Let’s face it, growing a business is hard.
Are you wondering how you might be able to win bigger deals, increase existing revenue through deal expansion, and improve your brand recognition?
The obvious answer is to increase output by selling more, but sometimes quality trumps quantity.
Increase Marketing Efficiency with ABM
One advanced approach to increase your win rate is account-based marketing (ABM). With ABM, you increase your relevance to potential buyers by aligning your sales and marketing strategies to their top priorities.
According to a study by ITSMA, companies are continuously ramping up their ABM efforts. In 2015, ITSMA found that companies were allocating around 9% of their marketing budget to ABM, and that number climbed to 28% of total budget by 2018. This increased focus on ABM has led to overwhelmingly positive results, with 87% of companies who implemented ABM claiming that their new approach delivered higher ROI than other types of marketing.
When it comes to ABM, you need to consider the three R’s:
- Reputation (Brand perception and recognition)
- Relationships (The aggregation of relationship capital across accounts)
- Revenue (Annual revenue by account)
Your company’s relationships are the key driver behind ABM success because they heavily influence both reputation and revenue.
Many other industry veterans would agree with enterprise sales expert Rich Toland, who acutely explained:
“Understanding the depth and breadth of the relationship capital of your company’s ecosystem can be a competitive advantage within your 2021 ABM strategy.”
If you understand how best to leverage your company’s relationship capital, then growing your revenue and improving your organization’s reputation will fall in line.
But you’ll have to go beyond theory to make the ABM approach successful in your company.
Teams need to effectively pool together their Relationship Capital
Operating efficiently as a firm and ensuring that your relationship capital is wholly employed can be a difficult and harrowing task. Many firms suffer from organizational silos that prevent them from being able to understand and leverage the true allocation of their relationship capital. This frequently happens because sales and marketing teams use different platforms for their day-to-day operations. A Forbes study dug into this further, detailing how sales teams typically live and die by their CRM systems while marketers tend to spend most of their focus within their marketing automation platforms. Without these two major drivers of organizational progress communicating with each other effectively, many organizations miss out on potentially the biggest competitive advantage when it comes to any ABM strategy.
Here at Relationship Science, we focus on helping our clients both understand and fully employ their firm’s relationship capital. We do this by supplying your organization with the necessary means to track relationship capital effectively across all of your teams, while providing advanced data and analytical tools that help you perform deep dive searches and fully explore how to best leverage your existing and potential relationships.
Want to learn more about how to use your company’s relationship capital and ABM to drive large-scale growth?
We’d love to hear from you. Request a demo to speak with one of our relationship capital experts.