Account Based Marketing: 11 Tactics to Drive your ABM Process
Account based marketing is getting serious attention these days. Vendors, bloggers, and market research firms are fueling a resurgence in account based marketing’s popularity. ITSMA coined the phrase in 2004 and B2B vendors have been doing this type of marketing for years (but without calling it account based marketing). For the last several years, sales and marketing teams have been trying to re-think demand generation, understand technology such as marketing automation, wrap their hands around inbound marketing, and have now realized: “Well wait a minute, we sell to companies – we need to build our sales and marketing machine accordingly.”
Here is ITSMA’s definition of account based marketing:
“Treating individual accounts as a market in their own right”
A structured approach to developing and implementing highly-customized marketing campaigns to markets of one, i.e., accounts, partners, or prospects. This approach involves marketing and sales taking a close look at key business issues facing the target, mapping them to individuals, and tailoring campaigns to address those issues.
The core idea is to create a completely aligned sales and marketing process that builds relationships with a very specific and very targeted set of accounts. There are many fundamentals to consider such as account planning and mapping, sales-and-marketing alignment, offers, and metrics. In this post, we want to explore effective tactics to use with your account based marketing strategy.
There are eleven tactics that are critical to account based marketing:
1. Develop prospect-specific offers
One key to account based marketing is relevance and personalization. There are likely a small number of target accounts in a typical ABM program so campaigns and offers need to deliver high conversion rates. One idea is to personalize content marketing efforts by creating offers that are built specifically for a particular target account. For example, I once recommended to a social analytics company that they use their analytics to create 2-3 page social reports on their prospects. When reaching out to Walmart, they would send the “Walmart social media effectiveness report”. Most potential buyers feel compelled to open that report because it’s so personalized and valuable.
2. Develop “sales” offers designed to get meetings
99.9% of marketers create offers that are designed to generate leads from webinars and whitepapers. The “sales” offer is an offer designed to help inside sales or sales get prospects to agree to a meeting. For example, the social analytics company mentioned above could follow up with Walmart with an offer to provide an hour-long live research report analyzing Walmart’s social media efforts versus their peers. There are other examples of sales offers that are currently in practice such as free technology assessments or free security audits designed to get in the door. I have found that offers that have a “I’d like to tell you what the best companies in the world are doing” or “I’d like to show you how you compare to your peers” are very effective.
3. Use retargeting to keep your brand in front of accounts
Ratargeting is a great way to repeatedly engage a specific account as employees from that account consume online content. There have recently been some remarkable retargeting innovations that are directly applicable to ABM programs. Demandbase now has an Account-Based Insight and Targeting offering that uses ip-addresses to identify a vendor’s target accounts as they search the internet. When these accounts visit a site in the network of properties that host Demandbase advertisements, they are served the vendor’s advertisement. Using the social analytics company example again, as Walmart contacts visit different websites, they would be served advertisements from the company trying to target them. According to Forrester, 75% of buying activity happens before a “hand-raise” making retargeting a critical part of the account based marketing mix. This data really highlights how critical retargeting is for winning the hearts and minds of your target accounts. Other B2B retargeting companies to consider include Bizo and Retargeter.
4. Personalize the account’s experience on your website
Given the targeted nature of account based marketing, it’s critical that ABM programs deliver high conversion rates. Personalizing landing pages is one effective tactic for doing this. Marketers should create account-specific landing pages that display custom copy, images, offers, and forms depending on the person or account that is visiting the landing page. Using the previous example, the social analytics company would serve the Walmart Social Analysis Report when Walmart comes to their website or landing page. There are some deep personalization tactics available as well. For example, some marketers will display the name of the visitor on the landing page. Be careful here as some prospect’s may find this overly intrusive.
5. Create sales territories designed to convert
In the past, sales territories were based on fairness or equality, but what if you could assign sales people to a specific territory based on their likelihood to close a deal? My inspiration for this idea came from Greg Alexander at Sales Benchmark Index in a conversation we had about social proximity territories. Social proximity territory planning is a practice where a sales organization assigns their sales people to specific accounts based on the quality and quantity of their social connections to a particular account. Greg said to me: “The sales executive should answer the question: Which of my reps can quickly pick up the phone and get engaged with this account?” Social proximity territories is one way to go, but there are other territory planning options to consider. For example, organizations can look at previous selling relationships (e.g. a sales person may have sold to a key contact in the past) or past sales history (e.g. a sales person may be great at selling to automotive companies).
6. Test direct mail with executives
Direct mail has been a direct marketing tactic for years. As digital marketing rose in popularity, direct mail was left for dead. Direct mail can be an effective option to reach targeted groups of executives. Why? Because executives don’t register for webinars or white papers, respond to unsolicited emails, follow companies or sales people on Twitter, and so on. Marketing expert Matt Heinz recently told me about his recent direct mail success: “We sent two-day packages to executives in advance of a big conference. The package was an empty iPad box. We wrote in the direct mail to come by our booth to pick up the iPad. Most executives came by just to compliment us. It worked.”
7. Use social intelligence to understand what matters to prospects
A core tenet of account based marketing is to personalize communications to an account based on their current initiatives and challenges. Companies evolve quickly so smart vendors monitor changes and trigger events at their target accounts. One method is to subscribe to public information service like Google Alerts to understand what is happening at a company level. Another important tactic is to monitor social activity. Unlike PR-driven articles and press releases, social data helps uncover what key prospects care about. For example, people often use social to share “good news” that matters to them such as recent achievements (e.g. a recent tweet I saw from a client was: “Putting the finishing touches on a new product that should amaze people! I responded immediately with a congratulatory email which got me engaged immediately). Social data is invaluable to the account based marketing model. When creating an account based marketing program, organizations should be agile and re-direct or re-message when new information is discovered. Sales applications for enterprise class social intelligence include InsideView or Linkedin.
8. Build a list of legitimate, role based contacts
There are vendors who can create lists based on role or responsibility and will guarantee that the contact is still active. This type of list build allows account based models to seed the database with the right contacts. Titles often don’t tell people enough. With a role-based list, a company can ask for roles like the “person in charge of it infrastructure”. Unfortunately, many companies just seed the database with as many names as possible regardless of the data quality. While this type of effort can still work, it is less efficient as inside sales has to spend valuable time hunting down the relevant roles. Companies such as Reachforce or Televerde can help build these types of lists.
9. Purchase white paper and webinar leads for target accounts
In the past, when a lead buyer purchased leads from a media company, they were only allowed to filter by selects such as company size, title, or geographic location. Recently, more online lead generation organizations are allowing companies to filter their lead purchases by company name. If you are focused on target accounts, then tell your lead generation vendors that you are only buying leads from these companies. The cost-per-lead will be higher but it’s certainly worth the price for supporting account based marketing efforts.
10. Create a one-to-one c-level campaign
Organizations can assign employees the responsibility for cultivating relationships with specific buyer personas at their target accounts. C-level to c-level outreach is an effective tactic for this. Assign the CEO to the CEO or another c-level executive to his/her peer at the target account. The campaign can start with an email or direct mail from this person and could follow up with a phone call. The outreach should be personal, real, and mention the business reason that these executives should connect. The organization should support all aspects of this campaign including writing the message. An inside sales person can follow up via phone to the executive’s admin to try to set up the meeting. After assigning the c-level executives, organizations can then assign VPs, inside sales reps, and marketing to prospects at target accounts. The goal is to try to match relevant employees with the prospect’s relevant employees.
11. Discover connections to target accounts via employees who aren’t in sales
We often overlook the potential relationships other employees in our organization may have into our target accounts. Linkedin Sales Navigator has a feature called TeamLink that provides visibility into the connections other employees in your company have with contacts at your target account. Often, there is an “in” that no one realized was there. Recently, I spoke to a VP of Sales who used TeamLink and found an engineer across the country from his organization who went to college with the VP of Engineering at the one of their target accounts. The engineer made the intro and they were in the account.