Account-based marketing is important to your genomics venture, but how can you improve your business with it?
From the early to continuing stages of your genomics business, account-based marketing (ABM) can help you build awareness, attract and convert investors, drive revenue, and grow your venture on various levels. With all the attention surrounding customer experience, ABM has received considerable buzz, and rightfully so. In 2015, only 20% of organizations had ABM programs in place. In 2016, more than 70% of B2B marketers ramped up ABM specific programs according to Sirius Decision.
Today, 97% of marketers say ABM approaches have resulted in higher ROIs than other marketing initiatives. But, how can account-based marketing make such a difference?
ABM is an approach that involves shifting focus—where traditional marketing uses the same strategies to generate lots of leads, ABM highly targets specific accounts. This marketing strategy prioritizes high-value accounts, specific organizations, prospects, and key stakeholders through various channels to appeal to their needs and personas.
“Account-based marketing focuses on a few large and important accounts or those potential accounts that hold the greatest promise of adding to your bottom line,” according to Elyse Flynn Meyer, President, and founder of Prism Global Marketing Solutions.
6 Ways to Effectively Implement Account-Based Marketing
Where do account-based marketing and genomics meet?
Many genomics companies have a smaller customer base or audience that is in the hundreds, not the thousands. With such a limited potential client pool, companies cannot afford broadcast marketing techniques. Each potential client needs to be specifically targeted and marketed—which you can achieve through ABM.
By considering not only the stakeholder but the specific organization and industry in which they belong, discover the most pressing issues within their space and speak to them. When highly-personalized content speaks to a potential client, your company will begin to increase engagement, build relationships, and ultimately drive revenue.
Before implementing ABM in your genomics business, consider your marketing goals. Are you trying to build awareness for your company? Attract funding? Convert an investor? Grow your venture? Remember that the specific, relevant, and high-value accounts you target will be dependent on your goals.
To implement account-based marketing in your genomics venture follow these 6 steps!
1. Build your Ideal Target
While creating personas like “Enterprise Eric” and “Chatty Cathy” can still be helpful, account-based marketing directs our attention to factors such as industry, company size, key decision makers, and common pain points rather than age and education. Account-based marketing calls us to zoom out, adopt a wider yet grander perspective, and market to an entire organization rather than an individual.
To build your ideal target, determine the common makeup of organizations that bring in the largest monthly recurring revenue, or highest value, to your genomics business. Define the location, industry, company size, upsell opportunity, annual revenue, profit margin, etc, of these businesses. These are the types of accounts that you want to pursue.
Now that you understand your ideal target, find businesses that match these criteria. Investigate other accounts that are similar and could be valuable, or even essential, to reaching your genomics goals. Learn about how decisions are made at these organizations in order to gain insight on how to connect with and influence stakeholders.
3. Create Personalized Content
With a better understanding of your stakeholders, share content that speaks specifically to these target organizations and their pain points. Rather than writing one piece of content and sharing it with the world, your content should reflect a specific issue, in a personalized manner, within your industry. Furthermore, your content should be personalized and visually engaging. Work with your design and sales teams to ensure your content and visuals are vivid, but also send the right messages to key targets.
4. Choose the Best Channels for your Campaign
In order for your account-based marketing strategies to work effectively, build your campaigns off the research and content you develop by grasping an understanding of where your stakeholders spend time online. For example, if you’re targeting a genomics organization, on which channels do social, genomics conversations take place?
5. Focus your Campaign
Although you’re prepared for your campaign to launch, don’t overwhelm your prospects with emails/content across multiple channels. Remember that rather than targeting a single person, you are highly targeting an organization and the stakeholders within it; the content needs to be shared strategically in order to intrigue your prospects rather than push them away.
6. Measure & Share your Results
Once your campaign has been running for a duration of 30 to 60 days, take the time to measure and evaluate the effectiveness of your account-based marketing efforts. Be sure to ask some critical questions such as:
- Are these accounts becoming more engaged with your brand?
- Did you move any of these targeted leads down the funnel?
- Are you expanding the number of known stakeholders within these organizations?
- Did our personalized content prove to be engaging? If so, how?
- Did you generate any revenue from these campaigns?
- What can you improve upon moving forward?
Don’t be discouraged if your results don’t yield as expected the first time around. It can take time for campaigns to gain traction, and furthermore—the best thing about ABM marketing is how measurable the results are, which means you can view exactly where you can improve!
Use these 6 steps and insights to ultimately convert that big investor, grow your business, or increase your genomics brand awareness. Account-based marketing can help you reach your genomics business goals.