Before writing this blog post, I did a quick search on Topliners to see what existing topics were written on Account Based Marketing as I didn’t want to repeat what was already shared. I was NOT shocked to see more questions than answers. As a recent attendee of the Demandbase Marketing Innovation Summit in San Francisco, I too was not 100% sure how to define Account Based Marketing. In my mind, I knew it had something to do with the way sales teams approached specific companies for new business, and marketing’s support of the sales team’s efforts. Now, having attended Demandbase’s two day summit, I get it now – and I’m sold!
What is Account Based Marketing? According to Demandbase, Account Based Marketing, or “ABM” is:
“A practice that enables B2B marketers to drive more revenue by focusing their marketing and communications efforts on the accounts (companies) that have the most potential to become customers.“ ( Read Full Article )
It’s a known fact that if marketers focus on the individual buyer, the level of engagement between the company creating the product and the consumer of the product will increase. A defined Buyer Persona combined with engaging content that is targeted to a specific buyer based on their digital body language is the key to any successful marketing campaign. So how does Account Based Marketing (ABM) fit into this winning model? Simple. Start with ABM first, then once you know your targets, begin to indentify the individuals within those companies that you can establish a relationship with through the engaging content you serve to them.
According to Demandbase’s VP of Business Development Louis Moynihan, the best way to approach ABM is through the following framework:
- Gather your constituents in sales, marketing and operations and identify what are the key attributes for the accounts you wish to target. Then create your list.
- Iterate your gathering efforts by testing out assumptions against your best customers, build additional attributes, if necessary, and then expand or trim your original list.
- Prioritize the set of attributes you have agreed upon and then establish your full universe of targeted accounts. Then create and maintain a process for review.
- Deploy your campaigns based on the segments created, map the experience of the accounts to whom you are engaged and set benchmarks.
Ultimately the framework allows you to attract, engage, convert and measure your marketing efforts.
Before you begin applying ABM, you need to first start with your data. To help us understand the impact of data on our AMB efforts, Laura Ramos, VP and Principal Analyst, Forrester Research, gave the Marketing Innovation Summit audience insight into Unlocking the Power of Big Data.
To start ask yourself, Who is it that you will be targeting? According to Laura Ramos , B2B marketers need tools and technology to help them when it comes to big data. There are a variety of tools such as phones, or even sensors, which enable us to capture that data. Today’s business buyer is empowered through technology. For marketers, it’s time to make a date with our big data destiny so that we can turn our data into actionable insight. Laura recommends four ways to accomplish our actionable insight goals:
- Fill in your customer data picture– Expand your data horizons! There is more to your customers than just annual revenue and company size. Look for data that gives you a broader picture of your customer.
- Analyze your best customers– Learn what the attributes are of your best customers so that you may then find others like them.
- Map out how they engage before they purchase– Start with creating a Buyer Persona, then map out your Customers Journey through your existing purchasing cycle. Buyer Personas plus a Buyers Journey equals the key to understanding your customer.
- Work in reverse of your customer’s lifecycle– By identifying your best customers and working through their current lifecycle, you could identify cross-sell/up-sell opportunities, and even ensure you have a fairly accurate pipeline.
Overall, by investing more in your database management and analytics, exploring predictive modeling of your data, segmenting your data at a micro-level and then mapping the journey of your future and existing advocates, you are well on your way to unlocking the power of your big data for marketing purposes.
The Tech to Help Us Target
Eloqua does an excellent job of helping marketers understand the Digital Body Language of those we are engaged with your content. From mobile devices to your website, you can grasp their specific interest and address them personally.
Account Based Marketing (ABM) tells us that we should take a step back before we begin to talk to the individual, at least when it comes to B2B. We should establish a personalize relationship first with the company. The question remains, how do we know who to target before they reach out to us? Demandbase solves this problem through their technology which enables marketers, in real-time, to display company-targeted advertising and website content.
By extending personalized content before the engaged B2B buyer raises their hand, you can extend your buyers journey even further. Once engaged as a company, your content can be used to attract the right individual so that you may then use Eloqua to communicate to them at the right time with the right message.
Additional Resources
Oracle Marketing Cloud Website
Marketing Cloud Success Program
Marketing Cloud Facilitated Discussions
If you are just getting started with understanding your buyers, or want to develop it further, request to have a Facilitated Discussion with a marketing advisor today! See our full menu of Facilitated Discussions that are available at no cost to Oracle Marketing Cloud customers.
About Ian Ingar Brown
I am a Modern Marketer, Marketing Advisor at Oracle, Former Eloqua User (since 2005), Markie Award Winner, Eloqua Experience Speaker, Marketing Technology Geek, Professional Musician, Photographer, Videographer, Husband, Father, Son. The views expressed are my own.
Let’s Connect:@ingarbrown |http://www.linkedin.com/in/ianibrown/