“More than 60 percent of companies plan to invest in technology for ABM to better align sales and marketing over the next twelve months.” — Sirius Decisions, 2015 State of Account Based Marketing
Account based marketing (ABM), a term coined by ITSMA in 2004, is not new. As shown by Sirius Decision’s research, however, it is gaining traction. Companies are voting with their wallets by investing in technology to support the strategy.
Account based marketing recognizes that large organizations have tremendous sales potential, and each should be treated as its own market. Instead of fishing for business with a net, this strategy is like fishing with a spear. There is no waste.
Vendors identify their targeted large accounts and focus on each holistically. With some Fortune 500 companies reaching revenues higher than the GDPs of some nations, there’s a strong rationale behind this approach.
“When you’re finished changing, you’re finished,” said Ben Franklin. And in a business world that seems to change more rapidly than ever, his words are still relevant.
What can you change today in your business that will help you with demand generation and ROI? Here are six ideas that can pay off. All you have to do is put them into action.
1. Clean Up Your Database
Sadly, there’s nothing glamorous or exciting about keeping your database clean. It’s a tedious job. Like cleaning your closet, it’s often a task that falls to the bottom of the priority list until there is absolutely nothing better to do.
But think about how you feel after cleaning your closet and ridding it of the clothes you no longer wear. Every day of the week, you save time because it’s easier to find what you need and get dressed. In the same way, when your database is not contaminated with bad data, you’ll increase efficiency.
Even the best tele-services agency cannot generate leads from a bad marketing list. Whether you’re using email, direct mail or telemarketing, the list is the foundation for your marketing initiatives. So, while it may be time consuming, it’s essential to build out the details of your list and keep it up-to-date.
If you’re marketing a complex product or service with a high price tag, you’re likely selling to a web of decision makers within an organization, each analyzing your offering from a distinct perspective and interjecting their opinions at different times in the buying cycle. You need to understand as much as possible about the prospect’s decision-making process and who is involved so you can move forward with your marketing outreach in an intelligent way.