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Account-based marketing is one of the many buzzwords in the B2B scene. And like everything else in the 21st century, data has risen to become a critical core to it. Hence, the need to thoroughly understand the role of data in account-based marketing.
ABM, as account-based marketing is shorthanded, is currently having a moment. However, the advent of technology in the past two decades has made the marketing strategy scalable. Over the past years, B2B marketers have leveraged the process in getting results for their companies.
However, a study conducted across hundreds of B2B marketers reveals that an ABM campaign will most likely fail without adequate data. Hence, account-based marketing data is not a concept to underestimate as a business.
WHAT IS ACCOUNT-BASED MARKETING?
Account-based marketing is an approach to B2B marketing where marketers address each client’s account as a whole market on its own. Thanks to this, marketers work on personalizing strategies tailored to meet the specific needs of the client.
Account-based marketing tools makes it possible to identify accounts of high value to your business. Most times, marketers don’t work on this strategy alone. Instead, it involves more of a collaboration between the marketing team and sales team towards identifying best-fit accounts.
In the account-based marketing identification process, different data types are used. Examples of these data types are; firmographic data features, technographic data, etc.
The idea of account-based marketing is simple; companies are trying to focus on the clients with the potential to give the highest return on investment. Placing a premium on these client accounts subsequently develops strategies geared towards location, engagement, and conversion.
In the face of the 21st century’s characteristic dynamic consumer ecosystem, leveraging data in account-based marketing has become the norm. Businesses maximize data in decision-making in every aspect, and marketing is no different.
DATA IN ACCOUNT-BASED MARKETING
When it’s glaring that account-based marketing is the way to go, the very first step is to know your market. In today’s world, this means analyzing data. The insights from data help the marketers and sales professionals understand which account is worthy of being pursued.
As with every form of marketing, companies have goals they want to achieve. For example, the aim of the quarter’s marketing could be to grow existing accounts or gain new grounds. Whatever the company’s goal may be for the quarter, data-driven account-based marketing increases the chance of success.
Importance of Data To Account-Based Marketing
As with every other aspect of business, data has risen to become an integral part of account-based marketing. The importance of data to ABM isn’t because everyone is saying, ‘Data is gold.” Below are reasons why data is essential to ABM.
Data aids personalization
The goal of account-based marketing is to make personalized efforts in meeting clients’ needs. Thanks to data, marketing teams better understand customer behavior. Data will also help in crafting tailored messages that resonate better with the target.
Putting your Data in Order
Account-based marketing is more often than not a collaborative effort between marketing and sales teams. These two teams get to work in sync during the project, transferring and getting real-time feedback on insight interpretations. In addition, the collaboration fosters clarity of message for both teams, helping both teams head in the same direction.
Steps of Account-Based Marketing Data Analysis
When it’s time to go all out in your knowledge of the market, here are the data analysis three steps to take:
Data Preparation
The very first step involves you getting your data. Ensure that you’re pooling data from every aspect of your business. Get data from every social media platform, billing system, website database, support database, etc. You can also source data through website scraping or passing survey forms around. Do whatever you can to lay your hands on quality data.
Data Enrichment
Adding depths to your data pool is possible. If Firmographic data features in your data pool, it gets richer. You can always reach out to Core signal for this. Firmographic data gives you better insight into the daily activities of your target customers. The more information you have, the better.
Understanding the Market
Account-based marketing means you’re treating each customer as a market of one. With data, you should ensure the proper identification of each market’s successes, opportunities, weaknesses, and threats. Data visualization tools can help you better understand the data you have.
HOW DATA-DRIVEN ACCOUNT-BASED MARKETING HELPS BUSINESSES
As a business, several benefits stem from leveraging ABM; these include;
Sales and Marketing Alignment
ABM improves the consistent communication between your marketing and sales team. Hence, the customer experience gets better.
Increased ROI
The goal of every business is to make a profit. Hence, when you focus resources on clients with the highest purchase potential, ROI increases.
Faster Sales
Through account-based marketing, your business gets to deal with companies ruthless for making decisions on time. Hence, the whole sales process proceeds faster.
CONCLUSION
Account-based marketing has always been a valuable strategy for businesses. However, with the advent of technology and the corresponding insightful data, it gives access to, the success rate of ABM in modern times is through the roof. Hence, grow your business with data-driven account-based marketing today.
