The state of the global economy is always fluctuating and during periods of economic uncertainty, it is essential for marketers to understand the changing patterns of purchase decision-makers and adjust their strategies accordingly. Recessions, defined as a significant decline in economic activity, have a direct impact on marketing and companies typically tighten their budgets during these times. As a result, B2B sales funnels have become longer, more complex, and involve more decision-makers, making it more challenging for marketers to reach a consensus and close deals quickly.
The global downturn has changed the way buyers and sellers interact, and marketers must adapt to these changes and adopt new approaches to capture the attention and dollars of buyers. While some companies may choose to scale back during tough economic times, marketers must drive demand using smarter strategies that rely on data to focus their investments on a full-funnel, always-on approach.
A data-driven, full-funnel account-based marketing (ABM) strategy allows marketers to gain a better understanding of shifting buyer behaviours and priorities, and to deliver content that resonates with the needs of their audience. According to Gartner, the typical buying group for a complex B2B solution involves six to ten decision-makers, each with their unique perspective and priorities.
Marketers can leverage data from customer relationship management systems, marketing automation platforms, and content channels to create customised ABM campaigns that deliver personalised content throughout the buying journey. Here are three ways in which data can boost the efficiency of ABM:
Identify the Accounts Most Likely to Buy
Data is crucial in understanding which accounts are actively in-market and who within these accounts is engaging with relevant content and messaging. B2B research and historical engagement provide valuable information on the topics that are most important to the accounts. For example, A recent research study on the purchase decisions surrounding cloud-based solutions for the retail industry found a surge in demand for omnichannel retail technology. This data highlights the importance of offering a seamless shopping experience across all channels, both online and offline, for retailers. This can provide a new opportunity for marketers to target this audience with tailored solutions to help retailers streamline their omnichannel operations and increase customer satisfaction.
Personalise the Buyer Experience
Up to 90% of the buyer's journey is complete before a prospect reaches out to a salesperson, and effective marketers engage with their prospects throughout the entire funnel. Data stored across multiple solutions can be used to create personalised content that speaks to the challenges and needs of each decision-maker at every stage of the buying journey. This allows for more personalised messaging and content to maximise account engagement and drive higher account engagement through a persistent presence in the market.
Uncover Pipeline and Revenue Impact
Teams can better understand account development by analysing engagement and pipeline-impact data. Instead of focusing on vanity metrics such as impressions, open rates, site visits, and downloads, prioritise data points such as changes in pipeline volume, velocity, and measurable account value. These insights allow for a data-driven approach to campaign optimisation that generates more revenue from target accounts, improves the ROI of marketing efforts, and increases win rates through more relevant and personalised marketing content for target accounts.
A full-funnel ABM strategy powered by data enables marketing teams to work smarter during difficult economic periods. With data-driven insights, marketers can effectively adjust their strategies and tactics in response to shifting buyer priorities and set their organisation up for success in a challenging market.
At Quantum Marketing Group, we believe in delivering results, not just services. Our team of marketing experts will work closely with you to deliver measurable outcomes that help you achieve your marketing goals. Whether you're looking at maximising your ABM strategy, generating leads, or increasing your customer engagement, we are here to help.
How to drive profit from Account-Based Marketing
The main reason why ABM has caught the imagination of the marketing community is simple: it’s proven to deliver results. With it comes the ability to deliver more meaningful and relevant messages that are tailored to a precise audience. But then you already knew that. What you possibly don’t know so well are the key factors behind a successful ABM programme, or the main pitfalls to avoid.
At least until you opened this ebook…