The state of B2B marketing is in disarray. New inventions, processes, and tools have disrupted the status quo. B2B solutions are becoming more complex with trying to cater to more parts of the business. Resulting in an increased number of stakeholder involvement in the buying process. Marketers need to realize there lies a significant opportunity if buyers are engaged effectively. Many resorts to ABM as one of the best ways to build account-based engagement.
Recent research by Forrester indicates that B2B marketers enjoyed more measurable, substantial results from their account-based efforts in comparison to previous years
Marketers are being aware of this growing complexity and are finetuning their account-based strategy. When we talk about Account-based marketing (ABM), we aren’t just talking about marketing. Rather it is about accounts – accounts who have been selected and profiled for targeting. ABM is all about concentrating resources on a set of high-value accounts through personalised campaigns to engage each account, basing the marketing message on the specific attributes and needs of the account.
There has been a shift from ‘M’ to ‘E’ for engagement in Account-Based Marketing. With B2B marketers moving from ABM to ABE, it has become more about customer engagement strategy rather than just adopting a set of tools.
Account-based engagement (ABE) is an approach evolved from ABM that focuses on offering a cohesive and holistic experience to its customers. ABE aims to develop a close relationship with multiple individuals within the account; keeping them engaged throughout the buying process.
Creating an Account-Based Engagement Strategy fueled by Insight
ABE is not entirely different from ABM. Like with ABM, ABE requires you to identify target accounts not only looking at firmographic data but also intent data to identify accounts that are actively in-market. It is also essential to consider how you select the people, try to choose individuals who are most engaged on social media or events. This way you can easily organically navigate your way to other decision-makers.
In-depth, bespoke insight covering areas such as firmographic and technographic information about target account can be the much-needed fuel to Account-based engagement programs. Since ‘meaningful engagement’ is crucial, tailored insight about each target account can give salespeople the intel they need to drive strong engagement within each account.
Fuels understanding of Ideal Customer Profile companies
Account specific engagement is fueled by insight through a full understanding of Ideal Customer Profile companies. In-depth account information such as business challenges and strategic priorities empowers understanding of high-value accounts. This understanding can form the bedrock of the entire account-based engagement strategy. Understanding of Ideal Customer Profile (ICP) companies is fueled through ICP-specific data such as the industry information and strategic priorities of the ICP company.
Would you not have a deeper engagement with your prospect, if you knew their priorities and challenges beforehand?
Account specific intelligence in the form of insight can fuel understanding of ideal customer profile companies which in turn can be used to form the strategy of Account-based engagement.
Facilitates highly personalised and meaningful conversations
Insight helps in facilitating highly personalised and meaningful conversations through account-specific data. For example, account-specific data such as the technological stack of the ABM account can facilitate meaningful conversations about the current and future technological needs with the ABM account.
Would you not have a more highly personalised and meaningful conversation through customised research?
Knowledge of account-specific information such as the technological stack of ABM account facilitates highly personalised and meaningful conversations about the technological stack. This way, insight facilitates highly personalised and meaningful conversations.
Insight enables sales and marketing alignment
Sales and marketing alignment is enabled by insight, which brings both on the same level in terms of data and insight. Both sales and marketing benefit from deep data and insight that is constant and uniform. Alignment is also brought about as the sales and marketing teams are using the same data and insight for their engagement with ABM accounts.
Would you benefit from a more aligned sales and marketing team enabled by research?
Aligned sales and marketing teams witness an average of 32% yearly revenue growth whereas companies with unaligned sales and marketing teams see a 7% negative growth. The importance of sales and marketing alignment is highlighted by this data.
According to MarketingProfs, 208% increase in revenue witnessed by companies using ABM. While this number may seem high, it highlights ABM drives alignment – not only sales and marketing, but of the entire business. This alignment drives greater efficiencies, better campaigns, a higher degree of focus, etc. that ultimately lead to generating more opportunities and winning more accounts.
Conclusion
ABE at core focuses on aligning marketing and sales to win accounts, retain customers, and grow sales through targeted and personalized omnichannel engagement. For most companies, account-based engagement will prove to be a new go-to-market strategy. ABE drives value by shifting the focus from the performance of campaigns and the volume of leads generated to the quality of engagement, growth opportunities, and increase in revenues. Moreover, leveraging insight to build an account-based engagement approach with target account will contribute towards prioritizing accounts and setting a go-to-market strategy, enabling internal team to build meaningful relationships and delivering personalised digital content experiences.