We started off our networking evenings in 2020 with a bang last night as we welcomed Merce Cozens from Think Beyond to altspace to chat through some fresh approaches to marketing. Many companies have long relied on a funnel based approach to marketing or a ‘spray and pray’ strategy pushing their messaging out to as wide an audience as possible. This can be ineffective for small business owners and hugely expensive. A more considered strategy would focus on tighter targeting to small core groups of your target audience.
Account based marketing has developed over the last decade in association with the development of data sharing. It’s easier for companies to now track their customers and new business markets through online data and comprehensive CRM tools. Customers can now be grouped together and segmented according to their demographics, age and user profile.
Merce discussed the considerable benefits of adopting an ACM campaign.
- A higher Return On Investment (ROI) – For every pound spent on promotions you’ll earn more money. There’s less waste as you are speaking to a more engaged audience.
- Personalisation is appreciated – If the messaging is more relevant to the audience then you’ll have a great chance of making an upsell. In addition, the approach can improve retention rates as you are promoting additional value or a contrasting service.
- Easier to align Sales and Marketing teams – A targeted campaign can assist a sales team in making a more considered approach and importantly help close deals.
- Encourages a positive exchange – without spamming or cold calling your customer loyalty will improve. There’s less likelihood of repeated and irrelevant messaging resulting in a happier consumer.
Account Based Marketing has traditionally been applied to business to business marketing however it’s increasingly being utilised for business to consumer communications. This has been fuelled by the increasing role that the online world plays in our consumer habits.
Our next FSB networking evening will be on 17th Feb at 1800.