Are you tired of all the hype around Account Based Marketing? After all, you’re in sales, and you’ve always been focused on accounts. But don’t shrug it off as just another marketing fad too quickly. There’s actually a lot of value for sales when you look behind the curtain. Let’s look at five ways that Sales can benefit from Account Based Marketing.
5 ways an account based approach benefits Sales:
- Smarter Prospecting – It focuses time on accounts most likely to drive revenue.
- Shorter Sales Cycles – Deals accelerate by coordinating efforts around them.
- Higher ACV – The deal sizes are bigger.
- Better Win % – It increases the quality of your biggest opportunities.
- Stronger Alignment – It tightly integrates your sales & marketing teams.
Let’s dig in!
1) Smarter Prospecting
Imagine the first email in your inbox on Monday morning is a report that shows the accounts in your territory that are knocking on your door to learn more about your products or services. Wouldn’t this make your life a little easier 🙂 Engagio has you covered with Weekly Snapshots!
The Weekly Snapshot gives you a glance at your most engaged accounts in your target account list. It helps you determine if the person is your ideal buyer persona, who to contact that week, and how many minutes your prospect has spent engaging with your content/website. Plus, you can identify any key influencers that are engaging that you didn’t previously know about.
Weekly Snapshots also serve as triggers. Meaning, the information you see will prompt you or an ADR to take action. For example, take a manager who is engaged with your content. The weekly snapshot tells me that there’s activity at the account, so therefore, I need to investigate and dive into the type of activity. If it’s a mid or bottom funnel piece of content, then I can reasonably deduce there’s a good chance they’re in the market to buy. Which is great, but the problem is she isn’t a buyer. What should I do to engage the Director or VP? I’ll work with my Marketing team to create a targeted Play and send some highly personalized emails using Engagio PlayMaker.
Furthermore, once you’ve mapped out the ideal personas, you can easily see which roles you’ve already got contacts for and where you still have coverage gaps.
The below chart shows all the people based on their Role. Simply change the row to Account Names and get a VERY clear picture of the coverage at the accounts that are most important to you.
Pro Tip: The first thing you should do with the Weekly Snapshot is schedule a meeting with your ADR (Account Development Representative) for Monday morning. Take a deep dive into those accounts and strategize your next move. You both should be subscribed to this weekly snapshot by your Engagio admin.
Perhaps you both can strategize around your outbound cadence. It may look like this:
The problem, solution, and buying processes for your prospects are becoming more complex. Bigger deal sizes mean more risk to the buyer, which leads to the need for a more in-depth and involved decision-making process. As the buying committee grows, so too must your knowledge and understanding of your prospect’s business.
“Sales reps are 5x more likely to get engagement if they add value.”
It’s not enough to simply send generic, templated messages to each account. Doing your homework will accelerate the deal.
Sprinkle some helpful advice about best practices and you become a trusted advisor who brings commercial insight, not another salesperson who peddles products. People only pay for the value that they can comprehend.
Here is a way to understand what will resonate with your buyer – Engagio can tell you people inside your target account that has Newly Engaged with you as well. If you have been trying to get the buyer to engage with your content, you will be able to see what content sparked the interest (providing some context/intent) and when. Now, you have relevant content for your non-spammy email!
Think about that for a second… now you can understand what piece of content/event/email was able to move the needle and repurpose that for your next big account in the same demographic. Said another way, you get insights into what working and what’s not.
P.S. If you are selling a high-dollar and highly complex solution, you’d be crazy not to adopt this approach.
3) Higher ACV
You’ve spent 9 months actively working an opportunity, but had to close it out because they decided they’re not in the market to buy anymore. Hey, it happens to the best of us! After you get over the loss, you do what’s natural and put them into a marketing nurture sequence until they are ready. Only now, you can use Engagio to see what activities are moving the needle towards re-opening the opportunity.
Inside the Engagement section of Engagio Analytics, you can filter based on a status of “Closed Lost Opportunity” then group by “Activity.” You will see those accounts that may be “rising from the grave” and are showing signs that they are ready to move forward and BONUS – they are interested in an additional product line! Now you will know the best time to reach out and create an even more robust deal at the appropriate time.
**Engagio Internal Case Study**- Here at Engagio, we subscribe all our Sales reps to “Closed Lost” Snapshots. Last month, an ADR identified booming engagement at an account that had been closed lost only 6 months ago. As it turns out, our nurture campaigns were providing enough value for him to fight for more budget. It is now an active opportunity.
4) Bigger Win %
Buying teams are getting bigger. According to CEB research, the average buying team today includes 6.8 decision makers. As every sales pro knows the bigger the team, the less likely they are to end up buying. This risk is far higher if you’re tied to a lead-centric approach, talking to single individuals in isolation. Clearly, winning big deals today means working the entire account.
With Engagio you will have a account-centric lens that will enable you to be more nimble and foresee changes during the sales cycle. For example, take a look at the Newly Added People inside the weekly snapshot.
The Newly Added section in your Weekly Snapshot lets you view information around the increase of people within your ABM universe and breaks down the number of Newly Added people by:
Pro Tip: The action here may be to put these newbies in a nurture campaign until become a Marketing Qualified Account – the threshold of engagement that you and Marketing have agreed upon. Hopefully it’s the ‘buyer” you have been hoping would engage!
5) Stronger Alignment
I saved the best for last! What really works in the account-based model is the close integration of Marketing, Sales Development and Sales. Teams that work in isolation are the ones that miss opportunities, duplicate efforts, and waste insights. Speaking of duplicating efforts. Ever reach out to a company that is already speaking to someone else at your company? #embarrassing
Never fear, Engagio Scout is here! Scout is a Google Chrome extension that provides you with account intelligence as you browse the web. Whether you are in Salesforce or LinkedIn, Scout identifies the account and presents you with that account’s email and communication history in a non-intrusive way.
Have a lot internal turnover and can’t see who has been talking to a prospect of a new account that just got transferred to you? Scout will show you ALL the communication between anyone that has ever spoken or met with prospect.
Notice how Scout can be used inside the tools you are already in daily. Just slide out the tab to view insights and approve Plays without leaving the screen you are on. You can even add people on the fly who are not in your database through Engagio and it is synced back to Salesforce. #micdrop
Nail this account based approach and prepare to smash quotas, receive serious recognition, and get paid!!! Just because there is more information about your accounts that is easily accessible doesn’t mean you get to work less, it just means you get to work smarter. There’s a lot that could go wrong and more than a few mis-steps along the way (real transformation is never smooth). But if you follow the best practices summarized in this blog, we’re convinced you will succeed.
Best of all, this journey is also hugely rewarding on a personal level. You’ll launch your career and will find this new approach far more fruitful than the old-school, volume-driven grind. It’s faster, it’s more successful, and it’s easy to feel the difference from day one.