions and is the most important factor for ABM strategy. But, what sort of data is required for ABM Success? Is it just a one-time activity of gathering data? Can data become obsolete? How does data stack up? Let’s have a list of data required as well as the process to gather it.
In-house customer data
ABM strategy helps to draw the future course of action. Any ABM strategy must be equipped with a strong data to adhere. It becomes important to filter necessary information. Information to build an ICP like: who the best customers are, what motivates them to buy, what is their plan for the next few years, who are the decision-makers, as such plays a vital role. Collected data needs to be complete, accurate and reliable. B2B organizations can either gather data in-house or work with data service companies having expertise to enhance their on-going list.
Authentic third-party data
Once you’ve your ICP in place, identification of target accounts become easier. Account identification makes easy for B2B marketers to go forward. While moving ahead with ABM, third party data helps to identify new accounts as well as expand the list of prospects. Choosing a third-party data provider in itself is a challenge as B2B marketers need to closely analyze the source of the data and whether the data is validated or not. Service provider has to be able to scale as the agencies scale.
Regular account profiling
Sales cycle has become longer than before. Every target account now has a couple of decision-makers who are in a position to make-or-break the deal. Identification of decision-makers within target accounts and knowledge regarding their trigger points can add more value for the B2B marketers. This can help to shorten the sales cycle and even find up-selling and cross-selling opportunities.
Hence, to scale any ABM, ability to manage and integrate first party and third-party data for gathering insights is crucial. With ABM becoming more of a data-driven strategy, any data that can add value is highly appreciated. ABM planning and execution requires substantial amount of data. Prioritizing data quality is essential for success of any ABM strategy. The more time you spend up front ensuring quality data, the more success you are guaranteed.