As more businesses shift to digital marketing to gain more traffic and increased leads, account-based marketing, also known as ABM, continues to shine. It entails a more targeted marketing approach to reach other companies. ABM has become a buzz, especially in the B2B marketing field, as marketers realize just how effective it is and how many tools–like HubSpot's ABM tools–there are to guide you along this journey.
What is ABM, you ask? Ideally, this is where you concentrate your marketing and sales resources to a particular number of targeted accounts. You have to personalize your marketing campaigns to suit each of the accounts based on the associated companies' needs. This marketing approach is super reliable when you want to close complex deals and have large companies notice you.
The main challenge comes in selecting those accounts and ensuring that you tailor campaigns that fit them. Luckily, you can make use of marketing automation software to execute the campaigns. HubSpot has come through with a range of tools to help B2B marketers organize and manage the marketing process.
If done right, HubSpot ABM can quickly bring you quality traffic and help you maximize sales within the shortest period of time possible. Here is a guide on how to implement HubSpot's new ABM tools.
HubSpot ABM Account Target Field
The first and most important step before embarking on this marketing campaign is to identify your target accounts. You have to determine the key accounts that you wish to reach with your personalized content, depending on the products or services you are offering. The goal is to get quality leads, meaning that most, if not all, of the targeted accounts should convert to buyers. The only way to achieve this is if you select accounts that suit your product line.
HubSpot’s account-based marketing tools allow you to set up a workflow to filter the accounts until you spot the best fit. The tool does so based on specific features such as the industry and business size, to mention a few. After identifying the suitable leads, it will tag them in your CRM. You can determine the best accounts for your business by considering your previous accounts' characteristics and then setting up a workflow based on those features.
Try not to exceed ten accounts for every sales rep. With this, the reps will have enough time to follow up on each account until it converts into a lead.
Image Source: HubSpot
HubSpot ABM Tiers
After defining your target accounts, the next step is to set up a workflow to rank the accounts into tiers. The HubSpot ABM tool categorizes the company properties into the target account and customer tier. The latter helps you sort the firms by assigning ranks based on which of the companies is more likely to convert. The tool will do so by checking which of the accounts align best with your choice of an ideal customer.
Image Source: HubSpot
Company-based scoring helps you identify which of the companies are good, better and best for your campaign. This will help you save time and let you focus on the important accounts. The scores can be categorized into three levels: tier one, two and three.
Tier one includes the customers you prefer. Ideally, they are companies that have been your customers for a while and have brought plenty of value to your business. They are easy to work with since their business line aligns with the products or services you offer.
Tier two companies are a match for your business-line, and although they can quickly become your customers, they are not likely to bring you much revenue or value compared to tier one.
Tier three accounts are also a good fit for your business, but they are not your top priority. They are the last choice to consider if one and two fail.
HubSpot AMB tools make it easy for you to set up an automated workflow that can assign scores to the companies based on the mentioned characteristics. However, just because a company is assigned a tier level does not automatically make it a target account. The goal of target accounts is to close complex deals, and you should only go for companies that are worth the time and attention. Some of the aspects to consider when assigning scores include;
- Potential revenue you are likely to acquire from the company
- The level of engagement
- Relevance to your business
- The amount of impact the company has on your business
Assigning Buyer Roles
HubSpot ABM tools allow you to set up an automated workflow to assign buying roles. This comes with a range of options including blocker, decision-maker, influencer, budget holder, executive sponsor, champion, and legal and compliance. These are the default choices, but you can edit to add unique roles based on your company's needs.
Once you activate the 'assign buying role' tool, you can access every account's overview and summary. You will get comprehensive data on the account's status and contact so that you can easily reach them. You will also be able to view your previous interactions with the company - the emails, calls and meetings. You will get access to the associated deals, and you can easily measure the progress.
Setting Up HubSpot ABM Dashboards
Again, HubSpot provides you with features to ease this process. To set up a dashboard:
- Go to your HubSpot account and navigate to reports
- On the right, go to create dashboard
- A panel will appear, and you can click on target accounts. This allows you to view the dashboards
- Go to the one that suits your company and continue to set it up
Account-based marketing mainly entails identifying target accounts and determining which of the accounts is worth reaching out to. HubSpot ABM tools are geared towards automating these processes. This helps you save time and increase accuracy, which might be unachievable if you decide to do these things manually. Although HubSpot only works with accounts that are already in your company system, the tools will help you create an effective ABM campaign. Do not hesitate to contact us for any inquiries and further guidance on this topic.
Adept at communicating and connecting with people of all backgrounds, William brings more than 10 years of experience leading, developing, and implementing digital marketing solutions for B2B clients. He’s worked with a variety of clients, from large multinational corporations with multiple business units to local small businesses. William previously served as the Director of Digital Strategy and Insights for a Portland, Oregon-based B2B marketing agency, helping it grow from a team of 3 to a team of more than 40. In addition to leading analytics, marketing automation, SEO, paid media, and business intelligence, William also focused on mentoring and providing team members in his department with a clear professional development path.