As B2B marketers, we’re often looking at frameworks and models to build into our organization. However, many fall short of our needs and are built for pure inbound or pure outbound based organizations, which very few companies truly are.
If you're doing some outbound activity, you probably think account-based marketing makes a lot of sense. It aligns growth between marketing and sales, enables marketing to develop more focused messages, and makes it so marketing can influence the entire funnel. Most of all, it helps companies grow faster. However, pure account-based marketing can be limiting. It by definition excludes profitable inbound marketing tactics such as content marketing and SEO and can be an expensive approach to build fully personalized campaigns for each company.
The question asked next is usually, how do can you get the benefits of account-based marketing yet do it at scale?
What you need is Account-Based Demand.
Account-Based Demand combines the best of ABM -- specificity -- and the best of demand generation -- scale -- in one model to achieve maximum growth potential.
This model works best for deal sizes between $10,000 and $100,000 per year. At this deal size, you’ll often be doing a mix of ABM tactics such as outbound calling and company-based ad targeting, but it will be large scale -- targeting 10,000 or more accounts. You’ll also likely still find success with inbound marketing such as content marketing, SEO, and Google AdWords.
Getting started with account-based demand is easy, often it’s as simple as developing your target account list, changing some ad targeting parameters, and aligning demand across the entire funnel.
Step 1: Develop your ideal customer profile and target account list
Before you do any marketing, it's important to know who yyou're targeting. Since you're already doing demand generation, you should have a great idea on personas, but now you need to add company level targeting.
This is done by partnering across marketing, communicating with the CEO, and coordinating with sales. It's important every agrees WHICH accounts are important. Do this by looking at win rates of groups of companies and developing the ideal customer profile. Since there's a variance across groups of companies, it's common to grade them ABC but maintain them all as target accounts. You should be left with more than 10,000 accounts in total. If you're under this, you may want to consider a pure ABM model.
Step 2: Generate demand for sales
This should be one of the easier steps to implement in your journey to account-based demand. Often times it's as simple as using company level targeting already available in demand channels such as LinkedIn or content syndication. Use them. Other, more unique areas of opportunity include hiring an outbound sales team (which sometimes sits under sales) and direct mail boxes to generate more appointments.
Step 3: Convert prospects to customers
In order to be effective with account-based demand, it's important for you to be measuring and optimizing for the right metrics. The goal of marketing should be to drive revenue. This aligns marketing with the CEO and sales and is a critical shift to being successful at driving more value beyond demand generation.
Once you've made this shift, marketing can now support converting prospects to customers. Common effective tactics are taking a full-funnel approach to digital advertising, such as running ads to open opportunities and investing in sales-involved field marketing such as prospect dinners. This part of account-based demand will require tight alignment with sales, especially the account executives teams which may have not have marketing involvement in the past.
Step 4: Develop advocates and increase LTV
Part of building a sustainable business is building advocates and generating new value from existing customers. The final step in account-based demand is bringing targeted campaigns to existing customers -- it shouldn't matter whether revenue comes from prospects or customers. Customer marketing can include tactics such as a customer newsletter, but also field events, ads, direct mail, and all the other tactics used for new prospects.
Getting started is easy, but can require a bit of work, if you need some help LeadMD offers a free maturity audit to help you with everything from strategy to technology implementation and management. As you now know, aligning marketing to revenue is critically important to be successful with account-based demand and this is where Bizible can help you with their multi-touch attribution software.