A: The biggest challenge brands face is figuring out the strategy. Many companies don’t know where to start. And the best starting point is the goal of the business. What is the company trying to do that year? Do they want to sell a product or raise brand awareness?
If you're enhancing your existing product to target your existing customer base, then your account-based marketing strategy would reflect that. If you're building a new product, or you want to break into a new market or new vertical, your ABM strategy should help you achieve that goal. If your ABM strategy doesn't align with your business goals, it’s not going to be successful.
Once you figure out your strategy, the next step is finding your ideal customer. Generally, brands will look at their existing customers, because those customers have already bought from them, and they'll try to find common attributes between existing customers. They'll take those data attributes and use that data to feed an artificial intelligence model. The AI will scan that database, look at all the common attributes, and then scan another database to find similar accounts the marketing team can use to build their target account lists.
And once the AI presents those accounts, the next step is to look at the intent data. Which accounts have contacts that are expressing high intent by engaging with information relevant to your product or service? For instance, if you are selling a marketing automation product, you will look at the intent data to find contacts that are reading marketing automation articles, downloading marketing automation ebooks, clicking on ads across the web. Those will be the accounts you want to target first.
With account-based marketing, you're not necessarily putting all your eggs in one basket, but you do have a limited number of resources. So if you're focusing on the wrong accounts, you may be wasting time. The intent data will show which accounts are expressing interest or are ready to buy.