How the Rise of Data is Fueling ABM Success

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We live in a business world that is dominated by data. In fact, data is one of the most valuable commodities today. It forms the basis of any successful marketing or ad campaign, is driving some of the biggest tech acquisitions, and is literally fueling the rise of Artificial Intelligence—a technological revolution that’s already changing the face of every industry it touches. What’s more, it’s readily accessible: with relative ease.

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Foresight Insights

Foresight Insights, LLC, is creating innovative data-driven solutions across consumer and retail, financial, healthcare, sport and entertainment, education, energy, and nonprofit industries. Our expertise includes market and consumer research, consumer insights, customer experience and satisfaction, marketing segmentation, analytics and reporting, competitive analysis, and omnichannel messaging and branding.

OTHER ARTICLES

3 Ways to Create an Account-Centric ABM Strategy

Article | March 31, 2020

Terminus founder, Sangram Vajre’s definition of account-based marketing is a focused approach to B2B marketing in which marketing and sales teams work together to target the best-fit accounts and turn them into customers. Works for me! According to ITSMA, the share of total marketing budgets dedicated towards ABM have increased 73% in 2020. Remember, at the center of all of the emerging technologies is the customer and their rising expectations. As a B2B marketer, you must place your accounts at the center and build your business around them.

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ABM ACCOUNTS

The Pareto Principle in Account-Based Marketing

Article | March 31, 2020

The Pareto Principle is introduced by an Italian economist - Vilfredo Pareto. According to this principle, for several results, 80% of the outcomes arise from 20% of the cause. Other variations of the Pareto principle states: 80% of the sales come from 20% of customers or 80% of marketing engagement comes from 20% of accounts. Many researchers believe that ABM is a descendent of the 80/20 rule. By following this rule, businesses can spend the bulk on creating personalized marketing campaigns for the 20% of customers who spent the most on the product or services of their company. How the Pareto Rule Brings Sales Growth? In ABM, the Pareto principle can be used as a guide to overcoming the business growth obstacle and acquiring extremely productive business solutions. So here are a few strategies that will assist in bringing the resources and attention to the top 20% of customers. 1. Identify Best Customers Companies might have hundreds or thousands of customers or prospect lists either from email, social media, or by the website. To ensure making a wise choice, it is a must to have a glance at the historical data of every account, then compare it with the ideal customer profile and determine which makes it to the list of the best customers. After finding the top customers for the business, assure to mark them as a top priority. 2. Locating Their Area An important factor is to check the Point-of-Sale platform and find the area from where the highest number of best customers belongs to. It will lead to determining the most suitable sales or marketing strategies that can boost the growth of the organization. 3. Rank The Need Of Customers After creating the list of best accounts or customers, try to dig a bit deeper and discover the want, need, or problems each customer has. If in case, the insight is not up to the mark, a company will have to form a team that can gather some information, by: Tracking customer’s social media Having a conversation with the customer Purchasing Insights from vendors. After finalizing the need list make sure to mark each with their importance and address them accordingly. 4. Offer Personalization Across Different Platform Marketing according to the way that connects with each customer deeply without engulfing the resource and budget can be achieved by making the process as automated as possible through hiring developers. Some of how businesses can personalize their channels are: Using images that shows the customer’s interested area Addressing each customer by their name Sharing related case studies with the customers Including a personalized note Remember to keep a track of the progress you made through these steps and modify your list and strategies based on them. Take Away! If used properly, the Pareto rule in account-based marketing helps a business in keeping the focus on what matters the most. It stops enterprises from multi-tasking all the time. With the help of the 80/20 rule, businesses can properly allocate time and resources to the areas that produce the best results. That being said, relocating the budget while cultivating time for referrals from the customers who generate long-term advantages is the core to sustainable growth.

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Forget the hype: The virtues of account based marketing

Article | March 31, 2020

Account based marketing (ABM) is a mainstay of the B2B sector. Often most beneficial when dealing with a niche product or service, ABM is especially useful if the aim is to address more than one person or department within an organisation with a tailored message. In basic terms, it involves taking a very targeted, longer-term approach, homing in on selected key accounts that have (or could have) a particular value and then establishing a far broader, strategic engagement with a client. As head of business marketing and customer experience at O2, Zoe Hominick is a keen advocate of ABM as a crucial channel for B2B marketing.

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The Missing Link in your ABM Strategy

Article | March 31, 2020

Account-based marketing (ABM) programs deliver huge results, but those results can sometimes be elusive. Over the past twelve months through my consulting practice, I’ve had an intimate view into over fifty ABM programs. More common than not, most marketers are telling me that their results are underwhelming. So, what is the missing link? The answer lies in the disconnect between marketing-orchestrated experiences and buyer expectations.

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Spotlight

Foresight Insights

Foresight Insights, LLC, is creating innovative data-driven solutions across consumer and retail, financial, healthcare, sport and entertainment, education, energy, and nonprofit industries. Our expertise includes market and consumer research, consumer insights, customer experience and satisfaction, marketing segmentation, analytics and reporting, competitive analysis, and omnichannel messaging and branding.

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