COMMUNICATION
A Winning Strategy For The B2B Segment
By Stephanie Mwega
One of the significant challenges facing B2B marketers is proving ROI from their marketing efforts . With increasing pressure to deliver higher returns amidst reducing budgets , B2B marketers must focus on higher yield programs . And what better way to achieve that than a well-thought-out Account- Based Marketing ( ABM ) strategy ?
The case for ABM
A well-designed ABM strategy enables you to target and engage the best-fit customers , drive long-term customer-perceived value , and accelerate revenue growth . According to research carried out by MarketingProfs , companies with aligned ABM strategies enjoy up to 208 % uplift in marketing revenue . So , how can you implement an efficient ABM strategy that delivers a high ROI ? Here are four top tips to guide you .
Define your ideal customer from the getgo
ABM requires a well-defined client segmentation approach toward which its programs will be geared . Leveraging data-driven client insights , e . g ., from a CRM system and other sources , helps to identify the most valuable accounts for your organization . This criterion is not only limited to existing revenue . It should also be future-oriented in terms of assessing growth potential ( stars ) - consider factors such as their appetite for innovation or future-led solutions that you have lined up , their likelihood for repeat purchase or cross-sell / upsell , market growth ambitions that could thereby present new sales opportunities , etc .
Align Your Marketing and Sales teams
ABM has proven effective , but you can only achieve the best outcome if marketing and sales work together . You can earn an even more excellent result by aligning other key players across the business , e . g ., product , project delivery , services teams , all the way up to executive sponsors to support the initiative . This wholesome approach weaves an account-based management strategy into cross-functional activities guided by one joint goal .
Moreover , in the age of the discerning customer , expectations for a seamless transition from the initial acquisition through to the post-purchase phase of their journey have never been higher . As such , internal synergy is vital to creating the ultimate client experience . To boost synergy , the key teams should articulate shared goals and metrics for measuring success , clearly define roles and scope , have clear communication and effective collaboration , and uphold a culture of accountability .
Build a strong foundation through strategic account mapping
Many B2B marketers make a common mistake of focusing only on senior executives . Your target accounts have many decision-makers below the C-suite who play significant roles in influencing the buying process . So , your ABM strategy performs better if you include a wide range of expertise and job titles . Limiting your targeting to higher ranks is a short-sighted approach that doesn ’ t see through future possibilities . Given the long cycles of B2B purchases , lower-level influencers may have achieved a higher role when the deal goes through . Besides , today ’ s businesses make decisions based on collaborative efforts between stakeholders at different levels .
Behind every great ABM program is a strong account map / plan that details all critical data points , i . e ., the client ’ s challenges and overarching business goals , account structure , decision-makers , influencers , sales and budget cycles , etc .
Foster Strong Relationships With a 360 ° client engagement approach
After attracting the desired high-growth accounts , create solid ties with the buying group and key stakeholders through a robust client engagement model . After all , long-lasting bonds create leeway to repeat sales and expand your network . Like delighting your accounts , bond creation is a gradual process that takes months or even years .
Here are a few thoughts on how to effectively engage your account ’ s key stakeholders : create personalized content that revolves around your ability to solve each account ’ s challenges ; initiate targeted communication with the buying group members ( as opposed to a generic approach ) through multiple channels ; organize events that allow you to interact with your account ’ s key stakeholders at a personal level ; and leverage client voice feedback and insights to inform the next decision journey .
Capitalizing on the right Martech stack enables you to roll out a 360 ° client engagement program with unparalleled precision , from highly personalized web and digital ads to well-curated social media content , email nurture journeys , and events .
Conclusion
ABM encourages you to focus on quality leads and good account health over the number of leads and accounts . While an impactful strategy often takes time and targeted efforts , the revenue generated and capture of client value is well worth it , so start small and focus on activities that can help you deliver quick wins and build momentum . The best marketing initiatives bring together a community to drive mutual value along the journey , both internally and externally .
Stephanie Mwega is the GM Marketing , East and West Africa , at Dimension Data . You can commune with her on email via : Stephymwega @ gmail . com , or Twitter @ stephymwega .
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