B2B Marketers Work in Challenging Times
Today, more people than ever are involved in the buying decision. 34% of buyers have increased the number of stakeholders involved in the purchase process.
The more people involved, the less likely a purchase. For any given sale, seven to 20 people are involved in the decision. As the number of people increases, the likelihood of a purchase declines. Buyers are doing more research than ever before. In fact, 94% of B2B buyers conduct some form online research before buying a business product.
Especially when costs are high. For more than 90% of B2B buyers, the amount of research done depends on the price. As the price increases, the amount of research a buyer will do also increases. Not only that, but buyers are waiting to come forward.
Buyer expectations have changed. B2B buyers expect the same range of multichannel options they enjoy as consumers. 49% of B2B buyers prefer to use consumer websites to make work-related purchases. And to top it all off, quality leads are scarce.
Buyers don’t contact suppliers directly until 57% of the purchase process is complete. And this trend will only continue. By 2020, 80% of the buying process will occur without any direct human-to-human interaction.
According to B2B marketers, generating high-quality leads is the top challenge today. But even qualified leads are difficult to close. Only 0.75% of leads generated become closed revenue (Forrester).
When times are challenging, what do you do? You look for solutions that address your challenges. Solutions like account-based marketing.
What is Account-Based Marketing (ABM)?
The account-based marketing approach practices traditional and reliable B2B principles but targets company accounts rather than individual sales leads.
It recognizes that successful B2B marketing is all about speaking to a collective business or department, not to isolated individuals. Account-based marketing requires a close collaboration and alignment of sales and marketing teams to create highly engaging, personalized interactions that today’s decision-makers have come to expect.
Account-based marketing is not a “one and done” campaign or tactic. It’s a business philosophy and strategy, and it’s always turned on for an account.
Get Started with the 6 Foundational Pillars of Account-Based Marketing 101
1. Flip the Funnel
Traditionally, prospects begin at the top of the buyer journey and more down to the bottom. With account-based marketing, you flip the funnel on its head. This is the #FlipMyFunnel model to ABM.
2. Identify the Best-Fit Accounts
Find and engage the right companies so that resources aren’t used on prospects that will not become customers.
3. Expand Contacts Within the Account
Build relationships with multiple people within an account. Remember, business decisions are made by more than one person.
4. Engage Accounts on Their Terms
Engage contacts on the channels where they’re most active with the messages and content they want.
5. Create Customer Advocates
Leverage customer relationships to create brand champions and authentic advocates.
6. Measure Success
With account-based marketing, measurement focuses on performance indicators that evaluate success at the account level.
Transform Your Business with Account-Based Marketing
Launch and Accelerate Account-Based Marketing with These Tools
Get the book that explains account-based marketing step-by-step. It’s the first-ever ABM book, and it’s perfect for beginners, experts, and everyone in between.
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