Account Based Marketing Strategy For B2B SaaS Companies
Leads are the oxygen of any business; without quality leads, it is nearly impossible for any company to sustain, nurture, and grow. While building a long client and prospect list can be easily possible for an organization with a product, it is a little complex when it comes to the service-based industry. When dealing with SaaS clients, retention is the backbone; SaaS organizations' primary income is a result of a recurring monthly fee and support fees.
To keep the business up and running, it is essential that SaaS companies engage with clients looking to form a long-term relationship with your organization. To get long term acceptance from your client, you need to value your client and emphasize delivering a flawless experience through the complete customer journey.
The SaaS industry is one of the most trackable sectors; it requires heavy monitoring and constant updation to remain a step ahead of the loop.
What is Account Based Marketing?
Account-Based Marketing in B2B domain name is a more systematic approach that targets all available funds on a collection group of reports under an individual domain name or industry. Account-based marketing puts significant focus on prep before participation and, therefore, utilizes personalized campaigns for every account, which divides a particular element to convince a consideration depending on its requirements.
What are the pros of integrating Account Based Marketing for SaaS industries?
1. Sales and Marketing alignment
Alignment between the sales and marketing team delivers superior results as it provides the adequate backing required for a successful outcome of an Account Based Marketing strategy. When it comes to generating efficient leads, marketing and sales team alignment is of the utmost importance.
While implementing Account-Based Marketing, the sales and marketing team are in sync and focused on targeting particular accounts by performing extensive research to comprehend the pain points of those accounts; post analyzing the performance, both the marketing and the sales team sit together to construct a highly personalized proposal to support complete sales cycle for those accounts.
As the goals for this strategy are predefined, both teams are focused on maximizing the outcomes and striving to achieve the business goals swiftly. The efficiency surely blasts the roof as research conducted by MarketingProfs shows companies with smoothly functioning marketing and sales department, on average, contribute to at least a 208% increment in their revenue.
With the aligned efforts of the sales and marketing team, the nurturing process of prospects becomes more straightforward as targeting specific prospects with personalized messages appeal directly to the customers; this results in boosting the sales process and heavily promotes direct messaging, which results in elevated close rates while bagging in better and faster deals.
2. Increased Revenue
When looking at the grand scheme, it is clear as a crystal that any marketing and sales team's end goal is to increase the revenue of that organization while focusing on growing digitally.
A recent study conducted by FlipMyFunnel shows that any company using Account Based Marketing strategy generates more than 200% revenue for their marketing efforts. In the initial period, the deal size is not something that is heavily focused; however, you need to focus on your ideal target customer group intensely, and later you can easily up your average deal size over a period of time. With a robust approach towards your perfect customer base, the marketing team can attain incredible success by assisting the sales team and delivering a focused and practical approach.
One efficient method to contact, communicate, and convert is by sending personalized messages to customers as they value personalized messaging as it makes them feel consequential and special. In a personalized message, you address their pain points, which helps them comprehend that you have studied their needs and understand what would be required to assist with conversion.
3. Higher return on Investment
Return on Investment is the most efficient parameter to comprehend the power of your product or service industry. It is vital to have a positive ROI when planning to invest in a new marketing initiative. The ideal way to target your prospects is by sticking to the Account Based Marketing methodology as it is straightforward, targeted, personalized, and accurate.
Account Based Marketing ensures one the best ROI amongst all the B2B marketing strategies while contracting waste and risk. As the Sales and Marketing teams are in sync, they focus on targeting the same account, both the teams are equipped with a marketing budget, and they slide it towards the buyers which showcase intent to engage; while, the users with dead responses are shifted to another stage, so no other resources are wasted to carry the lead.
The best example of this is you create numerous small customized drip campaigns to reach out to your targeted accounts and their influencers; this saves from wasteful allocation of quality resources and budget on some generic brand-building campaigns across numerous markets.
What are the typical B2B lead generation mistakes SaaS companies make?
1. Valuing Quantity over Quality
With a general conscience of more traffic = more business, it is understandable why some people try chasing quantity over quality. However, people forget 1 high-quality lead can produce results similar to those of 100 low-quality leads.
Churned high-quality leads to ensures low risk in the future; this churning is exceptionally efficient if you have your marketing and sales team collaboratively working towards the same goal. When you focus more on quality leads, you automatically ensure high conversion and profits for your business.
2. Discounting SEO
Once you take the initial steps, it about managing and broadening your reach, and SEO plays a significant role in driving quality traffic. Studies show many SaaS companies make a grave mistake of ignoring SEO for lead generation.
While structuring an SEO campaign for the website, it is essential that you don't just target the service keywords. Instead, you should focus more on converting keywords that showcase user intent; many focused keywords help with information and answer the pain points instead of keywords that directly focus on selling a product or service.
3. Irregular tracking of metrics
While a modern and fresh approach to your digital marketing campaign is always a blessing, this blessing can soon turn into a denunciation of the results of those tactics are not tracked accurately.
With every campaign, you need to build a structure that would contribute towards your end results and keep a close track of how the user response is for all the individual elements and post analyzing the previous results; you can manipulate your settings or customize your campaigns to ensure maximum results.
4. Not emphasizing the buyer journey
One of the most fatal errors a SaaS company can make is ignoring the buyer's journey; SaaS as whole works around the concept of delivering an experience, and to provide a perfect experience, it is essential for the organization to comprehend how the customer reached here and what is the element that keeps him hooked.
Studying the buyer journey helps develop a flawless experience that ensures your customers stay with you and take the actions that would positively boost your business outcomes. Customizing the experience could result in the creation of a lead magnet that contributes throughout the journey ranging from early-stage templates right to the end-stage trial.
5. Continuously Hammering single channel
Figuring out the right channel is like selecting a travel route for your prospects; more than 10% of B2B marketers claim it is an absolute headache for them to choose the right track. Many marketers get occupied in a loop of repeating and retesting the same channel repeatedly until it breaks the channel's effectiveness.
While laying down a marketing strategy, it is essential to specify the channel route to meet all the content needs, catering to your procedure. When strategized correctly, B2B content services can bring in 67% more leads. Although everyone focuses on websites and conversions, businesses fail to comprehend as to how essential social media is in driving traffic, as it could contribute to more than 38% leads.
Is Account Based Marketing right for your company?
Account Based Marketing is incredibly compelling for nearly all B2B companies that sell directly to key accounts of a particular size or an account that ensures long-range tickets and assurance of lifetime value of a product or service. However, regardless of the organization's size, if you are focused on high-value accounts, the strategy will almost always return positive results for your organization dealing in the B2B industry.
One of the most important things to remember is if you are a low ticket selling company, Account-Based Marketing might not be the best go-to strategy as the initial investment required to get it up and running might triumph the benefits or profits associated with the deal.
Application of Account Based Marketing technique should be restricted to the following scenarios:
· Targeting a sell of high value/complex solution regarding products or services.
· You have a long, healthy, and sustainable sales cycle.
· You have a basic blueprint of whom you wish to target and who you want to reach out to.
· You belong to a glorious market that focuses on delivering products to a niche market.
· Account Based Marketing can also be a game-changer if you try to target direct decision-makers and stakeholders in buying groups.
Account-Based Marketing can be tougher to implement without investing ample time and resources into it; for most organizations, that would account for unnecessary expenses without assurance of quality results.
If you desire to have optimized Account-Based Marketing implemented as your business solutions, please feel free to contact us, and our business expert would be delighted to assist you to attain your business goals.