The fintech industry is getting increasingly competitive as more innovative financial companies start popping up to appeal to younger, digitally savvy consumers. Furthermore, as buying behaviors and expectations change along with an increasing number of individuals being involved in the B2B decision-making process, marketing for Fintech companies has become quite challenging.
Account-Based Marketing (ABM), however, can solve these problems by helping target the best and largest accounts and selling to them directly using highly personalized marketing campaigns. With ABM strategies, fintech companies can attract higher quality leads that help them better achieve their goals and experience growth.
Why ABM is Crucial for a B2B Fintech Strategy
ABM, which is defined as a focused growth strategy, has shown to be an effective marketing solution for improving lead acquisitions and closing deals. 87% of marketers believe that ABM outperforms their other marketing investments, 91% report that ABM accounts have bigger deal sizes and 84% say ABM significantly boosts account relationships.
Attracting and nurturing high-quality leads is essential for any B2B marketing strategy, but it is especially crucial for the financial industry and fintech companies. ABM helps to target key decision-makers and focuses efforts on key accounts more likely to generate higher revenue.
Buying decisions have become more complex as the number of stakeholders who are part of the buying decision has increased. Thus, for fintech companies to close deals, they need to establish relationships with the entire buying committee within the account. ABM strategies focus on highly personalized messaging that speaks directly to those key stakeholders for more effective campaigns, rather than trying to appeal to a broader audience.
Benefits of ABM in Fintech
Some of the many ways that ABM in fintech can drive growth and revenue include:
- Increased engagement: As ABM focuses on more personalized content, the experiences of the customer are more personalized and thus more engaging. And engagement is essential for conversions, closing deals, and gaining loyal, returning customers.
- Targeted outreach: The targeted outreach methods utilized in ABM allow marketers to tailor their messaging and speak directly to the needs, goals, and challenges of specific accounts. This approach is more effective than when a general, mass marketing approach is used.
- Higher ROI: Instead of targeting a lot of lesser-value customers, ABM focuses on a smaller number of higher-value targets, which is more efficient. This allows resources to be used more effectively to see a higher return on investment.
How to Implement ABM in Fintech
ABM has become a highly valuable tool or methodology for fintech companies as it helps them tailor their marketing to the very specific needs and goals of their target accounts. Some best practices for implementing ABM in fintech include:
- Determine target accounts: Start by identifying and prioritizing the largest, most important accounts. However, this isn’t about choosing buyers you think will lead to the biggest sale, but accounts that will genuinely benefit from your product or service.
- Create ABM personas: You must identify the key stakeholders in the buying decision and create personas based on their roles. This will enable you to create targeted content that speaks directly to those making the important decisions.
- Develop personalized content: After creating personas, you want to tailor your messaging and content to those personas or key stakeholders within the account. This can be done by utilizing several marketing channels, such as emails, case studies, whitepapers, demos, webinars, and any other content to showcase your product.
- Engage your target accounts: Engagement is essential for building and maintaining relationships and keeping your accounts interested throughout the buying process. Don’t just market “at” them. Actively engage with them using various tactics, such as social media, targeted advertising, and email marketing.
- Use data to inform, measure, and optimize your efforts: It’s important to use data and analytics to track and inform your efforts so you aren’t doing everything blind without having any idea if it worked or not until everything is said and done. Data can help you as you work and can enable you to shift directions and make changes as needed if something isn’t working along the way. Insights gained from data and metrics can help you optimize your strategy over time to ensure your efforts are effective and bring you a return on your investment.
Maximize Your Fintech Marketing Strategy
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