You’ve finally decided to take the plunge & implement an account based marketing approach for your business. You’re all set to reduce your acquisition costs, increase retention, win enterprise accounts ahead of your competitors & more.
All you need now is to develop a list of your most likely customers, and nurture them along the buyer journey with the right content. But.. where do you start?
How to design a lead nurturing campaign that will engage your prospects.
This is where business intelligence steps in.
The process of shortlisting the right targets is easier for mature businesses with a few sales cycles under their belt. A look at the existing customer data is often a good starting point, in addition to an understanding of industry related nitty gritties from experience. However even if you don’t have these to rely on, applying business intelligence can still build you a list of extremely relevant prospects.
What is business intelligence?
Business Intelligence (BI) refers to the collection, organisation & contextual analysis of data from various sources to create meaningful & actionable insights. There are several tools and practices used to develop BI which vary depending on the need of each organisation or even user. However, since ABM approach relies on close alignment between sales & marketing, the requirements can be collaboratively agreed upon.
Here, we take you through a target list creation process with a coworking space business as an example:
Creating your ideal customer profile
For many businesses with niche offerings, customers can often be found tied to a limited number of industries. A coworking space’s offering is rather industry agnostic – almost every type of business needs an office space. However, there are other criteria which can indicate the ideal situations for reaching out to prospective customers.
One of the main indicators for office space demand is growth. Keeping a tab on recently funded startups in the operational areas, market results to note fast growing companies, executive movements, etc. helps identify these organisations.
Lease expiry, while costly to acquire, is also an excellent indicator which can provide manifold ROI with a well designed lead nurture campaign. Many real estate aggregators on the market also have business products which provide real-time requirement info, and are a good source to tap into.
Mapping PII (personally identifiable information) of the buying center
Once ideal business targets have been identified, the next step in the ABM process is the application of business intelligence to map key decision makers within each. For a coworking space, these are typically determined through seniority & function.
Decisions on office space are in the hands of departments such as admin, finance & HR, along with CXOs. Their details can be collated from the business’ own website, professional networking sites such as LinkedIn, company databases, and any other online presence.
Here are 10 free Business Intelligence Hacks to boost your account based marketing
Email campaigns are the most preferred form of lead nurturing, and help get a foot in the door. However the ABM approach delivers greater value by integrating more information such as social profiles & behavioural monitoring to provide an omni-channel lead nurture experience.
Validation of service requirement
Another important application of business intelligence is designing content for the buyer journey. Since account based marketing aims to minimise wasted effort, it is desirable to retain only those targets who are responsive on the journey.
Personalising content to be relevant increases the chances of getting engagement. Conversely, receiving no response despite personalisation is an indicator that efforts might be better directed elsewhere.
In this case, consider the following email subject lines we used. Among HR, admin & finance, can you guess which was targeted at who?
- “We want privacy, security…& our own space. Have you got it?”
- “Did you say 25% savings on office expenses? Get outta here..”
- “Want to know how you can attract & retain top talent in the industry?”
Thus business intelligence helps lead scores to be an accurate reflection of intent, with higher chances of engagement & conversion.
One of the lesser known benefits of the ABM process is increased customer retention rates – overlapping with expansion in engagement. Applying business intelligence to existing customer behaviour, that is well designed cross-sell or up-sell plans to subtly gauge their intent can make a big difference to your bottom line.
All the BI processes mentioned above can be continuously applied to existing customers to be responsive to their actions. For example, noting multiple recruitment ads from an existing customer indicates it might be a good time for a co-working space to pitch a deal for larger office space.
At BlueBird, applying business intelligence to solve marketing puzzles is a forte. We’ve helped several startups land meetings with F-500 businesses & would love to do the same for you.
If you would like to know more, feel free to reach out & have a chat!