Account-based Marketing Best Way to Develop New Tech Markets
Woo hoo! Account-based marketing (ABM) is the next DC Marketing Tech Talk next week.
At WaveLength Analytics, Account-based Marketing is a favorite topic. We’ve been preaching it long before it got its trendy name. Since our founding, we’ve been telling clients that new B2B markets are best developed by FIRST choosing targeted accounts. In a very real sense, we are one of the pioneers of the ABM strategy.
More than a decade ago, we pioneered market segmentation, persona development and account-based marketing strategies. For a large network hardware vendor, we did a large marketing segmentation project to identify our ideal list of accounts.
Our Process to Get B2B Targets Account List
- We did a large primary research survey in the world’s 10 largest enterprise technology markets
- Factor analysis to get numbers of clusters
- Multiple regression to identify segmenting variables
- K-Means clustering model to create market segments
- Discriminant model for SIMPLE typing tool for any follow on research and to use with prospects
- Picked 2 segments to target marketing, high values segments or personas
- We conducted a second phase of primary research – on personas – to better understand values and attitudes relative to financial position.
- Then we drew up an account-based marketing target account list of firms that fit into our 2 personas
- Last, we generated demand with the Account-based marketing list AND the randomly selected control group of firms
Then what happened?
Our ABM list significantly outperformed the random list on every marketing metric – Open Rates, Response, Marketing Qualified Leads, Sales Qualified Leads, Meeting Rates, Sales Deal Size, and Sales Cycle Duration.
Hands down, the “quality over quantity” marketing strategy beat “spray and pray.”
Since then, we are big, big believers.
Account-based Marketing is Best Way to Develop New B2B Markets
A big budget is not required to come up with a good account-based marketing target list. There are shortcuts – even if it’s a simply a CHOICE to concentrate marketing efforts on one or two industry verticals.
Of course, Account-based marketing is now more than the list of target accounts. It’s a whole set of technologies to support the strategy. Next week, we can’t wait to hear from Triblio and Demandbase about their view of the world.
All B2B Companies Can Benefit from Account-based Marketing
Please join DC Marketing Tech Talks for what’s certain to be an eye-opening night for B2B marketing departments in Washington, DC, Northern Virginia, and Maryland.