Convert more prospects with account-based marketing tactics that work.
Account-based marketing tactics are a critical strategy for startups and enterprise sales teams. Account-Based Marketing strategies (ABM) has become one of the most effective strategies used by modern companies.
Account-based marketing examples exist in startup to larger businesses.
While some thought that this model wouldn’t yield profitable results, 80% of businesses using this strategy have seen an increase in their return on investment (ROI) that’s much more significant than when using other tactics.
But what is ABM? And why are so many different industries embracing it as their new marketing tool?
ABM consists of visualizing prospective clients or accounts as if they were their market. When it comes to the healthcare industry, doctors can be considered a specific account. Furthermore, larger organizations, such as medical centers, have a committee of stakeholders. If using ABM, each of these stakeholders should be approached as individual markets, since it’s likely they will all have different perspectives and goals.
This might sound counterintuitive, considering traditional strategies look to engage with as many clients as possible within a market. However, numerous companies now understand and benefit from the use of ABM. Unsurprisingly, around 60% of businesses are now implementing ABM-based models or planning to.
The important thing is not just doing it but knowing how to do it correctly. Therefore, it’s important to know the steps you should take to be able to implement account-based marketing with these 11 account-based marketing tactics.
The Benefits of Account-Based Marketing
Statistics reveal the many benefits of account-based marketing:
- After two years, 89% of marketers report a higher return on investment from ABM than from traditional marketing initiatives.
- Companies are practicing ABM generate 208% more revenue for their marketing efforts.
- 91% of ABM marketers see a larger average deal size, with increases of more than 50%.
- In a survey of individual stakeholders, 40% said they are more willing to buy from suppliers who tailored content to their specific needs than from suppliers who didn’t.
- Nearly one-third of marketers reported more than 100% greater engagement with C-suite targets when working in an account-based manner.
- ABM reduces up to 50% of wasted sales time on unproductive leads.
Create Your Account-base Marketing Team
Something that’s often underrated is the importance of teamwork when it comes to ABM marketing. Here, the information marketing strategists and sales analysts can come together to provide you with the knowledge you need.
Therefore, before implementing ABM strategies, you should form a qualified team with people from both sales and marketing. This way, you can amplify the information available at the moment of selecting your prospective clients.
Identify The Accounts with Your Account-Based Marketing Tactics
When it comes to healthcare, you must learn how the organization is built and managed. Is it a family group? Are the stakeholder’s doctors? Who are the biggest influencers in the decisions made within the organization?
Making an initial list of all the organizations that might be interested in your product will help you narrow down your prospective clients. After this, the next step is going deeper into the specific people who make the decisions. This valuable background will help you dictate how you will present your product.
The more you know about how the healthcare organizations you want to approach work, the better. By the time you initiate contact, you should know as much about their business as possible.
Only then can you genuinely offer products that respond to what they might need or want for their organization? Also, knowing whom you should approach will allow you to head directly toward the people that make the decisions.
Use Smart Resources
How are you supposed to get this information? Well, there are now dozens of resources you can use to learn more about healthcare organizations overall. To know how ABM works, you should study the tools that will allow you to put this strategy in practice.
Some of the platforms that can provide you with the information you need are Hubspot and LinkedIn. Most healthcare companies, providers, and healthcare practitioners look to put their names out there on different platforms. This can offer you unique opportunities to learn more about their size, revenue, and what they focus on. Furthermore, you can even see whom they interact with, which might allow you to identify other prospective clients.
Narrow it Down Your Account-based Marketing Tactics.
You can decide to be as specific as your resources allow you to be. Depending on your product, you could focus on one medical area, such as cardiology. Another way to segment your efforts is by studying the overall distribution of the specialty you’re interested in. If there’s a significant number of cardiologists that could be interested in what you have to offer in a specific city, then it might be time to channel your efforts toward that city.
Personalize Your Approach with Proven Account-Based Marketing Tactics
Once you have identified and studied your prospective clients, you should make your approach as personalized as possible. If you’re sending them an email, make it a direct email that shows you know their business. Avoid generic or bot emails. Interestingly, 60% of those who open direct-mail emails are more likely to visit the website link of the sender.
More often than not, stakeholders in health industries have to deal with different issues in a weekly matter. They won’t be interested in anyone that might make them waste their time. Be direct with your offer by employing the knowledge you’ve been gathering so far.
By personalizing your approach, you will be more likely to build a long-lasting relationship. This is precisely the goal of ABM, building lasting relationships with clients that will continue to invest over time. Health organizations tend to be reputable clients with long-term plans when it comes to the visualization of their goals.
Something to consider is the importance of knowing which platform is the one mostly used by the people you want to approach. By reaching out to them on their preferred platform, you’ll already be making an excellent first impression.
Make an Accurate Budget
It’s important to determine the investment you’ll need to make to accommodate this strategy. Initially, you might consider getting a payday loan to cover some of the expenses. This is because ABM yields tangible results, but it might take longer than the immediate buys you get from traditional marketing. The upside is that these relationships with healthcare organizations are bound to be more lasting if the follow-up is done correctly.
Your account-based marketing tactics need to be supported by a marketing budget that can support your goals.
Something to add to this budget is a personalized gift. This is a great way to stand out from other companies. It doesn’t need to be anything expensive, as long as it’s not something generic. Make it about them. It’s even better if it’s something useful.
It can be a branded base with their name, where they can place their prescription pads. Or something like nutritional posters that allow them to explain diet changes to their patients. The goal is for them to remember your business in their daily practice.
Use Social Media Marketing
Social media marketing will be a key ally throughout the entire process of ABM marketing. You can use it in different stages of the process:
Study and Understand Their Business and Needs
To study their product, how they interact with other accounts, and how their employees respond to them is a great way to get to know your prospects. Depending on the specific medical area, you might want to see how the clients of a pharma company interact with them or the satisfaction level reported by patients of a hospital.
This will allow you to identify their needs and make them offers that respond to these. Even their lack of social media presence could lead you to determine if this is something this organization could improve.
Make Contact with These Prospects
This one is the most delicate. While using a platform such as LinkedIn to initiate contact is appropriate as well as following them on Twitter, Facebook, or Instagram, the initial approach should be subtle. Instead of directly offering them your products or services, simply engage.
This can be done by responding to one of their posts constructively or retweeting something they’ve posted that might also be of interest to your followers.
Place Valuable Ads
Account-based marketing tactics include re-target PPC ads. Just as you learn about them through social media, they can also find out about you on the same platform. This is where all your research pays off. You can create a paid media advertising campaign that, while not targeted, addresses their needs and concerns.
By learning what they might be interested in, you can indirectly offer them a solution. This can be very valuable when it comes to reaching the majority of stakeholders in a healthcare organization.
Your Website Should Inform on What You Do, Not On Who You are
After you make the initial contact, your prospect will want to visualize your website. A common mistake is making it all about you, which won’t tell your customers what they need to know. Instead, the optimal focus is making it about what you do.
How your actions and strategies will make their business better. Showcase your experience with healthcare organizations, and how your plans have helped them succeed.
Furthermore, you can personalize your website so that certain areas contain information pertinent almost exclusively to the client in question.
You can only achieve this if you do proper research, which is the product of the joint effort of the sales and marketing teams. By reserving one section of your website to healthcare-related information, you can make sure you’ll grab their attention.
If, as we said before, you’re focusing on a specific specialty, such as cardiology, then make sure your website shows how your product can be an asset to cardiologists. This allows them to know what you can do for them, even before you have made any offers.
Offer Educational Tools
One of the things most companies love, including those in the healthcare industry, is knowledge. By offering educational tools that can be worth their time, you can also start an interaction.
Just like every tactic we’ve mentioned so far, it needs to be personalized. The more specific it is to what they do and what they’re interested in, the better.
Involve Them in Your Content
Through content marketing, you can engage your target audience. Make it interactive with interactive marketing techniques. You don’t have to interact with a healthcare organization before you make them part of your content. Let’s say you want to start doing business with a hospital.
You can mention the hospital’s name in one of the blog posts on your website that’s dedicated to health topics. This might make you stand out from a sea of other companies.
The goal is to get on their radar. This way, when you first interact with them, they will have heard of you. To increase the quality of your content, you could even feature an interview with one of the doctors. Even better if they’re stakeholders in the company. This will work for you in two different ways. You’ll get to create good content, and you’ll be starting the interaction in a way that feels natural.
Don’t Forget the Personal Touch
Digital marketing is one of the best ways to do marketing. A personal touch can also help greatly. It can even set up the scenario for initial interaction. The presence of your brand at a medical conference or even creating an event that’s specifically tailored for them are good examples of this.
Proven account-based marketing tactics will drive higher close ratios.
A workshop designed for cardiologists in a specific city is one of many ways in which you can promote in-person encounters that allow you to interact with the accounts you want to target.
Furthermore, a summit in which trends for hospital care are presented could attract stakeholders that you want to approach. This is a combination of general marketing and ABM marketing.
You have narrowed down the field, the area, and the specific people you want to interact with. Now, you can offer an event destined for them and others as a way to show them what you have to offer without being intrusive.
Jim Hughes is a content marketer at OpenCashAdvance who has significant experience covering technology, finance, economics, and business topics for about 3 years. He likes to share all the insight and knowledge he has.
What is Account-Based Marketing?
Account-Based Marketing (ABM) is a marketing strategy that allows businesses to identify prospective clients and approach them directly and efficiently. This strategy promotes focusing the resources available to provide tailored-made solutions to a potential client’s problems.
Why Use Account-Based Marketing?
The tools provided by ABM allow the identification of the decision-makers within a large company. This is why ABM is especially useful when dealing with teams of stakeholders. By studying their interests, a more effective approach can be made.
How is Account-Based Marketing Used?
After determining the sector in which a business wants to focus, they should also identify whom to approach within said business. After studying their needs, a company can offer focused solutions. Furthermore, by presenting their work in the healthcare area, a business can show why an organization should work with them.
Is Account-Based Marketing Useful for the Healthcare Industry?
Given the common structures seen within the healthcare industry, such as boards of stakeholders and value analysis committees, ABM is a unique tool that can be of great help in this context. Instead of trying to approach a group, contact the individuals that make the decisions that can be the best way to understand what they’re looking for and how to offer them your product.