Bigger isn’t always better, especially when you have limited marketing resources. Focus your budget and time more efficiently by finding and targeting key prospects that are more likely to become high-value customers rather than marketing to the masses.
Analyze sales and CRM data to find out which customers are the most valuable to your company and then create a list of characteristics that they share. What market are they in? What type of customers do they serve? Which products do they purchase, and how often?
Next, identify prospects that are similar and target them with a marketing campaign based on tactics that worked best for your top clients.
If you don’t have this information yourself, data services like RigDig and EDA provide insights on verified equipment buyers, including the equipment they own, the brands they prefer, whether they prefer purchasing new or used equipment and more.
Your prospects are most assuredly users of competitive products. To sway them, you need to find the differentiating factor that raises you a level above your competitor.
Research your competitors and assess their point of differentiation, then determine the areas where you perform better. By leveraging this information, you can serve ads to their customers that highlight what sets you apart, such as a superior warranty, better equipment selection or more attentive customer service.
If cost is one of your competitor’s strengths, consider emphasizing how you deliver more value or offering special promotions to entice customers.
All customers have the same underlying need behind their purchase decisions: they have a problem that needs to be resolved. It’s your job to figure out what that problem is and market to your key prospects with their needs in mind.
For example, is a trucking company really just looking for the latest equipment or a fleet management software, or are they looking for a way to complete contracts and run their business more efficiently? Lead your marketing campaigns with the benefit that you provide and how your solution is better, rather than your product inventory.
Account-based marketing is a powerful tool because it targets one key prospect at a time and markets to them with a uniquely tailored strategy. Because your marketing strategy is built around one company and their priorities, you’re much more likely to convert them. While this may appear daunting, if you have analyzed your customer data, it’s likely that you will be able to group lookalike prospects based on their needs.
If you’re unsure, testing a measuring different needs-based messages will help you zero in on what’s most important to your prospects. Tailor the messaging and content around their market, needs and goals, basing your strategy on what similar customers engaged the most with.
This video will tell you more about account-based marketing:
To make the most of your limited resources, you need to target prospects that are most likely to become high-value customers. Compare potential customers with your current, most valuable ones to build targeted marketing strategies.