Helping your business grow through your digital marketing efforts takes work. Many businesses make demand generation strategies to grow their businesses. As your business makes one, it should use account-based marketing (ABM) and focus on deal generation vs a traditional demand gen approach.
Account-based marketing involves figuring out which accounts you should focus on for different parts of your strategies. This can involve one-to-one, one-to-some, or one-to-many strategies.
In short, ABM involves figuring out which accounts may respond well to your strategy. This means you can use ABM to improve your demand generation strategy. We want to go over 10 points in this blog post to help you understand its benefits.
When you utilize account-based marketing with your demand generation strategy, you can focus on groups. This means you can figure out which groups will respond well to your strategy and work with them.
Sometimes, businesses spread themselves thin by trying to focus on various groups at once. If you focus on specific groups with parts of your strategies, you will see better results.
For example, if your customers tend to make purchases during deals, you can send them email reminders. This can apply to many aspects of your strategy.
- Send product recommendations to more clients
- Share blog posts to boost your click-through rate
- Invite people to join your referral program
As you work on specific groups, you can improve your demand generation efforts through your marketing strategy.
Test Ideas and Strategies
You have the opportunity to test out different strategies and ideas through your ABM campaigns. This happens when you follow these steps:
- Try an idea or strategy on a small portion of your audience
- See how they react to it
- Collect information based on what they do
For example, you can send emails inviting your existing customers to buy a new product. After you do this, you can keep track of different metrics. This should include open rates for the emails, click-through rates, and if they made any purchases.
You should repeat this process with your ideas and strategies. If you keep doing this with small test groups, you’ll see more success in your business. This can apply to invites to your blog posts, social media posts, and any idea you come up with.
Use Data to Adjust Your Account-Based Marketing
As you test ideas and strategies, you can collect customer data. For example, you may notice you gain more website visits when you send emails to specific people. This can then help you build an ideal customer profile.
The also applies to changes in your data or a return on investments (ROIs). If you make a change and notice a major drop or decrease in your business, you should revert the change. You should then try a different approach to improve your demand generation strategy.
For example, you may notice you don’t get as many sales when you send text reminders. Make sure you track this information as you apply your ABM, so you can make effective changes.
Know Which Metrics You Should Track
As you put effort into your ABM, you can use it to figure out which metrics you should track. Tracking metrics can assist your business in these ways:
- Have an effective way to measure success
- Help your employees understand what they should work on
- Help your business make more money as it works towards those metrics
Metrics allow you to measure your business and work towards your goals. These metrics can be related to accounts, such as the leads generated from them. You can also create a goal of how many people you want to reach out to.
When your business creates metrics, it can measure its success and work towards making more money.
Create Personalized Plans
When you work with specific accounts, you can come up with plans for your new leads. This will happen as you test your ideas, collect accurate data from those metrics, and make adjustments.
For example, you may notice one customer responds well to text messages, but he or she ignores social media messages. You may have other leads that do the opposite. If you work on an ABM model, you can adjust your demand generation strategy for each customer experience.
You want to follow through on the successful plans, but leads react to those plans differently. Make sure you create personalized plans to generate leads and gain customers, so you can get the most return on your effort.
Have Your Marketing and Sales Teams Split Them Into Groups
If you collect this information, you can work with your leads on different levels. This involves applying parts of your demand generation strategy to different groups of people.
- One-to-one focuses on personalized plans
- One-to-some involves applying strategies to a small group
- One-to-many works with a large portion of your customers and leads
For example, you may split your leads into groups based on what strategies work for them. This means some of your leads may receive personalized emails while others respond well to cart abandonment reminders. You can have your marketing and sales teams focus on this aspect.
This means you need to keep track of your leads by working with your marketing team. Ensure your business leaders understand this, so you can effectively work with these groups.
Have Your Marketing Teams Help Them Through the Sales Funnel
As you work with customers and groups, you can help them go through the sales funnel. This refers to the steps leads go through to become customers.
- Find out about the business
- Learn about the business
- Interact with the business
- Make a purchase
When you work on your ABM, you can increase your lead generation through each step. For example, if a customer finds out about your business and creates an account, you can send them more information.
From there, they’ll learn about your business and interact with the products or parts of your website. Since they have accounts, you can keep track of this information and have your marketing and sales teams encourage them to go through the funnel.
Identify High-Value Accounts for Demand Generation ABM
As you go through the accounts of your customers, you’ll notice some of them have high-value accounts. High-value accounts matter for a couple of reasons.
- They make the most purchases from your business
- They become your most promising prospects
- They return to your business regularly
You should spend some time identifying your target accounts, so you can work with them. If you know which customers make the most purchases, you can personalize their marketing experience to boost your sales.
You need to know which customers help your business the most, so make sure to check your data. That way, you can gear your business to their needs and have your marketing and sales teams work with them.
Reduce the Necessary Resources
If you work on your ABM, you can use fewer resources as you utilize it. This occurs for multiple reasons.
- You can focus actions on specific people
- You don’t have to guess who you should try different strategies on
- You can save some time by using the right strategies on your right leads
You must save on your resources as much as possible. Otherwise, you run the risk of wasting money as you attempt to use resources on your leads. It comes down to finetuning those resources and using them when necessary.
Make sure you look into your resources and see if ABM will help you use less of them.
Improve Your Automated Marketing for Demand Generation
Automated marketing requires you to learn about your customers. As you work on your ABM, you can figure out which techniques work for your customers. From there, you can put the data into your automation, focus on marketing initiatives, and make improvements.
For example, if you notice emails work well for some accounts, you can have your automated marketing send emails to those people. This can then help you get more sales as you send emails to the right accounts.
Make sure you collect this information from your ABM accounts to improve your automated marketing.
ABM stands out since it can help your demand generation strategy. As you take advantage of ABM, you can enjoy the benefits listed above.
Make sure you look over your strategy, create demand generation campaigns, and apply the ABM. Otherwise, you may run into problems or not appeal to your leads even if you remain focused on other marketing initiatives.
Remember that these points will benefit you whether you plan to go with one-to-one, one-to-some, or one-to-many. As you work hard and use ABM, you can help your business, increase revenue, and see more growth.