How to Create an Account Based Marketing Strategy for Your SaaS
With the world evolving at such a rapid rate, there’s no shortage of up-and-coming marketing trends. It’s obvious that not all these guarantee success in the SaaS world. However, many studies can back up “account-based marketing.”
To execute an ABM campaign, there are multiple facets a marketer must explore. If you’re looking to implement this strategy, we’ve covered what you need to know:
- The value that an ABM strategy can provide to your organization
- A detailed guide on the framework for this process
- The tools you can use to implement the strategy better
Now that you’ve had an overview, it’s time to get down to business.
What is an Account-Based Marketing Strategy, and Why is it Important for SaaS?yo
An Account-Based Marketing strategy combines marketing and sales efforts to target key accounts with personalized campaigns. The goal of this strategy is to improve the conversion rate and generate greater revenue.
Source: Blueprint Creative Group
According to SiriusDecisions, 92% of B2B companies recognize the value in ABM. More than 60% are looking to invest in technology to implement ABM strategies in their companies.
But how does an ABM strategy benefit SaaS marketers?
- Personalized buyer experience: Instead of sending out generalized messages, each campaign has a dedicated team working on delivering a personal touch to all prospects. A report from Forrester states, 56% of marketers agree that personalized content is key to ABM’s success.
- Shorter sales cycle: Since the team will already be focusing on targeted accounts, there’s no unnecessary waiting for stakeholder decisions. Thus, final purchase decisions can be made easily, and the deal can be pushed through the pipeline faster.
- Higher ROI delivered: Focusing on key accounts enables ABM to provide greater returns than any other marketing strategy. Looking into client-specific needs and social trends allows marketers to optimize their results. Moreover, fewer internal resources are wasted on accounts that wouldn’t contribute to the bigger picture.
To successfully implement such a strategy, focus on what type of approach you should take.
Building an Account-Based Marketing Strategy for Your SaaS
Set Up a Process to Identify Key Accounts
The key accounts targeted are those which have the potential to generate more revenue for your company. This is more about discovering what these organizations value and what their long-term goals are.
What should you consider when picking these accounts?
- Emporographics: Industry size, no. of employees, customers, geographical location.
- Market Research/ Statistics: Values, interests, buying priorities.
- Technographics: IT management and software systems used in the organization.
- Development Phase: Organizational growth and its current stage.
Creating an ideal customer profile is essential. Without learning how to pick your accounts properly, it’s highly unlikely you can kickstart your strategy.
Align Your Sales and Marketing Teams
ABM is a joint effort between the marketing & sales factions of any organization. Needless to say, collaboration between these teams is essential for implementing an account-based marketing strategy.
To further ensure that the teams are on the same page, assign tasks and responsibilities beforehand. Ensure that each member is aware of the role they have to play. Overlapping these would only increase the number of resources invested in your hand-picked accounts.
When it comes to data collaboration, multiple channels must be considered. Only relying on one data source isn’t enough. Both teams have to provide their insights on an account to complete the bigger picture. Account creation date, revenue attributed to it, close rate and other related data play a part here.
Breaking data silos in each department will enable the organization to ensure that the accounts have a high-value payoff.
Build the Right Tech Stack
The right technology can enable you to scale your strategy effectively. Finding a reliable techstack means cutting unnecessary costs since you’ll be investing in more efficient platforms.
A customer relationship management (CRM) system like Salesforce maps out what accounts you’re currently working on. This initiates the search for potential targets so that they can convert them into a high-revenue account. The platform can pull up information on the organization’s size, interests, and so on.
LinkedIn Sales Navigator can help in prospecting new leads. This enables you to look into the relevant information needed to reach out via cold calls or emails. Some CRM platforms like Demandbase have market automation integrated. This simplifies your outreach efforts by running targeted ads to capture the client’s details.
Analytics tools such as HockeyStack can then use these leads to generate reports. So that you can follow up on the accounts’ performance. Here’s how that looks in action:
Personalize Your Content
Churning out the same old message for every client can get boring real fast. A touch of personalization engages clients to further invest in their relationship with the organization.
Now’s the time to deliver on your promises by utilizing your previous research. Speak to their pain points and objectives, so they believe in your vision for their company.
Furthermore, be creative regarding how messaging is being dispersed through channels. Look into webinars, social media campaigns, podcasts, and whitepapers to resonate with your target account.
Foster Stronger Client Relationships
Entering a one-off client deal won’t be useful in the long term. Talk to your potential leads about growing your account beyond their original scope.
With marketing and sales being aligned, back up your value with data and research on your client’s future aspirations. Communicate one-on-one with the main point person to show dedication towards their brand.
You’ve got to prove that there’s no better partner out there than your team.
Deliver Consistent Results
Launching a campaign can be stressful. It’s difficult to foresee whether your efforts will pay off. However, the odds are in your favor. Hubspot’s Marketing Trends Report 2022, stated 70% of B2B marketers could successfully leverage ABM strategies.
Set attainable KPIs for your campaigns, as it all depends on your execution. Ensure consistent messaging in all channels to further seal the deal.
Measure, Measure, Measure!
Once your campaigns are out in the open, your results will flood in. Analyze the data to evaluate the successes and where they can be improved.
The metrics to focus on should be relevant for your marketing and sales teams. This can include website visits, time on page, engagement rate, revenue, etc. The KPIs taken into account may vary from channel to channel as well.
With the correct mindset and research, turning your ABM strategy into a success is easy. Just keep the framework in mind and analyze your results using your integrated dashboard.
Track the Performance of Your ABM Strategy with HockeyStack
An ABM strategy can not be deemed a win if it didn’t perform well. Using HockeyStack, you can consolidate data from your CRM, payment processor, ad management platforms, and more to view all integral data from a single dashboard.
Watch how you can follow the journey map of a single user within seconds.
The HockeyStack dashboard can help identify which channels are driving the best results in terms of engagement and revenue generated.
You can also set a number of goals that will help you assess how likely a conversion is. All this can be done using just one platform to minimize risks caused by inconsistent or siloed data. You can use this to further fuel your ABM successes, as HockeyStack is optimized for SaaS analytics.
What does an account-based marketing strategy enable you to do?
Account-based marketing (ABM) enables you to break into new markets by aligning marketing & sales teams. This allows higher ROIs and growth opportunities.
How can you automate your account-based marketing strategy?
Tools like HockeyStack can automate your account-based marketing strategy. You can automatically identify the right leads and contact them using your chosen channels. The platform has integrations with other software platforms such as Salesforce, Hubspot etc to further automate the process.