For any given B2B sale, 7 to 20 people are involved in the buying process.
This statistic comes from KnowledgeTree, who also highlight a challenge that I’m sure will come as no surprise: as the number of stakeholders involved in a purchase increases, the likelihood that the deal will close decreases.
On top of that, another challenge has emerged in the world of B2B marketing and sales: B2B buyers don’t contact vendors until 57% of the purchase process is complete (Corporate Executive Board).
Instead of reaching out to suppliers, they’re spending more time doing research online and asking for recommendations from friends and colleagues.
So the question is: how can B2B companies effectively market and sell to large buying committees who want to make decisions on their own terms?
The Solution is Account-Based Marketing
I recently created an e-book called Account-Based Marketing 101 with my friend Jay Baer, who you probably know as a brilliant marketing thought leader, best-selling author, and keynote speaker. Jay and I agree that ABM is the key to more relevant marketing.
As Jay says, “ABM lets marketers act more like great salespeople, increasing conversion rates and reducing wasted spend.” That’s because account-based marketing recognizes that successful B2B marketing is about speaking to a collective business or department — not to isolated individuals or leads. Instead, ABM requires a close collaboration between sales and marketing teams to create highly engaging, personalized interactions that today’s decision-makers have come to expect.
See ABM in Action
In a recent episode of Marketing Marvels, my colleague Alex Latraverse and I chatted with Jay Baer about how to target your best-fit B2B customers — and just as importantly, turn those customers into brand advocates — using ABM and Terminus. We packed a lot of information into less than 30 minutes, including:
- Achieving marketing and sales alignment
- Targeting accounts by stage in the customer journey
- How data powers ABM
- Resources for getting started with account-based marketing
Take a look:
Learn More in Account-Based Marketing 101
So, what do you think: could your team benefit from using ABM to sell to B2B buyers on their own terms?
Grab a copy of Account-Based Marketing 101 to learn more. In the e-book, Jay and I break down the problems with lead-based marketing, the benefits of account-based marketing, and the six foundational pillars of ABM. Click the banner below to download the e-book now.