Over the past few weeks we’ve discussed, in detail, various burgeoning trends and methods used in marketing but this week we are focusing on account based marketing; a marketing technique that marries different facets of what we’ve learned, and is used primarily on a grander scale.
Account based marketing requires account representatives and marketing teams to join forces to create personalized experiences for high value clients and increase efficiency and delivery. This method allows for organizations to filter out prospects that are less viable and provides teams with contacts in organizations that have the potential to yield great results. The union of marketing and your accounts teams will get you to a critical stage with potential clients faster; your work will be personalized and information across the spectrum will be available to these clients earlier than ever before.
The strategies needed to implement account based marketing can be tricky, and more often than not, without some expertise, organizations can find themselves losing clients and money. The technique is worth it, your ROI increases exponentially if the method is implemented properly, and that is where Marketop can help— but more on that later.
What Can Account Based Marketing Change For You?
- Alignment with marketing and account strategies. We’ve discussed the divide commonly found in marketing and sales/accounts teams, so it will be no surprise to you that one of the greatest benefits in account based marketing is the union created between these two teams. In order for account based marketing to work and provide value to both your organization and your clients, these teams must work hand in hand. Marketing and sales teams will work for a common goal, targeting and landing high value accounts; using their individual strengths these teams will create content and campaigns that directly target the needs of the identified individuals. The alignment of their mission and goal provides for a clarity that is impossible when these teams function as separate entities. The sales team knows their product, the client and what would best suit them. The marketing team knows how that client likes to communicate, what they like to see, and how they like to see it. A client can now be presented with the information they seek in a way that speaks to their brand, with a clear and personalized path to success.
- Meet your customers where they are. Understanding your client is the key to successful client relationships. When clients are provided with information or pitched deals that are outside of their scope it is unlikely they’ll allow for a re-do. Your organization’s first impression will make or break your relationships. Say your team is pitching an eco-friendly brand. If you take the traditional route to client acquisition, your marketing team may send your sales team to pitch with paper copies, something you’ve done for years. It may not seem like a big deal, but that can tell an organization all they need to know about you. Their ethos wasn’t taken into consideration when pitching them, why would your work moving forward provide any benefit to them. Now imagine the account representative to that client was able to sit down with marketing to explain the values and needs of this client, and others in that space, providing the marketing team with a clear voice and the ability to create personalized messaging. If the team pitches via computer and provides their clients with sustainable options for campaigns moving forward, in the eyes of that potential client— they become rockstars.
- Demonstrate your value early on. With a clear understanding of who this client is and what their needs are, your team will be able to express what they are worth beginning with that first correspondence. These won’t be cold calls or generic emails with names filled in blank spaces. These clients are worth something to your organization and they will know it from the first phone call, email or letter they receive. The pitch will become less of a “this is what we can do” and present instead as “this is what we need to do for you”. Superfluous information will be reduced, and clients will be left with actionable steps that speak to them from your first interaction. If you are able to eliminate the step that requires you to persuade potential clients to speak to you, you find yourself starting not at home plate, but first base, closer to closing the deal.
- Zero in on targets through teamwork. Account based marketing has another added benefit; your teams working together will be able to identify and target quality leads faster with an increased chance of success. Sales team members may have their eyes set on a specific subset of clients who could add great value to your organization, but if marketing is unaware of these clients they are unable to help in the pursuit. When marketing and sales work together they are able to create a method. This method will vary in every organization but it is necessary. These teams can create workflows, clearly indicating what needs to be done at each step of the acquisition process. Creating a flow like this will increase efficiency and allow for more meaningful work to be done. Teams will be able to spot a potential client from a mile away, and they’ll know exactly what steps need to be taken from start to finish.
It’s clear that the union of marketing and sales is the primary factor in the success of account based marketing; if one team slacks the other suffers. Marketop uses the account based marketing technique, but we take it a step further with our AI and machine learning capabilities. Account based marketing is commonly used on a grander scale in larger organizations for the simple fact that it is time consuming and not all organizations have the extra time to spare. At Marketop, we use our platforms to bring the benefits of account based marketing to organizations no matter the size!
The strategy to implement account based marketing can be tricky, and more often than not, without some expertise, organizations can find themselves losing clients and money. The technique is worth it, your ROI increases exponentially if the method is implemented properly, and that is where Marketop can help.