Technique 2 minutes, 26 second read Iain Masson, RVP UK & Nordics, Showpad
Account-based marketing is often seen as an approach to bring in new, highly relevant and valuable customers. However, the potential of ABM doesn’t stop there. Beyond bringing together sales and marketing teams, the likes of account management and success teams should also be brought into the mix to further propel ABM strategies forward.
Existing customers – a new revenue stream
In these uncertain times, the importance of customer retention cannot be overlooked. The statistics speak for themselves: Increasing customer retention by 5% has been shown to yield a 25% increase in profits. Not to mention, the additional potential for cross selling or upselling – businesses are more likely to sell to existing than new customerstoo. Still, to have this success, a lot goes on behind the scenes.
Just as for new customers, it is vital (if not more so) to have a deep understanding of current customer needs and to get targeting exactly right. Offering a joined up, personalised experience should not stop the moment customers sign on the dotted line. The era of internal ABM has arrived.
Utilise knowledge of customers
Data and insights are still key – and with existing customers there is already a lot more to work with. Detailed information on customers’ specific needs, company culture, the buying committee and decision-makers should already have been collected. This should make for a smooth onboarding process, but all data points and interactions still need to be continuously tracked after that.
It is important to continue measuring how and what current customers are engaging with, helping to highlight transitions in preferences or even emerging new issues that may need addressing or potential future needs.
This enables the creation of personalised content for the most valuable accounts and to continue delivering the right content and messaging at the right time, long after the close of a deal. Not only does this ensure a continued demonstration of value, but it also opens opportunities for new discussions and possible new sales.
Enable departmental collaboration
These insights and data need to transparently flow across marketing, sales and success teams to ensure that the right departments are being pulled in where needed.
Further information gained through conversations and customer meetings also need to be shared for complete views of customers. For example, are there new stakeholders or decision-makers or are there other parts of the customer business that would be interested in hearing about products or services?
This is all made much easier through utilising tools and enablement technology to keep these departments in sync, on the same page and supporting one another to ultimately boost revenue.
Times are still tough. Many budgets are still squeezed and purchasing decisions are under far more scrutiny. It is more important than ever for businesses to make the most of what is at their fingertips and to apply marketing and sales practices in new ways and align more customer-facing teams to further boost ROI.