It’s common for executives to think about their business’ growth opportunities in terms of target markets. But have you considered the power of treating each business account as its own market?
This “market-of-one” approach is gaining popularity in sales circles as a technique that excels in the digital age, now that buyers have easy access to comprehensive information about any product or industry.
It’s a technique that has always been the cornerstone of a successful teleprospecting program. In recent years, it’s earned the term “account-based marketing.”
The Principles of Account-Based Marketing
Account-based marketing is personalized marketing. It’s the antithesis of a traditional approach that casts a wide net with an undifferentiated message in hopes of catching the attention of prospects.
Account-based marketing works not only during the lead-generation phase of the sales cycle, but also through the lead-nurturing and sale-closing phases. If done correctly, it also follows existing customers post-sale to increase brand loyalty and brand advocacy, leading to new inquiries.
Here are a few things to know to take an account-based marketing approach in your business:
- The technique is rooted in account awareness. It takes focused intelligence gathering about a prospect, lead, or customer to lay a foundation for an individualized approach. Learn who the organization’s key contacts are, what method of communication they prefer and which of your offers might resonate best.
- Make the account feel like an exclusive account or a preferred customer. Understand their situation and needs as much as you understand your company’s solutions. This way you can offer them the right information at the right time.
- Continue to analyze your account’s behavior with your company. Who are they asking to speak to? What questions are they asking? What areas of your website are they viewing? What is their purchasing history? This information will allow you to continue an account-based approach throughout your relationship with your client.
Learn more about how JMS Elite’s principles align with this successful approach – Achieve Account-Based Marketing Through Teleprospecting