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