Buyer Intent Data
Article | October 7, 2022
Intent data is a modern sales intelligence tool that helps you capture a prospect’s buying signals. By using an effective intent data strategy, you can be the first to reach out to a prospect and aim for a conversion.
In an interview with Media 7, Gil Allouche, CEO of Metadata.io, talked about the importance of data in converting leads.
“With access to valuable data, marketers are focused on leads that are more likely to become buyers. They can also work on targeting their messaging towards these potential buyers.”
According to SalesIntel, 97% of B2B marketers agree that intent data will give brands a competitive edge.
Intent data collects signals that come from consumption of content like:
Blogs and infographics
Product comparisons
Product reviews
Message boards
Case studies
News
However, it can be challenging to incorporate intent data into marketing and sales initiatives. Regardless of whether you're working with first-party, second-party, or third-party intent data, it can have multiple applications across a range of systems and workflows and may overwhelm your team.
An excellent B2B intent data approach can ease the process and use of intent data. Motivate your team to harness the power of intent data to drive business growth.
5 Essential Elements of an Intent Data Strategy
52% of B2B tech companies implement an intent data strategy in their account-based marketing program. (Source: SalesIntel)
This statistic shows that more and more B2B marketers are seeking the help of intent data to make their account targeting more effective.
Let us look at what essential steps you should take while integrating B2B intent data into your account-based marketing program.
Alignment: Your Intent Data Strategy Should Line up with Your ABM Strategy
To get the results you expect, synchronize it with your ABM marketing strategy. You can use intent data in different ways to optimize your account-based marketing. Here are two of the many ways it can help you with target account prioritization:
Bind the intent data to your ICP criteria. Which ones show buyer intent out of the accounts that match your ICP? This information can help your marketing team push these accounts further into the funnel. Your sales reps will have meaningful communication with these target accounts. Overall, the chances of conversion will go up because you know the intent of your ICP-based target accounts.
There may be net new accounts showing buyer intent but they fall outside your pre-defined ICP. Segment these accounts and increase your sales pipeline. If your company doesn't have a lot of data, this use case can help you change or define your ICP criteria and help your sales pipeline.
Buy-In: Bring Your Teams Together
For all the teams to come together and work towards the same business goals and objectives, you need to get buy-in from the C-suite of your company. Only your leadership can drive your sales and teams to break silos and work with the mindset of establishing processes and using tactics that can create harmony between them. Ensure that the teams understand what you want to achieve with intent data for ABM. Share it with them and align on a follow-up strategy, metrics, and key accounts. Set up training programs so that your teams understand the newness and precision that intent data will bring to account-based marketing.
Testing: Begin with a Small Pilot
Apply your strategy to a small set of accounts. Involve limited sales team members within your company, probably a team you are closely associated with, to oversee the use of intent data in B2B marketing through your ABM program. This can help you understand where the strategy needs to be tweaked and what approach you need to use while using intent data. Pilot testing is an effective way of streamlining and recording your processes. It can be the foundation for implementing all your intent data initiatives for other sales teams over time. Get everyone on board to analyze the results of your pilot test and then decide on the best way to integrate intent data into your account-based marketing program.
Analysis: Examine the Performance Metrics
To gauge the impact of intent data on your account-based marketing program, you must collect conversion rates before the pilot test. This way, you can compare the before and after rates and examine how intent data helps ABM. Marketing and sales teams can look at what works and eliminate what doesn’t. This learning curve is crucial before you use intent data companywide.
Integration: Collate Your Systems with Intent Data
You can amplify the impact of your data strategy by integrating it with your systems like CRM, marketing automation software, and ABM platform. Through intent-based marketing, you can increase the performance and visibility of your brand throughout the sales funnel. Integration can also spearhead landing deals and expand your account-based strategy across different domains.
Implementing an intent data strategy step-by-step can lead to success and benefit all teams across all departments, increase customer satisfaction, and enable you to scale your business.
Kazoo Saw a 2-3x Increase in Reply Rates after Using Bombora’s Company Surge
Kazoo, an employee experience platform, integrated data from Bombora’s Company Surge buyer intent data tool with its 6sense account engagement platform data. It saw a 2-3x increase in reply rates.
Conclusion
When combined with additional data, B2B intent data can help you develop a scoring model that considers fit and engagement, making it more effective. If you use intent data in B2B marketing correctly, it can be a great way to improve your ABM strategy.
FAQ
How can an intent data strategy enhance ABM?
It can help in ABM marketing by indicating early buyer interest, facilitating content personalization, and helping with creating targeted account lists and lead scoring.
How can sales and marketing teams benefit from intent data?
Sales and marketing teams can use intent data for ABM to create effective go-to-market strategies, accurate target account segmentation, and personalized outreach.
What does intent data do to improve lead scoring?
Intent data provides predictive purchase insights. With the help of this information, you can approach the accounts close to making purchase decisions.
Read More
Buyer Intent Data
Article | August 23, 2022
Many businesses employ Software-as-a-Service (SaaS) for its flexibility and simplicity to fulfill their marketing requirements. Different types of SaaS marketing platforms help companies simplify their marketing needs. But growing a SaaS company isn’t easy. It is quite challenging because the industry is flooded with competition. Research had predicted very early on that 73% of the companies would turn all their apps into SaaS by 2021, making SaaS competition fiercer than ever. Marketeers eye for consumers’ already limited attention spans in B2B and B2C spaces.
Read More
Account Based Data
Article | August 19, 2022
Metrics, Analytics, and Insights in ABM
It is a fact that ABM gives a higher ROI as compared to other marketing strategies. If you are a marketer who has painstakingly built an ABM strategy from scratch, you would understand the amount of time it takes to execute it and for it to show measurable results. How do you measure the success of your ABM strategy? You need to understand the metrics, analytics, and insights. Marketers use these terms interchangeably, but there is a difference between them.
By using raw data points, metrics show you the incremental changes in how target accounts interact with your brand.
Analytics compares the metrics over time to show you how your ABM strategy is performing.
Metrics and analytics together help you gain insights into what is working and what isn’t.
Insights help you take action to improve your ABM strategy.
To measure the success of an ABM strategy, you need to use ABM Key Performance Indicators (KPIs) metrics. ABM KPIs track the performance of your strategy with respect to customer service, marketing, efficiency, revenue, and employment statistics.
In an interview with Media 7, Abhi Yadav, Founder & CTO of Zylotech, talked about the importance of customer intelligence in marketing:
Tracking every point of engagement is critical in delivering a holistic view of where buyers are actively engaged and what’s working.
Defining ABM KPIs
Use the SMART criteria to evaluate the effectiveness of a KPI. SMART stands for Specific, Measurable, Attainable, Relevant, Time-Bound.
By identifying how well the KPI fits into these criteria, you can define it. Find answers to the following questions to define your KPI:
Is your goal specific?
Is your goal measurable?
Is it attainable?
Is it relevant to your business?
Is the goal time-bound?
A well-defined KPI should be a part of your marketing analytics strategy to accurately track the performance of your ABM strategy.
KPIs You Should Measure to Track ABM Success
Sales Funnel Metrics
Measuring sales funnel metrics can quickly pinpoint where your ABM strategy has fallen out of alignment with your business goals. They can be classified into three types:
Upper Funnel Metrics
Upper funnel or top-of-funnel metrics track the engagement rate of the leads within your target accounts. They assess the time taken for a lead to complete specific actions like opening your emails, receiving, or responding to direct mail, visiting your website, and more. You can pinpoint which leads are closer to buying based on the increase in engagement. These metrics also help you know which accounts don’t know anything about your company. You can improve your strategy to capture these accounts.
Is there a huge gap between the products and services your target accounts want and the ones you offer? This gap is the white space. Find your white space by identifying where you lack engagement within your accounts. Should you consider targeting different accounts? Eliminate the white space once you find the answers to these questions. Your goal should depend on the size of the company and the number of ICPs you are targeting.
Middle-of-Funnel Metrics
These metrics help measure the impact of your campaign on your top accounts. Are your target accounts having productive meetings and engagements with your sales team? Swiftly moving your leads to the sales team is an indicator of an effective ABM campaign. Also, you should measure the quality of the campaign based on how many leads move to the next stage of the funnel.
Bottom-of-Funnel Metrics
For the bottom-of-funnel metrics, measure average selling point (ASP) to gauge if you have targeted the right accounts with your campaign. If you have a higher close rate within your ABM accounts that means your campaign is performing well. As compared to other marketing strategies, ABM helps businesses increase their close rate.
Customer Churn Rate
The customer churn rate, also known as the attrition rate, is the number of accounts that have stopped doing business with you over a period. It should be as low as possible. It is a metric to measure the quality of the relationship you have with an account. ABM is a qualitative marketing strategy. If your churn rate is high, then reevaluate your products and services and confirm that you are targeting the right accounts. Understanding your target accounts better is the easiest way to decrease your churn rate.
Content Engagement
Content management is of paramount importance while running an ABM strategy. With this KPI, you can track the engagement each piece of content brings. The pieces that don’t perform well should be scrapped or improved to better suit the needs of your target accounts. Email open and click-through rates point towards ineffective subject lines, content, and CTAs.
Form Fills
Form fills are important for collecting data that helps with nurturing and engaging leads. Track your form fills to confirm if you are gathering information effectively. Adjust your campaign if you are not getting the expected results.
Conversions during the Customer Journey
A good way to show your customers that you care about them is to give them several opportunities to buy or sign up. It's important to keep track of the conversion rate for each CTA so that you can figure out where customers are losing interest in the sales process. Having this information will help you improve the customer journey.
Phone Calls and Scheduled Demos
Keeping a record of your phone calls and scheduled demonstrations is crucial to measuring your ABM success. You are creating a personal connection while interacting with the customer so they may take you closer to converting a deal.
Conversion Rate
Every ABM strategy’s aim is to drive sales and acquire new customers. As a metric, the B2B conversion rate is important because it helps you evaluate the success of your campaign and compare your performance to the previous year.
Customer Retention
Assess the health of your accounts by measuring customer satisfaction. A Net Promoter Score (NPS) can determine how satisfied your accounts are with your product or service. You can seek their feedback and use it to create better customer experiences and, in the future, design products and services to cater to their needs so you can retain your customers.
Average Deal Size
This KPI is primarily used by sales managers to understand how well they have utilized the opportunities that have come their way. It is calculated by dividing your total monetary amount of deals by the total number of deals that were converted. It can help the sales team understand what the average deal size is that they are looking at and what they can aim for.
Popular ABM Analytics Tools
The most popular and widely used ABM analytics tools are Microsoft Excel, LeanData, Salesforce, Google Analytics, Marketo, Engagio, DemandBase, and Terminus.
How ServiceMax Saw a 300% Increase in Their Conversions Using DemandBase
Using DemandBase’s Forms solution to collect user data, AI-powered DemandBase Site Optimization for data personalization, and DemandBase Analytics to understand traffic trends, bounce rates, conversion rates, and other critical website metrics, California-based Service Execution Management company ServiceMax, witnessed a 300 percent increase in their conversions, a 70 percent decrease in bounce rates, and a 100 percent increase in page views per session.
Key Takeaways
Measuring the success of your ABM strategy is crucial to understanding the strong and weak points of your strategy. A lot of trial and error goes into creating an effective ABM strategy. Define and measure your ABM KPIs to optimize your ABM strategy for better results.
FAQ
What are the most important ABM KPIs?
Some of the most important KPIs are upper funnel metrics, customer churn rate, and conversion rate.
What are some popular ABM analytics tools?
Popular ABM analytics tools include Salesforce, Google Analytics, Marketo, Engagio, DemandBase, and Terminus.
Read More
ABM Accounts
Article | November 20, 2021
The pandemic has changed the marketing world to a great extent. Customers have tremendously adapted to online buying.
The pandemic has forced B2B customers to adapt to new ways of buying and selling. Customers are ready for online meetings and connecting digitally as far as the buying approach is concerned. The only thing that matters to them is that the solutions should answer their hurdles or challenges like personalization and strategizing marketing so
But for the selling process, B2B marketing strategies needed creativity. Companies had to put their heads together to convince a buyer through conversations on digital platforms. It was not easy. But B2B companies have taken up the challenge and managed to come out with flying colors.
Let us look at the changed scenario of B2B marketing.
The Changed Scenario for B2B Marketing
In 2020, when the world came to a standstill, people expected it was just a break, and they might return to their lives in no time. But this myth was busted when people had to adopt the new normal instead of going back to normal.
Every industry faced challenges, including the B2B industry. Imagine the industry, which had the habit of meeting decision-makers and convincing them with presentations, had to do all the work digitally.
But they found solutions after some months of struggles, and the businesses were back on track. Of course, there were difficulties on the way, but they answered every obstacle with time.
B2B marketing best ideas include account-based marketing, conversational ABM, personalized campaigns, correct use of data, and more. These paved a path for successful B2B marketing amidst the pandemic.
Thus, learning from them, we have curated a list of tips for successful B2B marketing.
Tips for Successful B2B Marketing
These best ways to market B2B are listed after diving deep into the struggles of B2B marketing. The experts of this area have experienced hurdles and implemented these solutions.
Have a Buyer-centric Approach
In an interview with Media7, Dmitry Chervonyi, Chief Marketing Officer at Belkins, stated that,
“If you don't solve your customers' problems and make their lives better, then it is a waste of time to do this kind of business.”
So, you understand how essential the customer is! These days it is more about the customer than about sales. Therefore, you must have a 360-degree alignment with the customer’s needs and preferences. Through this, you have better chances of conversion.
Take Risks
The market is very unpredictable post the pandemic. The companies that you thought may not require your service can be the ones changing the game. So, do not refrain from taking risks. First, of course, calculate the risks, but they take them.
For example, before the pandemic, some businesses may have invested massive resources in digital marketing. As a result, they might not see the results immediately. But meanwhile, the pandemic erupted, and Boom! They were the only ones who survived in the market.
Thus, the results of a calculated risk may be harmful or positive, but you either earn profits or learn something valuable from it!
Implement ABM
If you are a B2B marketer and have not implemented ABM in your marketing strategy, you need to do it immediately. Account-based marketing has the best conversion rate compared to the traditional methods.
And this is the best strategy to be implemented post the pandemic. The reason is that companies have various challenges and need immediate solutions. Thus, if you filter the best clients, address their struggles, and target them, they will waste no time in approaching your sales team.
But this is possible only when you design the best ABM strategy. Click here to know more about account-based marketing for B2B.
Have an Agile Approach
Clive Armitage, CEO at Agent3, believes that,
“We have to act as the eyes and ears of marketing innovation for our clients; they trust us to help them navigate the pace of change in the way that the process of marketing is evolving.”
It means that Agent3 changes its strategies and services as per the clients and market demands. They also keep the clients in the loop of the changes and innovations happening in the market.
Thus, have an agile approach. Be ready to change your marketing growth strategies and plans according to the conditions around you.
Be Future Ready
The example set by the rental car company Hertz shows how future-ready they are with their latest investment. Despite their business being affected by the pandemic, it resurfaced itself through trusted investors. But instead of following the age-old techniques of rental cars, they ordered 100,000 Teslas to electrify its fleet.
Not only did Tesla’s shares hit sky-high but, Hertz was all over the news. This critical investment defines how Hertz is making itself future-ready as it knows the future is electric cars.
This example explains how important it is to invest for the future, considering the changing customer demands. Hence, implementing the latest technologies like AI and machine learning in marketing campaigns can make you future-ready. Plus they also create a great impression in the mind of the customers.
And We Conclude
Remember, marketing is all about understanding your customers and delivering what they want. Once you know your customers, you have hit the bull’s eye. So hit targets by taking risks, investing in technology, and developing a personalized approach.
And most importantly, adapt to the changing world to thrive in it!
Frequently Asked Questions
How to identify a successful B2B marketing plan?
Analyze your marketing performance
Perform competitor analysis
Define your marketing goals
Identify your marketing budget
Implement the latest B2B marketing trends
How successful is ABM strategy in B2B marketing?
Account-based marketing guarantees a better conversion than traditional marketing methods. Plus, it is one of the most trending strategies in B2B marketing. As a result, companies have saved many resources and fulfilled their sales targets by incorporating account-based marketing.
Does ABM guarantee a 100% success rate?
Well, ABM guarantees a success rate that may be not 100% but surely more than any other marketing strategy. The success of account-based marketing depends on the personalized content and the tailored approach you provide to your clients.
{
"@context": "https://schema.org",
"@type": "FAQPage",
"mainEntity": [{
"@type": "Question",
"name": "How to identify a successful B2B marketing plan?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Analyze your marketing performance
Perform competitor analysis
Define your marketing goals
Identify your marketing budget
Implement the latest B2B marketing trends"
}
},{
"@type": "Question",
"name": "How successful is ABM strategy in B2B marketing?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Account-based marketing guarantees a better conversion than traditional marketing methods. Plus, it is one of the most trending strategies in B2B marketing. As a result, companies have saved many resources and fulfilled their sales targets by incorporating account-based marketing."
}
},{
"@type": "Question",
"name": "Does ABM guarantee a 100% success rate?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Well, ABM guarantees a success rate that may be not 100% but surely more than any other marketing strategy. The success of account-based marketing depends on the personalized content and the tailored approach you provide to your clients."
}
}]
}
Read More