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Stop missing sales opportunities and turn website visitors into customers. Track leads who visit your website using Salespanel.

Lead Generation 

Reveal anonymously visiting companies. Capture leads when they engage with your website or emails.

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Score active leads with automated lead temperatures. Create custom rules for lead scoring.

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Automatically enrich inbound leads and turn them into complete business profiles. Spend less time on digging up data and more time on sales.


 
Marketing

Getting started with Account Based Marketing

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Do you have these moments when a Google ad shows you exactly what you are looking for? With all the data big advertising platforms have about you, they know exactly what you are interested in and what will make you pay. What if you could bring this to the B2B world? What if you could convey the right message to the right prospect at the right time? This is where account based marketing comes into play.

Account based marketing (ABM) is a form of marketing where you identify high value accounts and show them personalized messages and content based on their profile and behavioral data. This helps you resonate more with your prospects and ultimately turn them into customers.

Account Based Marketing

Why Account Based Marketing?

In a traditional marketing system, businesses take a spray and pray approach. The top of the funnel is the awareness stage where prospects are made aware of your product and services. Then, at the next stage, some of these leads become interested. All the leads are then passed on to the sales team. The sales team then identifies sales qualified leads and pursues them. This is often inefficient and creates a significant gap between the sales and marketing teams. The account based marketing strategy flips the funnel. The funnel now starts at identifying ideal customer profiles and ends with selling to them. This creates a perfect alignment between sales and marketing teams as they work together to reach towards the same goal.

Account based marketing is also highly efficient. Instead of mass marketing to targeted people and trying to sell to everyone, ABM engages with qualified leads in a language that personally resonates with them. This helps businesses maintain lower costs while providing a superior customer experience. Resources are also utilized efficiently as businesses can now spend them on qualified prospects. This results in an overall higher ROI for the business.

The Process

The entire ABM process can be automated with the right tools and the right strategy. The implementation can be a lengthy process. Many businesses take around 6 months to get it up and running the way that works best. While this is longer than traditional setups, the results make it worth it.

Lead Identification

Companies visit your website from different marketing channels. These companies are identified and tracked by Salespanel. Leads who fill out a webform are also identified and tracked. This is the first step of the ABM funnel.

Lead Segmentation and Qualification

Based on profile and activity data, leads are then segmented and qualified. For example, a company can set up a segment for leads from large companies who have shown interest in Enterprise solutions by visiting relevant pages on your website.

Message Personalization

When target accounts visit your website, they are sent personalized messages through live chat based on their profile and behavior data. If they are qualified for a segment, they can also get personalized messages based on that. For example, if your lead is identified as a small startup, you can open conversations by showing them a relevant case study.

Personalized Remarketing

Let’s get back to the example mentioned at the start of this article. When you need a new pair of shoes, Google just happens to know which shoes you might be interested in and shows them to you through adverts. They are able to do this by analyzing the data they have gathered about you to understand what you are interested in. ABM brings this to the B2B world. With ABM, you can show relevant retargeting ads to your leads across different advertising platforms like Google, Facebook, Linkedin etc. For example, if a lead is interested in a particular use case of your product, you can show content that are related to the use case across different marketing channels.

Data

It is clear by now that Account Based Marketing heavily relies on data. Data can make or break your system. What if you get incorrect information about your leads and you show them the wrong content? That would probably do more harm than good. Profile data and lead tracking data are the two sets of information you need to run ABM successfully.

Profile Data

The main step in the data enrichment process is to identify your lead, know their job role, and find where they work. This information helps you determine if your lead belongs to your Ideal Customer Profile (ICP). It is also used to qualify and segment your leads. For example, if you sell enterprise products, a lead from a small company may not be a good fit for you. The profile data also helps you reach the decision makers and show relevant content to them.

Lead Tracking Data

A lead needs to be tracked from the moment they enter the sales funnel. Knowing where the leads came from and what they did on your website is key for an ABM strategy. A lead from your highly targeted Linkedin ad maybe worth more to you than someone who found you through your post on Twitter. Also, the pages they visit show how interested they are and what they are looking for. Someone who continues to use your free trial after they have found out your pricing is probably interested in buying. If someone is reading enterprise case studies, he/she may be an enterprise customer. The tracked information also helps you create reports and know if your strategy is working as expected. Real-time lead tracking also helps in triggering actions at the right moments.

Common Issues with ABM

All great powers come with challenges. AMB completely changes how you do marketing. Hence, the transformation can be hard. Here are the key challenges businesses face with ABM:

Inaccurate Data

As previously mentioned, data is the backbone of the ABM strategy. As a result, inaccurate data can have negative effects in your sales process. Imagine that you have wrong/outdated information about a lead. What if your lead changes his company and is no longer relevant to you? This would mean that you are chasing the wrong person to a dead end and wasting resources. Also, relying on one data metric instead of a group of them can be risky. The entire system will depend on the accuracy of that single metric. Using an effective combination of data points minimizes the risks. The data risk can be minimized by utilizing the right software solutions.

Complications With Implementation

Not only ABM takes months to implement properly, it also changes your entire sales structure. This means that your marketing team needs to be properly trained to correctly implement this strategy. Your business might also need new employees who can adapt well with the new strategy.

GDPR and Data Protection Laws

A system heavily reliant on data and customer tracking means that your company is storing and using customer data. This warrants a concern and a need to stay compliant with data protection laws. You (as a data controller) need to stay GDPR compliant. Your data processor and provider also needs to be GDPR compliant. Salespanel is a GDPR compliant solution and we also help our customers stay GDPR compliant.

Setting Up the Right Qualifiers

Lead qualification is the process that filters out ABM eligible leads for you. This means that the qualifiers need to be right or your conversion rates will severely be impacted. To set up the right lead qualification system, you need to truly understand your customer profiles and set up the right qualifiers to prioritize them. It might also take some A/B testing and optimizations to get it right. This, however, is a one time process. Once set up, you are good to go.

The various challenges may sound scary but they can be dealt with. After all, the increase in ROI and a better sales cycle can make everything worth it for you.

Conclusion

With ABM, instead of trying to sell to everybody and hoping they would open their wallets, you identify high-value accounts and sell to them. You might be wondering if AMB is a right fit for you. After all, it is a complicated process. At Salespanel, we work with our customers to help them implement the right solution for their businesses. We will be happy to talk with you and figure out how Salespanel can work for you. Prioritize the right customers and increase your ROI with Salespanel.

Ready to improve ROI by prioritising the right customers?

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