Account Based Marketing
The traditional marketing approach has been around attracting your prospects from a larger pool. The account based marketing is about targeting accounts based on your best business connection. It is about understanding your buyer group in an account. It is about personalized messaging to get them interested. The ABM approach reduces the gap between sales and marketing as target profile of the accounts is decided in collaboration.
Key Steps in the Account Based Marketing and how BizKonnect Helps
1. Identify your target accounts.
Account Based Marketing starts with identifying your target accounts. This is the most important and high impact stage of the ABM. This decides the direction of your whole program and hence defines the success. BizKonnect takes a Theme based approach here. Theme in our terms is the combination of Business Solution, Technology, Location, Decision Maker , Target company size. An example of a theme would be – “Let us target all small to medium size ( less than 500 employees ) Healthcare technology companies in the US ( maybe define East/West Coast ) and approach their VP of Engineering or CTO with our Electronic Health Record Integration solution giving the case study of how we helped a similar customer.”
While defining a theme, the important considerations are – your current and aspirational solution strengths and the market analysis of the target market. BizKonnect provides solution in both these aspects. It helps you map your customer case studies and derive potential themes. It provides market analysis of your target markets based on the actual data giving you market size, competitive analysis and clear segmentation of the market.
Once you have defined your target theme, the next step is to identify key accounts. You need to prioritize the accounts in the theme. For this you need to deep dive into the accounts. BizKonnect uses BANK (Budget Authority Need and Konnect) framework to qualify and prioritize the accounts. The score indicates how qualified that account is to target and hence the priority.
2. Understanding the decision maker group in this account.
Once you have identified the accounts, you need to understand the decision maker group within these accounts. BizKonnect provides Heat Maps (Organization charts with your relationships and insights) of your target enterprises with your connections mapped on it. These organization charts are customized as per your needs. These focus on your target business unit and the decision makers of your interest. These have your connections highlighted on the organization charts so that you can contact them. It also provides contact details of the decision makers in these Org Charts.
3. Approaching this group with a personalized approach.
Once you have identified the accounts and personas, the next step is to ACT - to reach out to them with a very personalized message. Our solution takes the campaign to the next level of personalization by giving templates with personal and corporate connection points at individual level.
It is about personalized messaging to get them interested. You need to communicate to your prospects that "I understand the problem you are facing, I have a solution for it and I have provided that solution to another company who is of your size, in your geography, in your domain and uses similar technology. I understand you and have solved the problem in a similar ecosystem." You NOW have built the trust and confidence with your prospect by leveraging the Business Connection. The buyers are interested in your business only as it relates with their problem and hence personalized message which highlights this is great for B2B marketing.
You need to leverage news the company has released about a recent product launch, a blog or article that the CTO has written, the topic on which CIO has spoken in a conference and get deep sales intelligence about the account and the person. Bizkonnect provides deep sales intelligence in the form of complete Technology map, Connection map of an account. It also provides complete persona profiles of your target decision makers.
4. Measuring your success.
We primarily track what stage the account is in – Identified, Researched, Connected, Warm, Hot and Signed. The metrics tracks how many accounts have moved further from one stage to another indicating our success in nurturing the accounts. The other metrics we track is the “BANK” score, Budget, Authority, Need and Konnect being knowledge connections in the account. The score indicates how qualified that account is to target and hence the priority. This metrics helps in the first stage of the ABM – Identifying the accounts.
The account based marketing has been there for years. But its earlier focus was on very few accounts as technology was not available to scale it. Now there are solutions like BizKonnect which help you to scale up your Account Based Marketing initiative while not compromising the quality of the in-depth intelligence you need at the account level. We believe leveraging business connections ( not just people ) within the mapped accounts and leveraging those in your communication would be the next upgrade of the account based marketing.
BizKonnect helps global companies to increase B2B sales globally. Our more successful customers are the ones who have clarity in terms of who their prospects are, have some customer base, the management has good network and they want to scale up their sales leveraging the corporate ecosystem.
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