As businesses continue to adopt account-based marketing (ABM) strategies, identifying the right target accounts has become more important than ever. Targeting the right accounts can significantly increase the effectiveness of your ABM program, leading to improved engagement, higher conversion rates, and increased revenue.
In this blog, we will discuss the key steps you can take to identify the right target accounts for your ABM program, along with some statistics to support these strategies.
Step 1: Analyse Your Current Customer Base One of the best ways to identify target accounts for your ABM program is to analyse your existing customer base. This allows you to identify patterns and trends in your customers' behavior and demographics, which can help you determine which accounts are the most valuable to your business. According to a survey by SiriusDecisions, 79% of companies that exceed revenue goals have a well-defined ideal customer profile (ICP) that is used to guide their sales and marketing efforts. To conduct this analysis, you should look at factors such as industry, company size, geographic location, revenue, and other key characteristics. By identifying commonalities among your current customers, you can develop a more targeted approach to your ABM program. Step 2: Conduct Market Research In addition to analysing your current customer base, you should also conduct market research to identify potential target accounts. This can include researching industry trends, competitor activity, and other factors that may impact your target accounts. According to a report by Aberdeen Group, 56% of Best-in-Class companies use market intelligence to inform their account selection process. By conducting this research, you can identify accounts that may be a good fit for your business but have not yet engaged with your brand. This allows you to proactively target these accounts with personalised marketing and sales efforts. Step 3: Align Sales and Marketing Teams To effectively target accounts with your ABM program, it's important to ensure that your sales and marketing teams are aligned. This means that they should have a clear understanding of your ICP and be working towards the same goals. According to a study by TOPO, companies with aligned sales and marketing teams achieve 208% more revenue from marketing efforts. By aligning your teams, you can ensure that your ABM program is focused on the right accounts and that your efforts are coordinated and consistent. Step 4: Leverage Data and Analytics To effectively target accounts with your ABM program, it's important to leverage data and analytics. This can include tracking website traffic, engagement with marketing materials, and other key metrics that can help you identify which accounts are most likely to convert. According to a report by Ascend2, 63% of marketers use data and analytics to identify target accounts for their ABM program. By using data and analytics, you can refine your targeting and messaging, and ensure that your ABM program is focused on the accounts that are most likely to generate revenue for your business. Step 5: Continuously Refine Your Approach Finally, it's important to continuously refine your approach to targeting accounts with your ABM program. This means that you should be monitoring the effectiveness of your efforts and making adjustments as needed. According to a report by ITSMA, 87% of companies that measure their ABM programs consider them to be somewhat or very successful. By continuously refining your approach, you can ensure that your ABM program is always targeting the right accounts and delivering results for your business. Conclusion Identifying the right target accounts for your ABM program is essential to its success. By analysing your current customer base, conducting market research, aligning your sales and marketing teams, leveraging data and analytics, and continuously refining your approach, you can develop a more targeted and effective ABM program. Remember, a successful ABM program requires a long-term commitment and ongoing effort to identify and engage with the right target accounts. By following the strategies outlined in this blog and using data and analytics to track your progress, you can create an ABM program that delivers real results for your business. Additionally, it's worth noting that the right target accounts may vary depending on your business goals and the specific industry you're operating in. Therefore, it's important to continually evaluate and adjust your approach to ensure that you're targeting the most relevant and valuable accounts. In summary, the key steps to identifying the right target accounts for your ABM program include analyzing your current customer base, conducting market research, aligning your sales and marketing teams, leveraging data and analytics, and continuously refining your approach.
By following these strategies and using data to guide your efforts, you can develop an effective ABM program that drives revenue and growth for your business.
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