In the intensely competitive heavy equipment market, businesses like Big Bob’s Heavy Equipment are constantly seeking innovative approaches to grow and accelerate their revenue and stay ahead of the competition. Account-Based Marketing (ABM) has emerged as a powerful strategy, offering a higher Return on Investment (ROI) compared to traditional marketing methods.
It’s all possible with ABM, and this seven-part series will take you through the ins and outs of this transformative approach in the context of a theoretical case study for Big Bob’s Heavy Equipment.
The industry numbers speak for themselves, with 72% of companies acknowledging that ABM delivers superior results. Also, imagine if your sales team could reduce unproductive leads by a staggering 50%; that’s another important ABM industry factoid.
The Heart of ABM: People Insight
In using ABM for revenue growth, Big Bob’s understands that success revolves around knowing their audience in depth. At the core of this strategy is the ability to identify the “right people” – those most likely to be interested in your heavy equipment and machinery sales, service, leasing, and contracting solutions. We know there are (on average) 6.8 people (source LinkedIn) involved in the buying decision at our B2B customers. The goal for Big Bob’s is twofold: to comprehend their potential buyers before initial contact and to make sure prospective customers get to know Big Bob’s company by reliable, credible, trustworthy reputation, and similarly Big Bob’s sales professionals, and products. Note that is the sequence of messaging: company, Big Bob’s professional staff and then in third priority the products and services offered. This process is integral to establishing trust and credibility in Big Bob’s sales interactions.
Much like comprehending the companies Big Bob’s focuses on, understanding the individuals within those organizations is equally essential to the success of their revenue team. Recognizing the key players within an organization empowers the revenue team and sales professionals at the sharp end of customer contact to craft personalized messages that resonate with them. These tailored communications demonstrate a profound understanding of the customer’s challenges and needs, positioning Big Bob’s Heavy Equipment as a reliable problem solver.
The Power of Advanced Research
Successful ABM starts with advanced research that identifies the individuals most likely to experience the problem Big Bob’s Heavy Equipment solves. By delving into the local market for heavy equipment and pinpointing prospects who are likely facing these challenges, Big Bob’s cultivates and nurtures leads that are genuinely interested in their heavy equipment offerings. Personalized messages, underpinned by contextually relevant content, enhance Big Bob’s outreach, increasing their chances of connecting with those who genuinely care about the problems Big Bob’s Heavy Equipment can resolve.
While the ultimate goal remains educating prospects about the merits of Big Bob’s solutions, taking proactive steps to identify and understand their audience sets the stage for meaningful interactions. It all begins with empathy and a solid grasp of Big Bob’s prospects’ businesses.
Finding the Right Audience
When it comes to identifying the “right people,” Big Bob’s knows it is crucial to consider the scope of their focused market and the hierarchy within organizations. Big Bob’s ABM Revenue Team thinks about the individuals with the authority and budget to make purchase decisions for their heavy equipment and machinery solutions. On a local or regional scale, Big Bob’s knows there are only tens of such prospects that will truly grow the business and perhaps only 100+ such prospects regionally.
The next step for Big Bob’s is to refine their approach to ensure that their marketing and sales revenue efforts are precisely targeted at the influencers who genuinely matter to their business. This is where Big Bob’s Revenue Team digs deep into the nuances of identifying the right audience based on factors like job titles, locations, age, information sources, pain points, teamwork preferences, goals, objections to purchase, and more.
Stay Tuned for Part 4
The journey of optimizing your ABM strategy continues with Part 4, where we’ll explore ABM Step 4 – “Content Plan and Messaging”. Big Bob’s Heavy Equipment business knows this is a critical component of this transformative approach to reaching new customers and growing the business. Join us as we dig deeper into ABM as a strategic process for revenue growth and acceleration, providing you with some actionable insights to drive your own heavy equipment and machinery business forward.
Step 3 People Insight Implementation Quick Notes
People Required: Research team, staffed at Big Bob’s by a part-time (50%) contract market analyst and one full-time in-house sales support specialist (Big Bob’s equivalent of an SDR).
Time Required: The research team at Big Bob’s plans on completing ABM Step 3 People Insight research within 4 weeks after completion of the Account Selection or less for each campaign and quarterly refresh of key prospective accounts.
Budget: Big Bob’s does ABM Step 3 People Insight partially in-house, and with an outside contract researcher (trained in ABM) for $2.5K/month (same charge as noted for Account Insight Step 2); as the ABM cycle is active throughout the month.
Suggested KPIs: For People Insight, Big Bob’s Revenue Team uses these top 3 KPIs:
1. Decision-Maker Identification: Measure the accuracy of identifying key decision-makers within the selected accounts. What percentage of the people researched connect and how many of them are involved in the revenue decision?
2. Persona Alignment: Assess the alignment of your prospect personas with the actual roles and responsibilities of the individuals within the accounts. Is it above expectations (score “+1”), at expectations (score “0”), below expectations (score “-1”).
3. Stakeholder Engagement: Track the level of engagement with relevant stakeholders to ensure your messaging reaches those who influence buying decisions.
Download your free copy of the Big Bob’s case study here: https://bit.ly/4aPoaWt
