Focusing on the Right Accounts is the Key to Increasing ROI
If you’ve heard it once, you’ve now heard it a thousand times. Money, money, money! More revenue! Increase your customer Lifetime Value. More ROI!
These requests come in from your leadership often, but how in the heck do you get there? The answer...
Focusing on the RIGHT customer!
You read it right. Customer first. We could also say buyer here as well, as often you’re selling and marketing to both customers and buyers.
For a long time sales and marketing leaders have been focusing on getting a close-win, or closing the deal. What if our frame of mind changed and we started to think about helping someone “in the funnel” solve a problem, no matter if they became a customer or not?
What if we actually started caring what our leads/accounts/contacts wanted?
With this shift in mindset also comes more of a time investment. These “deals” are not longer just “deals”, but future customers that you get to know and from professional relationships with. They are someone you’ll introduce to the customer success team to continue that helping/assisting relationship.
Now you may be thinking, “Great! I’m all about my customer! But where do I even start?”
This type of selling and marketing takes more strategic time investment, so focusing on the right account is going to be key.
Choose the Best Fit Accounts that turn into the Best Fit Customer
Because best fit accounts are higher quality (based on a predictive score and rating), you are more effective at reaching future customers. The Ideal Customer Profiles (ICP) based on your best fit accounts can help you to more closely align your customers to your services. These targeted leads can save you time in the long run because you’re working with fewer, but higher quality leads, who fit your ICP. In turn, you also save money because you don’t have to cast a wide marketing net, thus increasing your overall ROI.
Best Fit Accounts Save You TIME
Having best fit accounts sync directly to your marketing automation platform (such as Pardot, Marketo, and Hubspot) allows you to blast your marketing campaign quickly to only those specific people matching your ICP. Having best fit account information also prevents you from wasting time on leads that may go nowhere because they aren’t interested in your product anyway. When you’re equipped with best fit account information, you’re only spending time on contacts that are likely to convert. In the process, the time you are spending interacting with leads is also higher quality because you’re more motivated knowing these leads fit your ICP. You’re more motivated to help that future customer succeed because you’ve invested quality time into your sales cycle. In addition, your time is no longer strained by managing lower quality leads because Predictive Marketing has allowed you to focus on the right accounts.
Best Fit Accounts Save You MONEY
Although time is it’s own form of currency, you will also save money when using Predictive Marketing. You won’t have to go through the process of testing different campaigns to determine which messaging is resonating with which persona best—you’ll already know because you have the data to back up your decisions! Your higher quality accounts also have the potential to bring in more revenue. When you have a lot of low-predictive-scoring clients who aren’t really interested in your product, they are less likely to be repeat customers. Did someone say high Churn Rate? *Cue sad music* After these accounts dwindle away, you’ll have to go back to the cumbersome task of finding more accounts and fork out more money in the process.
Best Fit accounts who have high predictive scores and ratings end up having higher Lifetime Values (LTV).
When engaging Predictive Marketing strategies, you are more likely to have a larger number of MQL’s (because you qualify them in the predictive modeling process), and they’re more likely to turn into repeat customers because they fit your ICP. These satisfied customers will be happy to come back, and are likely to continue to pay you for your services for years to come.
Start by focusing on the right accounts and you’re sure to bring home the bacon.
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