Being confronted with the challenge of winning new customers from new audiences can be as intimidating as stepping out onto an unknown night-time street! However, like most things, being forewarned is being forearmed and having some sort of navigation will help you reach your destination. Effective demand generation from new audiences is no different. ROI success depends upon both careful planning and execution, starting with putting six key building blocks in place:
1) Use martech & salestech tools to store, manage, and engage your new contacts
Before you put in place a new demand generation campaign, make sure you’ve got the right systems in place. You need what Gartner calls a “system of record”, such as Salesforce or other CRM—a place to store and track your account data, contacts and leads. HubSpot is an example of a “system of engagement”, which is a process-oriented tool that enables you to segment your contacts, create customized offers and launch email campaigns. Many marketers are also using Marketo, Oracle Eloqua, or Pardot as their system of engagement. To complement marketing’s efforts, sales teams use sales automation systems, such as SalesLoft or Outreach, to automate how they engage with target accounts in their territories.
2) Leverage fresh, accurate data to help you plan, prioritize and personalize your customer engagement
To scope your demand generation effort effectively, you first need to understand the total audience for your target buyers or your ‘total available market’ (TAM). That means up to date, accurate demographic and perhaps technographic data that can help you answer these sorts of questions:
How many accounts are there that fit my ideal customer profile (ICP)?
How many contacts are there at those accounts that fit my buyer personas?
How many accounts and contacts can I chase given my budget and resources?
Once you know your TAM, you need a clear understanding of your coverage, i.e., do you have the right data in your martech to engage with that audience and personalize that engagement effectively. Ask yourself:
Which accounts fit my ideal customer profiles and do I have their complet firmographic details
Who are the contacts at those accounts that fit my customer personas?
Do I have their complete, accurate contact details (current title, email, direct phone)?
Do I have data about their areas of interest/responsibility/pain points so I can personalize our content marketing to them?
In working with several B2B companies from start-ups to enterprises across many industries, we find that most organizations are missing up to 80% of their total target audience, and up to 50% of the data they do have is incomplete or outdated.
3) The importance of data quality for successful demand generation
If you define the right buyer personas and you’re selling to the people who are the most likely to buy your product or service, that is typically going to result in better conversation rates. Picking the right targets depends upon having complete and accurate data to analyse, particularly if you’re trying to use predictive tools. No matter how your team decides on which accounts to target, starting with account and contact enrichment can help ensure that you’re making decisions based on a complete and accurate picture of your situation. Since ABM depends upon actually engaging your targets, data quality becomes even more critical as you start running campaigns. Because data decays at an alarming rate, you need email addresses that have been verified. The gold standard is a 95-100% deliverability rate, so you should seek a guarantee from any data vendor that they will provide that level of quality. Having direct dial phone numbers is also key so that your team can follow up with contacts efficiently.
4) Which channels will you use and how will you execute your marketing strategy?
Defining your ABM processes is about aligning your goals with the tactics you’ll use to achieve them—deciding how you’ll use your core systems, and what others you may layer on top. Over the last several years, the martech landscape has expanded exponentially to include many specialized tools. You’ll still need a defined process set up handling leads in both marketing and sales areas. You also need to consider how often will you send emails, will marketing or sales send them, and will they have customized landing pages per account or by segment? How might you layer in buyer intent to identify new accounts and demand centres and integrate them into your ABM process? What about custom events? Direct mail? Each medium or channel you consider needs a well thought out and documented execution process in order to drive new business wins.
5) Personalized messaging will engage your target audience
Whether you’re doing display ads, email campaigns, bespoke videos, direct mail or all of the above, running ABM efficiently means developing resonant content that can be tailored for each account and buyer persona, and be repurposed. One reason that 92% of B2B companies see higher opportunity-to-close rates from ABM accounts (sourced from the SiriusDecisions 2017 State of ABM) is that the messaging and content are highly tuned to the target buyer. Our customers have achieved great results by segmenting their ABM lists by title & seniority and then sending a high-level message about innovation and line of business goals to the C-level and more nuts and bolts tech benefits to the practitioners. They also segment their lists and content by the size of the company they’re targeting, since pain points will differ. Where a good generic email campaign may get 10-20% open rates…we’ve seen customers who micro-target their content achieve 50-70% open rates, 25% engagement rates in a first call and an 8% conversion to a meeting within five to seven business days.
6) Measuring and optimizing your demand generation campaigns
Now, your systems are all in sync, you’ve got a process for fresh data and customized messaging and you’re engaging your targets with tailored content – it’s time to measure and optimize your campaign. For example:
Content: Which messages, subject lines, creative have driven the most engagement & revenue?
Systems: Where are we seeing the best conversion rates, the best ROI? Should we change our targeting slightly to get more specific?
Data: Can I optimize my target personas? Add or remove keywords or change exclusions? Tweak titles slightly? How might that change my TAM?
Processes: Can we be working leads more efficiently? Is our lead & account scoring
accurate? Do marketing & sales still agree on whom to target?
These six building blocks are all essential for demand generation success, but without careful alignment between your marketing and sales teams, your campaign won’t be structurally sound. To build a strong foundation for success, your marketing and sales teams must collaborate on your ideal customer profile (personas and target accounts and criteria) develop a joint process to engage contacts across channels, and also agree on the KPIs you’ll use to track and measure your results.
How Fire NBM can assist you with prospect and account based marketing:
· BRAND INSIGHT, POSITIONING AND PROPOSITION DEVELOPMENT
Our experienced researchers conduct brand perception surveys, insight programmes and phone interviews for businesses to discover what challenges their prospects and existing clients face, what they are looking for in service and product providers and how they make their buying decisions. Our strategic marketers and creatives then bring this to life!
· CREATIVE DEMAND GENERATION Fire NBM works with companies to develop B2B prospect personas, content marketing strategies, brand propositions, campaigns and creative execution. We assist clients to optimise the best mix of outbound and inbound techniques to drive new business growth and our social media specialists ensure messaging and content works well across all digital media, with our our content team including qualified journalists.
· PR AND MEDIA IMPLEMENTATION We plan and implement the optimal mix of digital and offline media for integrated, multi-channel, inbound and outbound campaigns, making your B2B business growth initiatives more productive in terms of new leads and ROI.