Why Did Spotify Discontinue Their Referral Program? Account selection is perhaps the biggest factor in the success of an Account-Based Marketing campaign. The ultimate price is a prolonged period of referrals so that the cost / benefit stacks up. How many? Thereâs never a sure fire way to pick accounts that are destined to convert, but by following these tips youâll have a solid foundation for your ABM programme. This is the only way that youâll encourage them to translate goodwill into action. So with that in mind, here a five tips for best practice account selection. The original and probably best known of the 3 types of ABM, and the approach youâre most likely already familiar with. The points mount up and can be converted into prizes that the advocate can choose. The trick lies in working hard to understand the motivations and drivers of your trusted clients and potential referrers. So whatâs the answer? But regardless of the ABM terminology being used, the basic principles are the same. But there are three different types of ABM; one-to-many, one-to-few, and one-to-one. In these times of uncertainty, making the most out of your marketing budget is more important than ever. One-to-few ABM, or ABM Lite as itâs also known, is a way of using the one-to-one ABM principles and applying them at scale to a greater number of target accounts. Give in detail the types of clients you’re searching for so they will have an idea of the kind of who would fit your criteria. By combining the information marketing has alongside insights from sales, your account selection can lay the foundation for a successful campaign. companies with an advanced ABM programme doubled, 97% of marketers reported a higher ROI from ABM than other marketing campaigns, Intent data is a great way to choose your target accounts, You have clear and genuine points of differentiation from your competitors, Jamie Hardin, Senior Marketing Manager of ON24, The likelihood of a given target account buying, The resources required to acquire them as a customer, The potential ROI to your business if they convert, You can research the accounts in detail and gather detailed insights on how likely they are to buy, Your products and solutions are high-value and high-consideration, Youâre selling into a mature or even saturated market, Each account has a large number of key stakeholders from whom you need buy-in, You have the resources available to create content bespoke to each account, You have the available people resources to engage and nurture each target account, You have a small addressable market of target accounts, Youâre selling high-value, high consideration solutions or products, You have to get buy-in from 3-4 key stakeholders at each account, Youâre able to gather insights into the challenges facing each target sector, You have the resources available to create sector specific content, Your product or solution has clear points of differentiation from its competition, You want to increase brand awareness whilst also creating engagement at key accounts, Your solution is new to market, or the market need educating on its potential, There is one or a couple of key stakeholders at each target account, Your pipeline to close rate is low and could be improved, You donât have access to information on which accounts are starting a buying journey, You need some accounts to convert more quickly in order to see ROI sooner. Aside from making it easy, try to make your referral program fun for your existing network. Recipients can bring them along in their shopping spree or treat them in sumptuous treats when dining out. But thatâs exactly what organisations are doing â the number of companies with an advanced ABM programme doubled from 2017 to 2018. By focusing on 10 accounts that you know are likely to buy, you can allocate more resources to engaging with each, knowing that they are more likely to convert and provide you with a great ROI. It is a fact that companies need more customers in order to further grow their businesses. One of the most important things to get right with your new B2B referral marketing programme is to find incentives that will be meaningful to your potential advocate group. Actually, a referral program always helps to increase sales to the business. Simple â because in a recent study, 97% of marketers reported a higher ROI from ABM than other marketing campaigns. Come up with fun and creative ways on how you can convince your network to participate in the program without appearing like you’re obliging them to give you information. 2. One of the most consistent mistakes we come across with account selection is doing it too late in the ABM journey. To learn more about the benefits of client referrals and for tips on how to set up a referral scheme of your own, download and have a read through our free e-guide, The Sales Director’s Guide to Winning Referrals! Utilising intent data is the best way to select accounts. Which other B2B referral incentive ideas have you considered trialling for your own business? So youâve decided that adopting an ABM strategy is right for your business and thatâs definitely a wise choice. The Sales Director’s Guide to Winning Referrals! If your advocates are already regular buyers of your products or services, then a discount on the items that they buy the most will be genuinely valued and meaningful to them. Learn more about Booker’s referral program. One-to-many ABM takes the ABM approach and scales it so the principles can be applied to a larger number of target accounts. This is a reason most of the big companies still runs a referral program. Once you give them the tools, information and processes that make it easy to ‘refer a friend’ theyâre likely to do so. Here are some examples of B2B referral programs … Luckily, we have a handy little calculator that will tell you exactly that. One-to-one, one-to-few, one-to-many, programmatic, liteâ¦itâs understandable why account-based marketing can seem daunting at first! Make sure your referral process is clear. This could be information on which accounts are reaching a contract renewal date, previous positive conversations with the clients, or even contacts that could have used your services in a previous role at another company. Order them online at www.GCRegalo.com and have it delivered at your office conveniently. Learn more about Carpathia’s referral program. Prioritising selection early on in the process will give you ample time to gather insight into them, allowing you to really personalise your message that will resonate with the target DMU. Make referral submissions easy. One-to-one ABM is a strategic approach that treats your most valuable target accounts as their own individual markets. By the way thanks for sharing this article with us. In a Software Advice survey, 88% of 200 senior B2B marketers shared that they use referral marketing software to generate demand for their products as well as clean referral email templates and a consistent referral message. To make this more effective, internal teams should devise flawless referral experience for B2B customers in order to come up with a new revenue stream of high-quality leads. Don’t just offer a £20 voucher here and there. In a Software Advice survey, 88% of 200 senior B2B marketers shared that they use referral marketing software to generate demand for their products as well as clean referral email templates and a consistent referral message.. B2B referral program is very important marketing strategy for companies involved in B2B processes. B2B referral program ideas you need to consider: 1. The average number of accounts for a one-to many campaign according to the ITSMA sits at around 100. NextBee is renowned B2B referral program ideas and solution provider. For a really good referrer you could line up a meal with your own business leaders and perhaps someone externally that you know could be valuable. If itâs more of a luxury, consider targeting different industries where an influx of demand means they might be on the lookout for your solution. Plus, gift certificates can also be shared with friends and loved ones. Well youâre not alone, thereâs not a clear agreement even among leading practitioners of ABM. Save my name, email, and website in this browser for the next time I comment. Read next: An Epic List Of 47 Referral Programs. When giving out rewards for your referral program, money isn’t the only option. This makes the actual account selection process very important because you canât afford for an account that receives significant resource to just fall by the wayside.