In heavy equipment and machinery B2B sales, the competitive market demands more than traditional marketing and sales approaches. Over seven articles (this is the second in the series), we embark on a journey tailored for businesses like “Big Bob’s Heavy Equipment Sales Inc.”—a fictitious heavyweight in the industry we will use as a “how-to” case study. We’ll explore how Account-Based Marketing (ABM) can be a game-changer, covering the crucial ABM Step 2: Account Insight in this second article.
ABM: The Antidote to Wasted Sales Time
ABM brings a unique focus to Big Bob’s marketing and sales process, and one of its many benefits is the reduction of wasted sales time. According to Marketo, ABM can slash up to 50% of time spent on unproductive leads. However, the effectiveness of ABM extends well beyond time savings.
A key value of ABM lies in its ability to enhance the likelihood of success with prospective customers. By identifying the right customers in ABM Step 1 (as discussed in yesterday’s article) and then proceeding today to ABM Step 2: Account Insight, we deepen our understanding of each prospective customer.
The Impact of Insight: Hitting the Bullseye
Insight is the game-changer. It allows Big Bob’s to distill their value proposition based on the unique needs, growth trajectories, market positions, and other critical business factors of each specific customer. This empowers Big Bob’s to become better equipped to personalize their communications and outreach and make them contextually relevant to each prospective customer. And consequently, they are more competitively effective with their sales process.
The heavy equipment market is intensely competitive, and around 50% of sales time is typically wasted on unproductive prospecting (The B2B Lead). ABM helps companies like Big Bob’s Heavy Equipment sharpen their practices and engage in personalized, contextually relevant conversations with the prospects who matter most to their business growth and revenue acceleration.
ABM Step 2: Account Insight, Deep Prospect Research
ABM Step 2, Account Insight, is the phase where Big Bob’s revenue team dives deep into what’s happening with their top prospects, as identified in ABM Step 1 Account Selection. This is when the research kicks in to inform a tailored value proposition and communications strategy for each prospective customer.
Big Bob’s shifts their approach from merely selling what they have to understanding why the customer needs what they offer. It’s about starting with the customer’s problems and Big Bob’s solutions (end-to-end products & services), not vice versa. This shift in perspective lays the foundation for more effective customer communications, demonstrating a profound understanding of the customer’s business and a genuine commitment to helping them achieve operational efficiency, cost savings, and improved productivity.
When Big Bob’s conducts research on a prospective customer for a heavy equipment company, they focus on gathering the following information to assess the prospect’s interest in buying or leasing heavy equipment (to cover a few prime areas to research):
Size of Commercial and Government Contracts: Investigate the size and scope of the commercial and government contracts they are currently involved in. Look for any recent or upcoming projects that may require heavy equipment.
Equipment Yard Assessment: Do a site visit to determine the extent of heavy equipment in their equipment yard. This can indicate their existing fleet and potential equipment needs.
Scale of Projects: Assess the scale of construction projects they have won in the past from government contract records or other public tender information. Consider factors like project size, complexity, and whether they are expanding into larger projects.
Job Postings: Monitor their job postings for heavy equipment operators or service technicians. This can provide insights into their immediate staffing needs and equipment usage.
Site Visits: Consider conducting on-site visits to their premises and construction sites. Observing the equipment in their yards and seeing their projects firsthand can offer valuable insights.
Government Records: Check the Department of Roads or county (or provincial, state, or federal) records for information on the projects they have won. Look for details on project size, scale, and any ongoing or upcoming projects.
Credit Rating: Verify their credit rating through a reliable credit service. Assess their financial stability and ability to meet payment obligations, which is crucial for a long-term customer relationship.
Website Announcements: Keep an eye on their website for any announcements related to new clients, projects, or expansion plans. This can provide clues about their equipment needs.
To gather this information, Big Bob’s uses a combination of online research, site visits, and public records. They use search engines, industry-specific databases, government records, and credit rating agencies to compile a comprehensive profile of the prospective customer. This information helps Big Bob’s tailor their approach and engage with prospective customers more effectively when promoting their heavy equipment products or services.
In the heavy equipment market, where precision and tailored solutions matter, Account Insight is invaluable. It arms Big Bob’s sales team with the knowledge needed to create a compelling and highly relevant narrative around solving specific customer challenges.
Stay tuned for the next article in our series, where we’ll explore ABM Step 3: People Insight. This series is your guide to unlocking the potential of ABM in the heavy equipment sector, one step at a time.
Step 2: Account Insight Implementation Quick Notes
People Required: Research team, staffed at Big Bob’s by a part-time contract market analyst and one full-time in-house sales support specialist (kind of like an SDR).
Time Required: The research team at Big Bob’s plans on completing ABM Step 2 Account Insight research in 2 weeks or less for each campaign and quarterly refresh of key prospective accounts.
Budget: Big Bob’s does ABM Step 2 Account Insight partially in-house and with an outside contract researcher (trained in ABM) for $2.5K/month, as the ABM cycle is active throughout the month.
Suggested KPIs: For Account Insight, Big Bob’s Revenue Team uses these top 3 KPIs:
1. Account Research Depth: Measure the extent of research conducted for each account measured by time and hourly rate of the researcher(s), indicating the thoroughness of understanding their business.
2. Insight Utilization: Track how well the insights gained are incorporated into your ABM strategy and content planning for the selected accounts. Big Bob’s Revenue Team (primarily sales, business development, and marketing) uses a simple scoring system to rate the thoroughness and accuracy of each Account Insight report.
3. Competitor Insights: Monitor how well you understand the competitive landscape within the chosen accounts to position your offerings effectively, as measured by competitive wins as an absolute number and as a percentage of competitive sales bids.
Download your free copy of the entire Big Bob’s case study here: https://bit.ly/4aPoaWt
