So, you’re looking at implementing Account-Based Marketing (ABM). Let me ask a very important question: do you know where your data is and can you easily access it?
The answer is crucial because, for many organisations, the reality is data that’s captured and housed in a bewildering array of systems, apps and platforms. It means that nobody really knows the true extent of their data resources, whilst incompatible tools make it virtually impossible to drag insight out of them anyway. Data investment is wasted; employees don’t use the technologies because they bring no obvious or easy benefit; and a business squanders the huge potential of the data it holds.
Stay fresh — stay focused
Unlocking the potential of ABM demands the integration of systems to concentrate data into a single source of insight that’s fresh, focused and — critically — relevant. And relevance needs to be across the board, with data that’s:
- Real-time. Modern business moves quickly, so with data that’s constantly refreshed, you can make decisions based on what’s happening right now — not last month, last week or even yesterday.
- Compatible. Data must be standardised so that you can combine a huge diversity of data sources — comparing like with like for an accurate picture of your customers and markets.
- Accurate. Databases decay at between 25% to 30% a year. Therefore, it is essential that your systems are constantly maintained, cleansed and de-duplicated for ongoing accuracy.
- Accessible. Having all the information your teams need held in a single, convenient and easily accessible place, such as your CRM system, will drive usage and efficiency
- Automated. Higher levels of automation will ensure your sales teams sell and your marketers market — rather than getting themselves bogged down in unnecessary admin.
- Meaningful. Not everyone is a data specialist, so insight should be easily visualised and customised to meet the exact needs of a business and its users. Better still if this insight is ‘pushed’, so it’s always at the fingertips of the user.
So what’s the pay off? With data that’s fresh and focused, you will always stay ahead of the competition by:
- Harnessing predictive insights for more effective strategic decision-making.
- Focusing sales and marketing on the most valuable and likely prospects.
- Optimising current customers by seizing every available opportunity.
- Securing new customers within existing sectors and markets.
- Segmenting new sectors and markets to match your products and services accurately.
- Identifying decision makers in organisations so your sales teams always engage with the right people.
- Being alerted to key events that indicate that a person may be most likely to buy.
- Creating powerful messaging that resonates with prospective customers.
- Driving maximum ROI from every single engagement.
By truly understanding your customers across sectors and markets, you are able to give your customers what they want, when they want it. Or to put it another way — you are able to unlock the potential of ABM. If you’re looking to pursue an ABM strategy, or simply want to better harness your data, I’d love to hear from you so get in touch today.
By Rob Eaton, Director of Sales, International, at Avention