How to identify high-value accounts for your ABM strategy

Account-based marketing (ABM) is a powerful marketing approach that involves targeting specific high-value accounts with personalized marketing efforts. Found&Chosen takes a unique framework approach when implementing and executing with their ABM Program clients.

ABM has been proven to be highly effective in generating marketing qualified accounts (MQAs), retaining and expanding relationships with existing customers, and increasing revenue.

For ABM to be successful, it is essential to identify the right high-value accounts to target. But what steps do we take - and what should you do to determine those high-value accounts?

1. Define your ideal customer profile (ICP)
The first step in identifying high-value accounts is to define your ideal customer profile (ICP). Your ICP is a detailed description of the type of customer that is most likely to benefit from your product or service. This includes characteristics such as industry, company size, revenue, and buying behavior. By defining your ICP, you can narrow down your list of potential high-value accounts and focus your efforts on those that are most likely to convert. Do you use personas to target potential customers in your advertising efforts? Should you? We help determine the perfect strategy to find your ICP.

2. Analyze your existing customer base
Your existing customer base can be a valuable source of information when identifying high-value accounts, especially those customers who may have lapsed over time. Analyze your current customers to identify common characteristics, such as industry, company size, and revenue. You can also look at their buying behavior, such as how long it took them to convert and what channels they used to find your product or service. By understanding the common characteristics of your current customers, you can identify other high-value accounts that are likely to be interested in your product or service, or upsell your products to existing/lapsed customers. 

3. Use firmographic data

Firmographic data is information about a company's characteristics, such as industry, company size, and revenue. This data can be used to identify high-value accounts that match your ICP. There are many sources of firmographic data, including public databases and third-party providers. With our ABM program, we take full advantage of public and private data available to us.  By using firmographic data, you can quickly identify potential high-value accounts and prioritize your marketing efforts accordingly.

4. Analyze intent data
Intent data is information about a company's behavior that indicates their interest in your product or service. This includes data such as website visits, content downloads, and social media activity. Are you getting all the data you need, or overlooking some data points? We can maximize your existing data to its full potential, or implement the resources you need to collect data essential to your business or industry. By analyzing intent data, you can identify high-value accounts that are actively researching your product or service. This allows you to target them with personalized marketing efforts, such as relevant content or targeted advertising.
 

5. Look at referral data
Referral data is information about how customers are finding your product or service. This includes information about referral sources, such as word-of-mouth recommendations or online reviews. By analyzing referral data, you can identify high-value accounts that are being referred to your product or service by their peers. These accounts are likely to be interested in your product or service and may be more likely to convert. We can also help you reward your referring customers to promote increased referrals through an experience management program.

In conclusion, identifying high-value accounts is an essential step in developing a successful ABM strategy. By defining your ICP, analyzing your existing customer base, using firmographic and intent data, and looking at referral data, you can identify potential high-value accounts and focus your marketing efforts on those that are most likely to convert.