The complexities in sales processes of every industry are increasing with the impact of the impending recession on the global economy. Challenges like incomplete and inaccurate CRM data, multi-tiered distribution, supply chain management, and a complete shift to a digital buying journey are causing delays and hindrances in the processes.
But there are ways to help marketing and sales teams overcome these hindrances and offer better visibility to tap into multiple up-selling and cross-selling opportunities. And here, account intelligence or account-based intelligence comes into the picture.
Account Intelligence is the unification of humongous B2B data – both first-party data and third-party insights, which allows marketing teams to identify opportunities at the early stages, helps deals to progress quickly, and enhance growth opportunities.
The impact of modern technologies like big data, Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT) are already helping businesses in reducing the cost and time of production, increasing effectiveness, enhancing operation speed, and decreasing errors.
Boosting Marketing and Sales Efforts by Building the Intel with Technology
Using account intelligence in the account-based marketing and delivering an omni-channel customer experience is the key to standing out in today’s competition. But the question is – how to incorporate account-based intelligence at every level of the customer’s buying journey?
Imbibing an account-based strategy is easier than it may seem. Initially, it is essential to accumulate the digital footprints that prospects keep dropping anonymously. Those hints can be traced from several sources, like when they’re on the website researching solutions, using search queries, or checking the competitors.
Every business has to deal with multiple stakeholders’ accounts, and there is a vast array from which a company can gather insights. For example, one stakeholder may subscribe to the brand’s email newsletter, the second may click an ad and come across a blog post on the site, and the third may attend the demo meeting/ sales pitch.
It is not the gathering of data that is the problem. The issue comes when all this data is stored because it fits into different tools. For example, the data from email automation software, Google ads, and web tracking gets stored in a CRM or a data warehouse. The trouble is that the data is siloed within these storage systems.
This challenge has caused the development of several sales intelligence software. But there are other generic tools. If they offer accurate data processing, robust tracking, and multi-touch attribution means, it is possible to achieve the same results as sales intelligence software.
In conclusion, a business can choose whichever system they like as long as it can:
- Track customer behavior on the website.
- Pull data beyond the conventional B2B market tech stacks – it comprises all the tools used by Marketing, Sales, and Customer Support.
- Transform and unify all the data in an easily understandable manner.
- Ensure a dynamic process to gather the data continuously and offer updated insights in real-time. So it should pick up those signals as soon as they appear!
If a business gets all these details, then they serve as the missing key to unlocking multiple up-sell and cross-sell opportunities. Since these insights often slip, achieving the target of full potential revenue becomes a distant dream.
Having a proper pace and guidance can help any organization turn a new leaf over its old sales, marketing, and revenue generation strategies.
Businesses should become the master of their account-based strategy, but it is essential to remember that any prospect interaction should be data-driven; if not, it is spam. Being thoroughly data-driven is the key before taking the ABM strategy to new heights and exploring the horizon.
It is crucial to shift the point of view and prioritize quality over quantity – for designing marketing initiatives and choosing the prospects who are in-market. It will help an organization get on the right track and take a paced approach to incorporate ABM, resulting in pipelines loaded with quality leads.
Takeaway
Businesses can use intelligence as a compass to point them toward cold, warm, and hot category prospects as they keep dropping hints in the digital universe. When this data is captured and stored correctly, it can offer multiple opportunities to cross-sell and up-sell.
Businesses can leverage these signals to identify opportunities that prevent accounts from churning, help them grow relationships, and discover new prospects to target.
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