One of the most critical steps in account-based marketing (ABM) is researching and identifying target accounts.
In this blog, we'll explore the steps you can take to research your target accounts effectively and provide statistics to support each approach.
Step 1: Identify Your Ideal Customer Profile (ICP)
Before diving into researching specific target accounts, it's essential to develop a comprehensive ICP that outlines your ideal customer's characteristics. Your ICP should include factors such as company size, industry, revenue, location, and buyer persona.
According to a report by Aberdeen Group, companies with a well-defined ICP achieved 68% higher account-based marketing revenue growth than those without a well-defined ICP.
By developing an ICP, you can ensure that you're targeting the right accounts that are most likely to generate revenue for your business.
Step 2: Utilise Sales and Marketing Intelligence Tools
Sales and marketing intelligence tools provide a wealth of data on your target accounts, including company size, industry, revenue, and other key characteristics. Utilising these tools can help you build a list of target accounts to focus on for your ABM program.
According to a report by Ascend2, 67% of marketers use sales and marketing intelligence tools to research their target accounts for their ABM program.
Tools like LinkedIn Sales Navigator, InsideView, and DiscoverOrg can provide valuable insights into your target accounts and help you make data-driven decisions about your ABM strategy.
Step 3: Conduct Company Research
Once you've built a list of target accounts using sales and marketing intelligence tools, it's time to dig deeper into each company. Researching a company can provide valuable information on its goals, challenges, and pain points.
According to a report by Demandbase, 90% of B2B marketers say that understanding their target account's needs is critical to the success of their ABM program.
Researching a company can involve analyzing its website, social media presence, and other publicly available information. It's also worth reviewing news articles and industry reports to gain insight into the company's position in the market.
Step 4: Analyse Engagement Data
Analysing engagement data can provide valuable insights into which of your target accounts are most interested in your product or service. This can help you prioritise your efforts and tailor your messaging to each account.
According to a report by ITSMA, 69% of companies use account-level engagement data to inform their ABM program.
Engagement data can include metrics such as website visits, email opens, and content downloads. By analysing this data, you can gain a better understanding of which target accounts are most engaged with your brand.
Step 5: Conduct Persona Research
In addition to researching companies, it's also essential to research the individuals within those companies who are involved in the buying process. Persona research can help you identify the key decision-makers and influencers within your target accounts.
According to a report by SiriusDecisions, companies that focus on personas achieve 73% higher conversion rates.
Persona research involves developing detailed profiles of the individuals involved in the buying process, including their job title, responsibilities, pain points, and preferred communication channels. By tailoring your messaging to each persona, you can increase the effectiveness of your ABM program.
Conclusion
Researching your target accounts is a critical step in developing an effective account-based marketing program. By identifying your ideal customer profile, utilising sales and marketing intelligence tools, conducting company research, analysing engagement data, and conducting persona research, you can create a targeted and effective ABM strategy that generates revenue for your business.
Remember, ABM is a long-term commitment that requires ongoing effort to research and engage with the right target accounts. By using data and analytics to guide your efforts and tailoring your messaging to each account, you can develop a successful ABM program that drives growth and revenue for your business. It's worth noting that the research process can be time-consuming and resource-intensive. However, the investment is worth it, as targeting the right accounts can have a significant impact on your bottom line. According to a report by Demandbase, 58% of companies that have implemented an ABM program have seen a significant increase in revenue. To summarise, the key steps to researching your target accounts include developing an ideal customer profile, utilising sales and marketing intelligence tools, conducting company and persona research, and analysing engagement data.
By using data to guide your research and prioritising the accounts that are most engaged with your brand, you can create an effective ABM program that generates revenue and growth for your business.
