The promise of Account Based Marketing (ABM) is to increase sales success by coordinating marketing and sales efforts for target accounts. The ABM concept is a departure from mass marketing that casts wide nets with generic messages. Instead, with ABM, marketing tailors messages to each targeted prospect account, making marketing activities more efficient to help sales close more business. More tailored experiences mean relevant information for each account and a greater likelihood that potential buyers find the information they’re looking for, speed through the initial stages of the buying cycle, and become ready to be contacted,nurtured, and converted.
Inbound Marketing is a transformational approach to attract prospects with valuable content at each stage of the buyer process.
The focus on Account Based Marketing and it’s requirements has ignited a range of discussions and specialized B2B and ABM technologies and processes. For companies that are selling to accounts, the strategies associated with ABM are well understood, yet the technologies are still evolving. At first blush, you might think that a closed loop marketing architecture doesn’t apply to B2B and account based marketing. Closed Loop Marketing is data and insight-driven. It clearly works for B2C and high volume campaigns. Yet, how does CLM apply to a highly relationship-centric account based marketing focus?
Actually closed loop marketing is a core foundation for effective Account Based Marketing / ABM.
Account based marketing (ABM) is a B2B marketing and sales process that begins with a focus on accounts rather than only ‘leads’ or people. Rather than primarily using the conventional method of casting a wide net to reach potential leads, ABM “flips the funnel” and focuses on specific target companies or accounts, the “business”, instead of only the “lead” or person.
It’s the middle of Q4 and the end of the year is fast-approaching. For many, it is a time to slow down from work and spend time with family. For sales people, it’s can be a frantic time, as many B2B companies must close sales opportunities to achieve revenue goals.
So, what can the marketing team do to help the sales team and ring in the New Year on a positive note? Here are a few tips to align marketing and sales and help ease the December frenzy and drive some upward momentum into the New Year.
Inbound is great, but it has had it’s day…. and even with inbound strategies, the bulk of activity and spend is actually outbound. The reality? Businesses need both inbound and outbound. For B2B and Account Based Marketing, this should be managed across a single revenue (marketing-sales) value chain. We call this integrated program approach a Closed Loop Marketing Architecture … and it works!
Marketing Automation has been around since the 1990s. Back then, the focus was on automating email marketing— managing the development and delivery of emails to target lists at scheduled times. Over the decades, software developers expanded the capabilities of Marketing Automation to meet the requirements of a variety of marketing functions and users.
Today, Marketing Automation refers to a broad range software technology for marketing and it is an important element of closed loop marketing. Its evolution has raised many questions about what it is, what it does, and whom it benefits.
We are launching an exciting new content campaign introducing our new Closed Loop Marketing Architecture (CLMA) in the next few weeks. This new content is central to our core mission – to deliver closed loop marketing solutions for complex sales. Companies with complex sales, including financial services, investment management and B2B are looking for ways to align marketing and sales and drive top-line growth. CLMA helps them achieve this.
Our team members are enthusiastic about the new campaign and want to author blog posts about dimensions of the CLMA.
However, many of them consider writing a blog post a daunting task!
It does not need to be!
So, how can you write a [great] blog post quickly?
As we know, several factors fundamentally differentiate B2B from B2C. B2B (Business-to-Business) sales are transactions between business entities and B2C (Business-to-Consumer) sales is where businesses sell to consumers.
Typically B2B sales are complex and considered. Evaluation and decision making follows multiple stages of learning and evaluation. B2B sales cycles are longer and purchases typically have higher dollar volumes and higher risk. B2B is often characterized by team selling to committee buying. Decisions involve various stakeholders and influencers including economic buyers, solution users, procurement specialists, domain experts, etc. B2B buyers self sell. Sales teams are no longer the single source of product information and benefits. Education has shifted to the web where buyers search products and ‘self-sell’.
The buying and selling process is fundamentally different in B2B and marketing and sales must work well together around the customer buying process. Content needs to be multi-stage and mapped across the buy-sell cycle. It must include a spectrum of TOFU (top of the funnel), MOFU (middle of the funnel) and BOFU (bottom of the funnel) content. Content for B2B is typically less emotional and more educational. It includes value propositions and product facts. Qualification is more important in B2B as the cost and of sales is high so it is important that sales teams are focused on the qualified opportunities. Marketing and sales teams must collaborate on the qualification process and lead nurturing is more important. The cycle for B2B is elongated and complex and buyers decide when they engage with sales.
7 Attributes of B2B Marketing and Sales
When you design your B2B revenue strategy, consider these 7 attributes.
1. Use the right set of performance metrics.
Measurement focus in not just about lead generation and vanity web metrics, it is about a tangible focus on pipeline and revenue impact.
- Impact on pipeline / Marketing Qualified Leads (MQLs) plus impact at each funnel stage
- Impact on close rate
- Impact on deal size / contract value
- Impact on total revenue.
2. Segment your markets and tailor the messages.
Segmentation and clean data is critical in B2B marketing. Campaigns for new acquisition and cross selling are driven by predictive analytics.
- Segmentation around demographics, firmographics, behaviors
- Clean data
- In-house and 3rd party data
- Business Intelligence Tools for predictive marketing
3. Design and launch integrated campaigns
B2B campaign design is complex and follows a variety of buy-sell paths. Campaigns can be automated and driven by business rules. Marketing Automation is a critical enabler.
- Multi-touch, multi-stage programs
- Lead Nurture Strategies
- Account based advertising
- PPC vs. Organic
- Smart (e.g. IP-based) Retargeting
- Branding and experience
- Derivative content
4. Maintain a solid digital experience across web and social.
The website continues to be a marketing and sales hub for B2B and social media amplifies your impact and visibility.
- Social media sites also present a brand and product / service message
- Website personalization plays a high value role for B2B to tailor content and messages for particular segments
- Organic SEO around your best content helps build visibility – especially on the long tail
- Landing pages remain a critical conversion point for lead generation.
- B2B emphasis on LinkedIn, Twitter
- Social selling – enabling the account teams with relationship intelligence and social media engagement
- Using discussion Groups on LinkedIn and Quora
5. Use the right revenue technology including Marketing Automation, CRM, Data Management and Business Intelligence.
The role of revenue technology, including Marketing Automation, CRM, Data Management and Business Intelligence is prominent in B2B. Closed the marketing and sales loop.
- Marketing Automation for List management, life of the lead, lead scoring / grading, nurture programs, list management,
- CRM for contact management, opportunity management, sales nurture
- Data Management and Business Intelligence for predictive analytics and campaign design.
6. Take advantage of content marketing across the cycle.
The inbound marketing model relies on compelling, search visible and tailored content across the buyer process.
- White Papers
- Solution Briefs
- White Labeled Assets (B2B2C)
- Apps and tools
7. Build your selling excellence.
Of course the effectiveness and capability of the sales team is paramount in complex B2B sales.
- Balance the inside vs. outside mix
- Align specialists and sales teams
- Mix your farmers and hunters
- Activate account and cross selling (3Cs – continue, crop rotation, colonization)
- The Pan Mass Challenge
- Best Buddies Challenge
- Vermont Council on Rural Development
- Greensboro Association