How to Identify Target Accounts for ABM in Singapore?

Marketing | 5 minutes to read

14th Mar, 2022

Account-based marketing is making waves across the Singapore market, and a large number of b2b firms are deploying it, albeit unsuccessfully, in a bid to boost their win rates. The biggest challenges of ABM include haphazard program execution, bad corporate data, and obsolete lead generation tools. Companies in APAC & ANZ markets need to reset their prospect mapping, segmentation, communication, and targeting strategies.

Snapshots:

    • A large number of companies in Singapore and APAC markets are contemplating the best-fit practices to deploy account-based marketing

    • Enterprises fail to successfully execute ABM campaigns because of half-baked approaches, inaccurate corporate data, and outdated b2b lead generation and prospecting practices

    • Companies in Singapore and APAC require technology stacks to automate their marketing campaigns and high-quality contactable customer data to boost their ROI

    Account-based marketing (ABM) is a fairly new trick within the b2b marketing landscape in Singapore and is still underutilized by most Singaporean brands. While it may not be suitable for the plans of every organization, ABM can pay off handsome results for businesses that master it from the outset. One of the reasons for its immense success is that it aligns the marketing and sales goals of a b2b organization. Success from an account-based marketing campaign comes only if there exists a synergy while creating account-centric messaging. It works best with personalized spear-targeted campaigns as opposed to uniform blanket campaigns.

    When it comes to the Singapore market, a large number of companies are still contemplating the best-fit practices to deploy account-based marketing. There are business-specific ingredients like content, database, etc. that contribute to the absorption of ABM strategies by SMEs and multinational corporations. One of the biggest challenges to this form of marketing among Singaporean companies is haphazard and half-baked approaches. At present, many ventures can deploy it without spending on advanced lead generation and database tools. They only need to reset their prospect mapping, segmentation, communication, and targeting strategies. Other challenges include the lack of use of marketing automation and customization.

    Singaporean enterprises must invest in a technology stack that will help marketing managers to tend to more accounts and automate the prospecting, goal setting, and forecasting processes. Since Singapore and APAC markets are diverse in terms of language, it is crucial that companies partner with an AI/ML-powered b2b database provider to get a standardized, accurate, and contactable database to advance their account-based demand generation campaigns.

    Breaking the sales-marketing divide

    It is important to align the sales and marketing functions before building an account targeting strategy. Enterprises must monitor how both the demand generation functions perform effective coordination of their resources with each other. Marketing and sales coordination helps drive 209% higher contribution to revenue from marketing-driven leads. It also provides an opportunity for both the functions to optimize their b2b lead generation and conversion process as well as establish shared performance goals.

    The first step towards bridging the sales and marketing divide is to finalize which high-value accounts are to be prioritized. This entails a multi-pronged approach such as identifying traits that characterize an enterprise’s ideal customers digging deep into their internal data to review customer activity. They must then build a lead scoring system that can provide insights as to which customers need advanced nurturing. By using a targeted list of accounts, demand generation teams can be relieved from the sorting through marketing qualified leads (MQLs) and instead prioritize delivering products or services that improve their win rates.

    The next step is for the teams to further trim down the account list and make it more targeted. Enterprises must focus on starting with their highest priority accounts to execute a sales-driven ABM campaign. This pilot list will help them build on their target list as well as control their costs as the campaign progresses. And finally, the third step is to craft a strong sales account target template.

    What is a sales account target template?

    A sales account target template, developed by marketing and sales teams together, is a document that allows them to visualize their ABM campaign outcomes. It follows the funnel framework and maps out key metrics, expected outcomes, and prospecting activities at each stage of the funnel.

    How can this template help achieve the ABM goals?

    Using a sales account target template, enterprises can easily measure the ROI of their ABM campaigns. It allows them to align their goals- from obtaining qualified leads to keeping their offerings at the top of customers’ minds with success metrics and how these can be attained using the correct personalization techniques.

    Targeting the right accounts using accurate corporate data

    Data will always be the best ally for b2b enterprises for selecting the right accounts to target. When executing an ABM campaign, marketers are moving away from a spray and pray strategy towards a concentrated account-oriented to lead prospecting. Hence, enterprises must get accurate, detailed, and contactable data from a reliable b2b database provider or agency.. They need the following data to ensure the success of their account-based demand generation campaigns:

    Firmographics: It refers to the data that is used to classify organizations relevant to an enterprise’s demand generation goals. This data contains information such as company size, products sold, employee strength, total revenue, location, and stage in the sales funnel. Having these insights will allow firms to spend fewer sales resources on leads that are not going to materialize and rather devote their efforts towards the leads that have a higher propensity to convert.

    Technographics: This data type contains information about a company’s existing technology stack and other platforms that it is willing to invest in the future. Sourcing technographic data can give marketers insights into the account’s workflows and how they can be enhanced, and their everyday pain points. Additionally, it will also help the demand generation teams define their own workflows.

    Intent data: With the arrival of cookie-cutter policy and stringent GDPR guidelines, it has become difficult to collect intent data for ABM campaigns. Enterprises can leverage their internal infrastructure to capture accurate intent data or source it from a b2b database provider. Intent data will offer a complete picture of a prospect’s engagement with the brand.

    Engagement data: The measure of a prospect’s engagement with a brand is the lifeblood of their account-based demand generation campaigns. Much like intent data, this data is captured from the activities of all people who are interacting with a business. It also clues marketers in on where the prospects possibly are in a sales funnel. Various programmed algorithms are used to measure engagement and track engagement behaviours such as open rates, CTRs, time spent on content, unsubscribe rates, and more.

    Additionally, read our blog “How to Build a Successful Marketing Database in 2022 and Beyond?”  to identify the common database bottlenecks faced by b2b enterprises and unlock future-proof strategies to overcome them.

    Winding-up

    For a high-growth, yet comparatively under-resourced market like the Asia-Pacific, account targeting strategy offers opportunities for b2b companies to upskill and align their sales & marketing functions as well as source high-value accounts that can help maintain growth momentum in the region. Using the above-mentioned data sources, enterprises can develop narrowcast campaigns to reach decision-makers of leading APAC firms and drive ROI-driven business results. ABM is an essential component of the overall demand generation mix in Singapore, APAC, and ANZ markets because it improves conversion rates, deals size with sales and marketing alignment.

    Contact us to get the best corporate database with over 80% accuracy across industries in Singapore and APAC markets.

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