Cogo Strategy Blog

Financial services firms often find that a broad-based marketing approach is far less effective than Account-Based Marketing (ABM). ABM allows financial sector businesses to accelerate their growth by focusing their energies on high-value accounts most likely to be converted into perpetual customers.

ABM is a strategic approach to marketing rather than a “cast a wide net and see what we catch” approach. Financial services companies are well-suited for ABM approaches for several reasons.

• In any target market, there are usually a small number of high-value clients who generate a substantial portion of revenue
• Retaining and expanding these accounts should be the top priority
• ABM works best when implemented by a decision-making team that includes sales and marketing reps; these teams are often already working in conjunction with one another in many financial sector businesses
• Financial services are dependent upon complex, long-term relationships with clients, so high-touch nurturing through ABM is one of the best ways to protect and strengthen those relationships

Using ABM for financial services is a way to deepen your client relationships and unlock more growth opportunities. If you’re not already using ABM, it’s time to start. And if you are using ABM, there are always ways to improve your current strategies.

ABM Tactics You Can Start Using Today

Using ABM for financial services doesn’t have to mean a complete overhaul of your marketing strategy. Instead, you can start integrating ABM into your current marketing program.

Let’s take a look at some of the best ways you can get started.

Focus On Current Accounts with the Highest Potential for Increased Revenue

One of the first steps is to start looking for high-yield accounts. After all, you can’t reach out to and convert these accounts without identifying them first.

Look at your current customers and identify those with the highest revenue potential, even if they are not bringing in a lot of revenue to your business yet. If these accounts are already active with your company, then you already have a head start.

You can also identify accounts that meet specific buyer personas or customer profiles. For example, you may realize that your ideal clients have a certain portfolio size, risk tolerance, or pain point. Look for accounts already in your established book of business that meet the ideal client profile and focus on increasing their overall spend with you.

Develop a System for Finding New Target Accounts

Once you start to see who your ideal client is, you can start looking for these ideal accounts out in the “real world,” not just your own client roles.

Check with your sales team to find out who they haven’t been able to convert yet. They may have some great leads to research. You can also search business databases to find accounts that match what you’re looking for.

Look to your competitors. Who are they working with? Similar companies and accounts may be ready to come on board with you. LinkedIn can be great for this, too. We also recommend joining local business associations, attending industry conferences, and improving your networking strategies.

Be intentional with each of these steps, though. You should be hyper-focused on finding excellent accounts, not just any old account. Those small accounts do add up, and every account is important, but consider your ROI. The better you match with your ideal account, the higher your returns will be.

Smaller accounts are valuable but limit the bulk of your time and efforts to those accounts most likely to lead to real revenue growth.

Start Researching Each New Account Target

So far, we’ve talked about the research that goes into identifying targets. That’s just the first step. You also have to research the targets themselves.

Once you know who you are targeting, find out as much information as possible about who they are and what they care about.

Ideally, you will uncover:

• The individuals who hold key titles at the companies you’re targeting
• Goals
• Pain points
• Potential objections
• Company and individual values

You can gather this information through LinkedIn, company websites and social media pages, conversations with your sales team, media coverage, and intent data.

Leverage Technology to Your Advantage

Last but not least, many great technology options are available that help B2B companies track and identify excellent account targets by analyzing specific behaviors while visiting your website.

Take Your ABM Tactics to the Next Level with Cogo & Co.

For a financial service organization to take its ABM strategy to the next level, the fastest and best way is to work with ABM professionals. By analyzing your current ABM processes and tactics, Cogo & Co. can help you spot areas for improvement and optimization.

We offer a unique Growth Readiness Test. Contact us to take the test, get your score, and find out more about how you can combine your sales and marketing approach to improve your results.

With the right ABM strategy, your most valuable business relationships can become even more profitable! Contact us for a free consultation on how to get started or make improvements!