The Why and How of Account-Based Marketing

The Why and How of Account-Based Marketing

B2B marketers are increasingly adopting account-based marketing (ABM) as a part of their marketing strategies. It is gaining popularity with small and large businesses alike and has tremendous benefits to offer. It also helps a great deal with lead generation and largely impacts the ROI of a business.

What is Account-Based Marketing?

ABM can be defined as a marketing strategy that targets specific accounts and runs personalized campaigns. This strategy forces alignment between the sales and marketing teams as it is crucial to account-specific communication. The idea behind this strategy is to generate greater revenues in lesser time. B2B marketers work closely with their prospects and design strategies that help them convert them into customers.

Why practice ABM?

The main reason why account-based marketing is picking up pace is the increased pressure on marketing teams due to long buying cycles. ABM strategy, unlike the other much wider strategies, focuses on high potential opportunities and directs all its efforts towards them. It ditches the blanket approach and designs strategies that take into account the needs and budget of the prospects.

Sales and marketing come together and use their combined efforts and resources to convert accounts. In the times when the businesses are looking for services tailored specifically for them, ABM just fits in right. Personalized communication is less likely to be ignored by potential buyers. It is also essential when the accounts being targeted are high-value. It is win-win for both marketing and sales. While the sales team personalize their outreach, marketing teams see the sales as a trusted ally towards one common goal.

Core Steps Essential to Developing an ABM Strategy

Now that it is established that account-based marketing can yield some really great results for you, here are a few steps to help you to design and execute your own ABM strategy.

  1. Recognize the high-value accounts.

The gist of ABM are accounts and therefore, you start by identifying the accounts that according to you have the potential of being ideal customers. While the definition for most highly valued accounts might be different for each business, it usually is about the most profitable and long-term customers that you are happy to work with. In simple words, you are the right fit for each other.

 

  1. Identify the influencers linked to these accounts.

Next step is to find out persons linked to these accounts who are key stakeholders and decision makers. Ultimately, you need to pass on a strong message to someone who largely impacts the buying decision in each of these accounts. This can be a CEO, CMO, or marketing manager depending on the organization.

 

  1. Develop personalized campaigns.

Further, you need to develop personalized campaigns for each of your chosen accounts. Building and nurturing your relationship with the customers is vital to a successful ABM strategy. Start by aligning their needs and interests and develop a unique value proposition. Create a customized message for each person within an account.

 

  1. Identify effective channels.

The fourth step is to identify channels that will be most effective in carrying your messages. These will be different for every business and industry. Therefore, do not try to use the same channels for all the prospects.

 

  1. Outline the strategy.

Once you know what to do and how to achieve it, you need to develop an outline for the whole process. In this, you mention the timeline of execution of all the steps involved in the ABM and also the roles and responsibilities of each person involved. This gives your strategy a direction and a deadline.

 

  1. Execute

This is where it all starts to manifest results. Execute the plan using a personalized plan for each contact. This will include targeted emails, calls, ads, and more. ABM is driven by good relationships and that is what the aim is.

 

  1. Optimize based on the impact.

Lastly, keep track of how your account-based marketing efforts are performing. Measure the impact in the terms of account engagement and closed deals. Use the insights gained in this process to further streamline your strategy to make it more effective.

ABM strategy is a powerful tool to achieve conversions, especially with the difficult but high-value account. If you need to know more about how ABM can improve your ROI, contact our team at MarkSpace Media.

How Business Intelligence and Analytics Improve Business Efficiency?

How Business Intelligence and Analytics Improve Business Efficiency?

Success in the modern business world depends highly on how well the companies are able to utilize the data and insights from their past. This is precisely why business intelligence and analytics have gained so much popularity in the last few years. Since the business world is becoming increasingly competitive, business intelligence and analytics can help you outperform your rivals by providing you a deeper understanding of market scenario and needs of the customers.

Using business intelligence and business analytics can help you understand what has helped to achieve better ROI in the past and what can you do to improve it in the future.

 

What is business intelligence?

The term business intelligence (BI) refers to the usage of different techniques and tools to gather, analyze, and present raw data so that it can be used to create actionable insights and information. BI comprises data mining, online analytical processing, querying, and reporting. In simple words, BI is concerned with how and what has happened in the past. It makes use of software to recognize any past trends and patterns in order to identify some prominent information that can affect decision making.

What is business analytics?

Business analytics, on the other hand, deals with reasons behind what has happened in the past. It uses the past data to break down it into whys of major patterns. The techniques used in analytics deal with discovering the factors behind the business performance. It is more concerned with using this information to make predictions of future happenings in the business. Therefore, if based on past data the future doesn’t look so good, the company can implement changes that will enhance the business output.

Benefits of implementing business intelligence and analytics

Implementation of business intelligence and analytics has plenty of benefits. The one thing that drives them all is the power of knowledge. Here are the five main benefits of using BI and analytics for your business.

  1. A better understanding of customers

The first benefit is getting to know your customers better. Today’s customer needs their service providers to understand them better. It is crucial for businesses to understand customers’ needs and preferences so that they can deal with them accordingly. BI and analytics allow the companies to study the old data and know about what customers expect from them. This also makes marketing more effective. All this combined leads to greater customer satisfaction.

 

  1. Improves ROI and performance

To improve the business performance and therefore, ROI, companies need to analyze and dig deeper into what drives their staff and what efforts on the part of the organization brought good results in the past. This information from BI and analytics can allow businesses to set goals and achieve them with a proper plan.

 

  1. Better insights into sales trends

The past data can also be used to study the sales trends and then, to design marketing strategies that will generate maximum sales. For example, the data can inform you about what is the maximum sold item and which quarter sees the maximum sales. You can use this information to further enhance the outcome of the sales.

 

  1. High operational efficiency

Operational efficiency refers to the effectiveness of backend operational processes and disparities. The past data on what caused the issues can help you to get a better understanding of how to avoid them in the future.

 

  1. Easy to provide personalized service to customers

The customers today expect a more personalized experience and therefore, do not like to be treated as a part of a huge group. They want you to recognize their personal issues and address them. BI and analytics power you with past data and trends related to a particular customer, which can be used to identify their problems and solve them.

Business intelligence and analytics have a vital role to play when it comes to improving business efficiency and risk management. We suggest the complimentary usage of both the techniques to get more accurate and valuable insights. Now is the time to start implementing these methods to boost your business. Get in touch with our experts at MarkSpace Media to know more.

 

 

Redefining Lead Generation Strategy to Meet Challenges in 2019

Redefining Lead Generation Strategy to Meet Challenges in 2019

B2B lead generation is the beginning of the sales process where the consumer starts to exhibit some interest in services or products offered by a business. Therefore, a lead is an individual or an organization that has the ability to become a customer. Lead generation can be understood as the initiation of the buying cycle. However, whether or not the prospect converts into a customer depends largely on how they are handled along the way, which is why it is important to qualify a lead before pursuing them.

Qualifying a Lead

Lead qualification parameters will be different for each organization. It is recommended that you must have a system that will help you to identify the potential of each lead and differentiate them accordingly. Here are some guidelines to help you qualify a lead:

  • Define your customer qualities.
  • Have a system in place to track their browsing behavior and conversations.
  • Take a close look at hurdles that are preventing them from converting.
  • Identify their preferred communication channels.
  • Collect all the data at one place for better analysis and engagement.

What changes to make in lead generation strategy in 2019?

The era of digital marketing is upon us and every sunrise sees something new in the business landscape. The rate at which advancement is occurring has changed the whole marketing process and hence, b2b lead generation companies have to change their strategies too. Here are a few suggestions to help you stay at the top of your game in 2019.

  1. Improve your communication strategy.

Marketing is all about how better you communicate. An effective lead generation process benefits significantly if you have a seamless communication process in place. The modern-day communication requires live interaction. A good tool to achieve the same is live chat support or video call or co-browsing facility.

 

  1. Focus on Customer Relationship Management (CRM).

There is hardly any business in the modern world that is not using a CRM system. It is one of the vital requirements for any business to flourish today. CRM is a multi-layered system that makes it easier to track leads and opportunities. A typical CRM will include customer satisfaction, response, needs, loyalty, retention, and service.

 

  1. Do not ignore email marketing.

Email marketing is one of the oldest forms of marketing and B2B lead generation. It is one strategy that has stood the test of time. Some marketers still consider it the most effective tool for acquiring and nurturing leads. Data accumulated over the time suggests the same. It is one of the best lead generation and nurturing tools and used together with a CRM, it brings exceptional results.

 

  1. Organize speaking events.

Some industry experts believe that speaking events are the most effective psychological tool for lead generation. Therefore, it is suggested that you organize your own speaking event to interact with your audience. However, it must offer something of value like a new product launch, new changes to your brand, or some important announcements. Also, make sure you don’t take up much of others’ time.

 

  1. Diversify your content marketing efforts.

Content is the basis of almost all your B2B lead generation strategies. Users only buy content that is well-researched and valuable. In addition to making your content informative and valuable, diversify the type of content that you create. This means you need to create more than social media posts or advertisements. Create webinars, videos, infographics, and slideshares.

 

  1. Use support instead of sales.

Another effective strategy to improve your lead generation efforts is to replace the sales by support. For instance, instead of sending promotional content, choose co-browsing and help your customers make an informed decision. This strategy has proved to improve sales statistics considerably.

It is believed that a good lead generation strategy is not what you do but how you do it. It is very important to stay updated and keep upgrading your tactics to achieve the desired results. We are in an era when you need to shift your focus from business needs to buyers’ needs. Once you are able to understand and fulfill the needs of your customers, your business will expand. For more insights, get in touch with us.

7 Ways to Improve Employee Engagement and Retention

7 Ways to Improve Employee Engagement and Retention

Employees are the lifeline of any business and the success of a business depends largely on how happy they are. For most employers, employee engagement can be a huge challenge as it decides your turnover rates and customer satisfaction, and therefore, the overall success of your business. Keeping your employees satisfied is not just about paying them well. Of course, that is one crucial factor but there are other factors too.

The term employee engagement can be defined as the level of commitment, loyalty, and zeal with which a worker performs at their work. Higher the employee engagement, the more effort they will put forth. The struggle for an employer is to find hard-working and highly engaged people. Here are a few tips to improve engagement in your organization.

  1. Onboarding and training are crucial.

When a new employee joins your organization, it is very important that they go through an onboarding and training session. This is important to make them understand their responsibilities. Also, this lowers their chances of getting confused and frustrated with their work. Further, the employees who know what is expected from them are more likely to show interest in their work. Onboarding and training help the new hires to learn their job responsibilities and master their skills.

 

  1. Give attention to employee development.

Besides a good salary package and other benefits, an employee expects a growth opportunity from their job. They want their work to be a stepping stone to a bright career ahead. Employees are more satisfied with a job that presents new challenges and helps in developing their skills. Monotonous work routine that requires minimal efforts is a huge dissatisfaction factor in the long run.

 

  1. Acknowledge their contribution.

Employees are more likely to get engaged deeply with their job if they are praised and acknowledged for their contribution. If they feel invisible in the workplace, they will lose motivation and become disengaged. Engaged employees feel comfortable in their jobs. Individuals who don’t receive any appreciation at their work tend to quit sooner.

 

  1. Involve them in company goals.

Another way to making your employees feel engaged is to show them the bigger picture. They should be acquainted with company goals and made to realize how their efforts are a crucial part of the achievement of those goals. This strategy drives them to reach the goals and make a difference. You can give them monthly, quarterly, semi-annual, or annual targets depending on your business.

 

  1. Do not micromanage.

Micromanaging your employees will make them feel smaller and take away their motivation. While you need to tell them what they should do, it is not your place to explain to them how to do it unless they ask for it. You need to let them use their skills and creative abilities to complete a task. You have selected them to work for you based on their experience and capabilities. It is for them to prove their worth. Employees who are allowed to make small decisions by themselves feel the sense of belongingness and therefore, they are better engaged at work.

 

  1. Know your employees and their opinions.

Use frequent short surveys to know how your employees feel at work. Ask their opinions about the workplace environment and whether they think there should be any changes. Make sure to implement good and valuable suggestions. This practice keeps your employees positively motivated and makes them feel empowered.

 

  1. Communicate with them frequently.

Lastly, communicate. Set weekly or fortnightly meetings with your employees to know about their concerns. Listen to them and communicate with them face to face. To keep your employees engaged, it is important for them to feel that their voice is being heard. Organize small events from time to time to give your employees a chance to communicate with their co-workers as well.

All the tips suggested above are to ensure that your employees feel valued. These small steps go a long way in making your employees feel secure at their work. Employee engagement is about winning the trust of your workforce. It is a crucial practice if you want your business to stay successful in the long term. Contact our experts to know more about employee engagement and retention.