What is ABX & How to set up an ABX strategy?

The COVID-19 pandemic affected how the B2B businesses work. The expectations of the businesses and customer behavior have changed. B2B Marketers have been using Account Based Marketing for a long time and focusing on high value accounts. But do you think just focusing on accounts is enough? Well, the true answer to this question is No. The main focal point of B2B Marketers should be on providing the best customer experience. When you provide customers the best experience it leads to customer satisfaction and thus repeated business.

These days customers have a lot of choices. Therefore, it is important to provide a good experience. When a customer is satisfied with your services, they are more likely to return and let others know about you. Some of the benefits of providing a good customer experience are as follows:

• Creates stronger and long term relationships with customers
• More returned customers
• Increased importance to the existing accounts
• Positive brand reviews
• Drives sales cycle

An ABX strategy can be set up for both small and large businesses. Below we have given a step by step process for setting up an ABX programme and providing an excellent customer business.

For setting up a successful ABX strategy, it is important to have skilled and experienced team members. You need to hire individuals who understand the core of the ABX programme and know how they can make it fit into your business. Some of the main team members that you need to meet your ABX objectives are:

• Account executive leader
• Executive sponsor
• RevOps
• Marketers

Once you have got your team onboard, it’s time to update your strategies and goals. You can get opinions and input from your team members. ABX is all about focusing on quality not quantity. For the best Account Based Experience results, your sales and marketing teams should be aligned.

To provide an excellent customer experience, it is important that your team members are on the same page. You need to understand the different stages of the marketing funnel and how to handle customers at them. You need to collect the data of new customers and set up a lead scoring criteria.

The main focus of the ABX team should be on strategizing and implying best tactics for improved customer experience. Account Based Experience is important for customer satisfaction and retention. In the long term, it turns to brand loyalty and repeated business.

Nowadays, the market is flooded with different Account based marketing software and tools. Opting for the right technology can help you to enrich your data and ensure more leads in your funnel. A right Account based marketing software can help you to improve your customer experience and support.

It is important that you choose the right third data party sources to enrich leads and accounts in your funnel. You should set up the software to manage the leads properly and provide better experiences for accounts.

A good Account based marketing technology should be able to provide you with data and accounts insights. You can use this information to increase brand trust and strengthen your relationship with potential customers.

Before starting with ABX strategy, it is vital to understand your target market and make informed decisions. The first step is to determine the ideal customer profile and focus on the target accounts with valued leads. To find the target accounts you can use account mapping and source qualified leads and accounts.

To help your sales teams, you can put up a lead scoring system. A lead scoring system can help you to know the accounts that need to be prioritized and followed up. You can base your lead scoring on following factors: recent activity, activity type and frequency.

Your ABX strategy will involve a lot of marketing content at different stages. For customer outreach, your sales team would require content that is eye catching, informative and engaging. You have to create content which best targets the decision makers.

You should try to make your content relevant, personalized and focus on the customer challenges. You can use different channels for your content marketing strategy. The aim is to reach the maximum number of customers, expand the customer base and thus revenue.

To launch a successful ABX strategy, you need to carry out a significant amount of market research. You should discover how, where and when your customers consume content and what they interact with the most. The ABX is all about enhancing your customer’s experience for increasing the chances of repeat business. You can analyze and see what content makes the most impact on your customers. You can plan your campaign strategy across different channels accordingly for a greater impact.

Be consistent with your efforts but make sure not to go overboard. Also, don’t get confused between customers and accounts. You should keep track of your different customers’ journeys. Try to keep your messaging aligned with their stage in the buying journey. You need to create great content and serve them based on where they are. To provide the best customer experience, you should be consistent and relevant with content marketing strategy.

One of the most important facts to keep you ahead in the game of ABX strategy is the ability to measure and evaluate. You must create the frameworks in a manner that keeps the sales and marketing teams in loop. You need to understand and measure the success of your applied ABX strategy. Some of the factors that indicate the success of your ABX strategy are as follows:

• Increased involvement of target accounts
• Shorter customer buying journey
• More positive reviews and feedbacks
• Responses to personalized content
• Increased revenue

All these indicators can help you to know the loopholes in your ABX strategy and where you can improve. ABX aims to create deeper and long-term connections with the customers and make them product advocates.

New technology and innovations have led to customers having a lot of options to choose from. Customer experience can no longer be put to the backseat as they just want the best for themselves. To stand out from your competitors, you need to provide the best experience. ABX can help you provide the best customer experience and become a branch of your Account Based Marketing solutions. ABX is all about focusing on the customer’s journey and creating personalized, consistent and relevant messaging.