It’s no secret that account based marketing is one of the most effective ways for businesses of any size to land their most valuable clients and get the best possible value out of them.
The challenge isn’t so much about determining how to target the customers you choose for account based marketing.
It’s about determining which accounts to focus on in the first place.
That’s where Ideal Customer Profiles (ICPs) come into play. If you read our guide to creating and implementing ICPs on the ReachForce blog, then you already know an “ideal customer” is one where a partnership with your company is of mutual benefit. In other words: the customer is poised to get the most value possible from your product or service, with the maximum possible profit margins for your company.
Which is exactly who businesses should target with their account based marketing efforts, too. ABM isn’t necessarily about the companies that spend the most; it’s about the companies who stand to benefit the most from your solution and will thereby have the best customer lifetime value for your brand.
So while ICPs certainly can help you with your predictive marketing strategies, they also play a critical role in the success of account based marketing.
How Ideal Customer Profiles Set You Up For Better Account Based Marketing
ICPs and account based marketing are two core components of a successful data marketing strategy. Ultimately they are two sides of the same coin. To take it out of the marketing world for a second: imagine you’re running a bakery. On one side of your business, you’ve got automated machines churning out uniform cakes that have been tested and refined to your customers’ liking. That’s your predictive marketing strategy.
On the other side, you’re making highly-customized wedding cakes with elaborate details that — though more time-intensive — ultimately yield bigger profits for your bakery both in the cost of the cake and the referrals generated. That’s your account based marketing.
But underneath both cakes lies the same exact recipe. The mix of eggs, flour, and sugar don’t change based on who you’re baking for. Your Ideal Customer Profile is that recipe. It’s the one constant part of your marketing strategy — the “recipe” of who your company aims to sell your product to.
And ultimately, it’s the recipe that helps define who you should be targeting for account based marketing. Sales and marketing teams work together to focus their efforts on the highest potential value customers. Also, determining exactly who those customers are isn’t a matter of guesswork — like a good recipe, it takes precise measurement. That’s where data comes in.
The Link That Binds ICPs with ABM: High-Quality Data
Both ICPs and account based marketing rely on clean, high-quality data to drive results. Dirty data leads to inaccurate insights, which in turn influence poor decision-making at the strategy level. Without high-quality data, ICPs will be inaccurate, thereby negatively influencing the accounts you select for ABM. Choosing the wrong accounts can be a waste of time and resources — something most marketing teams cannot afford.
Leadspace offers an ABM marketing solution that supports all your ABM efforts. To learn more, watch the webinar: Getting Started with ABM: How to Fix Your Data Before It Kills Your Campaigns today.