Introduction

Account Based Marketing (ABM) is a strategy that involves targeting high-value accounts and delivering personalized, relevant messaging that resonates with their needs and challenges. This approach is gaining popularity among businesses that want to achieve better ROI on their marketing efforts by focusing on the accounts that matter the most. ABM account prioritization and lead conversion are critical components of this strategy that can help businesses identify the accounts with the most potential and convert them into loyal customers.

What is ABM?

ABM is a B2B marketing strategy that involves targeting specific accounts that are a good fit for your business and tailoring your marketing efforts to their unique needs and challenges. This approach is different from traditional inbound marketing, where businesses cast a wide net and hope to attract leads that may or may not be a good fit.

ABM allows businesses to focus on the accounts that matter the most and deliver personalized messaging that resonates with their pain points and goals. By doing so, businesses can improve their conversion rates and achieve better ROI on their marketing efforts.

Why is account prioritization and lead conversion important for businesses?

Account prioritization and lead conversion are critical components of ABM that can help businesses achieve their marketing goals. By prioritizing the accounts with the most potential, businesses can focus their resources on those that are most likely to convert into loyal customers.

Lead conversion is equally important because it involves turning those high-priority accounts into paying customers. By delivering personalized messaging and nurturing those leads over time, businesses can build trust and credibility with their prospects and increase their chances of closing the deal.

• ABM allows businesses to focus their resources on high-priority accounts


• Personalized messaging resonates with prospects and improves conversion rates


• Lead conversion involves building trust and credibility with prospects over time

In summary, ABM account prioritization and lead conversion are important for businesses because they allow them to focus on the accounts that matter the most, deliver personalized messaging that resonates with those prospects, and convert them into loyal customers over time.

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Step 1: Define Ideal Customer Profile (ICP)

As the first step to prioritizing ABM accounts and converting leads, it is crucial to define your Ideal Customer Profile (ICP). An Ideal Customer Profile is a detailed description of a hypothetical company or organization which would benefit most from your products or services.

Explaining the Importance of ICP

Having a well-defined ICP is important in order to ensure that your sales and marketing resources are being effectively used. It helps in targeting the best-fit accounts, identifying relevant decision makers and stakeholders, creating a strong value proposition, and ultimately driving successful outcomes by converting them into qualified leads and customers.

Without an ICP, you may end up wasting resources on accounts that are not fruitful and not utilizing your sales and marketing efforts optimally.

How to Create an ICP

Here are the steps to create an effective ICP:

1. Research: Start with conducting research on your existing customer base, including their industry, size, revenue, growth rate, employee count, etc.


2. Analyze: Analyze your existing customer data and identify common traits among them


3. Streamline: Streamline the data to identify the most common, profitable and scalable customer types who are most likely to benefit from your products or services


4. Narrow Down: Narrow down the ICP to include only the accounts and people who meet specific and clearly defined criteria.


5. Refine: Continuously refine the ICP as you gain more knowledge and insights from engagement with prospects and customers

Once you have created your ICP, you can proceed to the next step of prioritizing your ABM accounts and designing your ABM strategy.

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Step 2: Identify Target Accounts

Identifying and prioritizing target accounts based on Ideal Customer Profile (ICP) is a crucial step in any Account-Based Marketing (ABM) strategy. By focusing your efforts on the right accounts, you can increase your chances of success in lead conversion and sales. Here's how to identify and prioritize your target accounts:

1. Define Your Ideal Customer Profile

The first step in identifying your target accounts is to define your Ideal Customer Profile. Your ICP is a profile of the type of customer who is most likely to benefit from your product or service. It includes information such as industry, company size, job title, location, and more. By creating a detailed ICP, you can narrow down your list of potential target accounts.

2. Use Data to Identify Target Accounts

Once you have your ICP, you can use data to identify target accounts that match your criteria. This can include firmographics (company size, industry, etc.), technographics (technology stacks), and more. You can use a tool like ExactBuyer, which provides real-time contact and company data, to find accounts that fit your ICP.

3. Prioritize Your Target Accounts

Not all target accounts are created equal. Some may be a better fit for your product or service than others. To prioritize your target accounts, you can use a scoring system that takes into account factors such as company size, revenue, and engagement with your website or marketing materials. You can also prioritize accounts based on the level of decision-making power of the contacts within the company.

4. Continuously Refine Your Target Account List

Your target account list is not set in stone. As you gather more data and insights, you may need to refine your target account list. You may find that certain accounts are not a good fit for your product or service after all, or you may discover new accounts that should be added to your list.

By following these steps, you can identify and prioritize target accounts that are most likely to result in lead conversion and sales. With the help of tools like ExactBuyer, you can streamline the process of identifying and refining your target account list.

To learn more about how ExactBuyer can help you build more targeted audiences, visit our website or contact us to schedule a demo.

Step 3: Map the Buying Committee

Identifying and mapping the buying committee in the target accounts is a critical step in any ABM strategy. It helps you to understand the decision-making process, identify key stakeholders, and tailor your messaging to each individual's needs and priorities.

Outline:

1. Identifying the key stakeholders



The first step is to identify the key stakeholders involved in the buying decision. These are the people who have a say in whether or not the purchase is made. Key stakeholders could be decision-makers, influencers, or even detractors.



2. Understanding their roles and responsibilities



Once you've identified the key stakeholders, the next step is to understand their roles and responsibilities. What is their level of influence in the company, and how do they fit into the decision-making process? Understanding this will help you to tailor your messaging and approach to each individual.



3. Creating buyer personas



Creating buyer personas is a useful tool to help you better understand your target audience. It involves developing profiles of your ideal customer(s) based on demographics, role in the company, motivations, pain points, and buying behavior. This will help you to develop targeted messaging that resonates with each individual.



4. Engaging with the buying committee



Once you've identified the key stakeholders, understood their roles and responsibilities, and created buyer personas, the next step is to engage with the buying committee. This involves tailoring your messaging and approach to each individual, and working to build a relationship that will ultimately result in a successful sale.

Mapping the buying committee is a critical step in any successful ABM strategy. It helps you to understand the decision-making process, identify key stakeholders, and tailor your messaging to each individual's needs and priorities. By following the outlined steps, you can ensure that your approach is both targeted and effective, resulting in a higher rate of lead conversion and ultimately, business success.

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Step 4: Develop Personalized Content

As you progress through your Account-Based Marketing (ABM) strategy, it is important to understand the value of personalized content. By creating tailored content for your target accounts, you can better engage with them and increase the chances of lead conversion. In this step, we will explain the importance of personalized content and provide tips on how to develop it for your target accounts.

Why Personalized Content Matters

Personalized content allows you to speak directly to your target accounts, addressing their unique pain points and demonstrating your understanding of their needs. This approach can enhance your brand's credibility and foster a stronger relationship with your target accounts.

According to a study by Demand Metric, 80% of marketers believe that personalized content leads to stronger customer relationships. In addition, a study by Evergage found that 96% of marketers believe that personalization advances customer relationships.

How to Develop Personalized Content

Developing personalized content for your target accounts requires research and strategic planning. Here are some steps you can take:

• Identify your target accounts' pain points: Use your customer relationship management (CRM) data and market research to understand your target accounts' biggest challenges and pain points.


• Create target personas: Develop personas for each of your target accounts to gain a better understanding of their needs, goals, and preferences.


• Segment your audience: Segment your target accounts based on demographics, industries, job titles, and other relevant criteria.


• Create tailored content: Use your research and segmentation to create content that speaks directly to each target account segment. This can include blog posts, whitepapers, case studies, and other types of content.


• Personalize your messaging: Use your target account personas to craft messaging that resonates with each segment. This can include addressing their pain points, using industry-specific language, and highlighting relevant benefits of your product or service.


• Use audience intelligence: Use audience intelligence tools, such as ExactBuyer, to gain insights into your target accounts' interests, preferences, and behavior. This can help you further personalize your messaging and content.

By following these steps, you can develop personalized content that resonates with your target accounts and helps to move them through the buying process.

For more information on how ExactBuyer can help you develop personalized content and audience insights, visit our website or contact us to learn more.

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Step 5: Engage with Target Accounts

Engaging with target accounts is a crucial step in the Account-Based Marketing (ABM) process. It involves reaching out to your identified target accounts and making sure that they are aware of your business and your solutions. Here are some effective ways to engage with target accounts:

1. Personalized Emails

Sending personalized emails is a great way to engage with your target accounts. Your emails should be tailored to their needs and interests. This will show that you have taken the time to understand their business and their pain points. Include a clear call-to-action in your emails to encourage a response from your target accounts.

2. Social Media Engagement

Social media can be an effective tool for engaging with target accounts. Follow your target accounts on social media platforms like Twitter and LinkedIn, and engage with them by liking, commenting, and sharing their posts. This will help you build a relationship with them and keep your business top-of-mind.

3. Personalized Videos

Creating personalized videos is becoming increasingly popular as a way to engage with target accounts. Create a short video that addresses the pain points of your target accounts and explains how your solution can help. Make sure to personalize the video by addressing the recipient by name and referencing their specific needs.

4. Direct Mail

Direct mail can be a highly effective way to engage with target accounts. Send a personalized package that includes a letter outlining your solution, along with a relevant piece of content, like a case study or white paper. This will help your target accounts see the value of your solution and help you stand out from your competitors.

5. Webinars and Events

Hosting webinars and events is a great way to engage with your target accounts. Create an event that addresses the pain points of your target accounts and provides valuable insights and solutions. Encourage your target accounts to attend the event and engage with them during the event by answering their questions.

6. Follow-Up

Following up with your target accounts is crucial to keep the engagement going. This can include a phone call, a personalized email, or even a personalized video. Make sure to continue to address their pain points and provide solutions that help them achieve their goals.

By following these engagement tactics, you can effectively engage with your target accounts and move them closer to becoming customers.

Step 6: Measure and Optimize

Measuring the effectiveness of your Account-Based Marketing (ABM) strategy is crucial to its success. It allows you to understand what is working and what needs to be improved, resulting in more effective targeting and increased ROI. Here are some steps to effectively measure and optimize your ABM strategy:

1. Define Success Metrics

Before you start measuring, set clear and specific metrics to measure the success of your ABM strategy. These metrics will depend on your business goals and objectives. Examples of common ABM metrics include pipeline velocity, deal size, customer lifetime value, and customer retention rates.

2. Track and Analyze Data

ABM is a data-driven strategy, and tracking and analyzing data is key to understanding its effectiveness. Use a marketing automation tool to track every engagement with your target accounts and monitor their progress through the buying journey. This enables you to see which actions are resulting in the most engagement and which accounts require further attention.

3. Optimize Your Strategy

Once you have analyzed your data and identified areas for improvement, it is time to optimize your ABM strategy. This includes refining your messaging, targeting, and tactics to improve engagement and drive more conversions. Use A/B testing to identify which changes are having the most impact and adjust your strategy accordingly.

Overall, measuring and optimizing your ABM strategy is an ongoing process. It requires continuous monitoring, analysis, and improvement to ensure that you are reaching your target accounts effectively and driving business growth.

Conclusion

Account prioritization and lead conversion are essential components of successful Account-Based Marketing (ABM) strategies. By focusing on high-value accounts and effectively converting leads, businesses can improve their sales outcomes, generate higher ROI, and enhance customer relationships.

Implementing Steps for Effective Account Prioritization and Lead Conversion

• Develop clear ideal customer profiles (ICPs) to identify the best-fit accounts for your business.


• Use predictive analytics to score and prioritize accounts based on their likelihood to convert and generate the highest revenue.


• Collaborate with your sales and marketing teams to align your messaging and outreach efforts with the needs and pain points of your target accounts.


• Engage with decision-makers and build relationships through personalized communications and relevant content.


• Track and measure the success of your ABM strategy and make adjustments as needed.

By incorporating these steps into your ABM strategy and leveraging the right tools and resources, you can improve your account prioritization and lead conversion efforts and drive more revenue for your business.

At ExactBuyer, we offer real-time contact and company data and audience intelligence solutions that can help you identify and target the right accounts for your ABM strategy. Our AI-powered search capabilities and integrations with Hubspot and Salesforce can streamline your sales processes and enhance your lead conversion efforts. Check out our pricing page to learn more about our plans and features.

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