Account-based Marketing (ABM) Solutions
* * * *
Account-based Marketing (ABM) solutions are valuable to implement the ABM approach. By using the ABM approach, we can mechanize and trim down the protracted process of finding target accounts and minimize the effort, time, and cost involved in courting these prospective accounts.
ABM systems facilitate the stakeholders in creating the most qualified leads, developing tailored purchasing journeys, enhancing the lifetime value of customers, and maintaining a healthy pipeline of promising accounts. These solutions can be combined with other Sales and Marketing systems, e.g. CRM or any Marketing Automation platforms, to better target and prioritize communications with key accounts.
ABM solutions calibrate Marketing and Sales units beyond the typical branding and lead generation strategies. These systems aid in distinguishing the right target accounts before executing a personalized Marketing Strategy. ABM solutions are employed to gain new customers, develop existing and future prospects, and enhance enterprise accounts.
ABM solutions have the 4 core functions:
- Account Management
- Account Intelligence
- Account-based Advertising
- Digital Personalization
Let’s delve deeper into these core functions.
The foremost critical function of the ABM solutions is to effectively manage key accounts. ABM Strategy necessitates strong collaboration between Marketing and Sales, recognition of potential accounts and their fit for our offerings, and prompt information on the outcome of talks with the account for a deal. ABM systems document this data, automate sharing it between various units, and maintain Marketing funnels or sales pipelines.
ABM software allows integration with Sales and Marketing automation systems and stores customer information in databases. This is done by adding the account info as a record in the CRM system. ABM offers stringent administrative control over where the account information, its source, updates, duplicate entries, and missing information. Account Management Solution offers target list creation, tools to discontinue poor-fit accounts, purchase decisions, engagement and conversion data, and storage & assessment of clicks.
The next critical function of the ABM solutions is to evaluate account relevant data to qualify leads.
ABM has replaced the conventional “large funnel” concept with a thinner Marketing funnel based on data and a more focused evaluation of accounts before they become leads. Account Intelligence systems facilitate in qualifying leads by analyzing pertinent qualifying data, link marketers to potential accounts, and allow for maintaining an improved target account list.
These solutions focus on sales intelligence data (e.g. target account’s contact details and organizational chart) as well as account intelligence data (sector, geography, IT setup, capital spending history, IP addresses, and customer intent data). Account Intelligence systems are typically inundated by lack of—old—or unrelated data. Advanced Account Intelligence systems use automatically updated account data feeds to work around this issue. To discern between buying signals and industry noise Account Intelligence system manufacturers have introduced lead qualifying systems to track ideal accounts. They accomplish this by employing distinct company and buying signal criteria, algorithms based on benchmarks and behaviors, or Machine Learning to highlight prospects with high close rates or high engagement levels.
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About Mark BridgesMark Bridges is a Senior Director of Strategy at Flevy. Flevy is your go-to resource for best practices in business management, covering management topics from Strategic Planning to Operational Excellence to Digital Transformation (view full list here). Learn how the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best practice methodologies and templates. Prior to Flevy, Mark worked as an Associate at McKinsey & Co. and holds an MBA from the Booth School of Business at the University of Chicago. You can connect with Mark on LinkedIn here.
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