In the B2B world (particularly for professional services firms) account growth is critical to success. But growth is not just about lead generation; it is also about client retention. Many studies have shown that convincing existing clients to either expand their service package or buy higher value products ultimately leads to a better return on investment (ROI). Yet, all too often, B2B marketing approaches like account based marketing (ABM) is used in such a way that prioritises customer acquisition.

Make no mistake, the targeted approach of account based marketing is ideal for attracting and engaging qualified leads. But B2B companies should also use it for retaining and upselling existing customer accounts.

The Problem

As a consultant or agency, you must focus on providing excellent service for your client on the project they have hired you for. But you also need to be talking about the broader issues your client is facing and how else you might serve them.

You can not wait until you want to sell them an additional service to start the marketing process. Or worse, assume that you are a preferred supplier across the business because you are already working in one section. (According to research by Gartner, when looking to purchase a new solution/service, over 75% of buyers consider a new provider). 

For example, say that you are hired to work on a brand identity project with a client’s marketing and sales teams. Meanwhile, their HR team is also in the market for a partner on an employee engagement project. The client would benefit from knowing about your work in that area. However, your relationship does not extend to their HR department. How do you get the conversation started?

In our experience, this is always an issue for professional services firms. They fail to align sales and marketing and struggle with continuing to build the account relationship after the initial close. Fortunately, account based marketing strategy provides all you need to improve engagement with existing customers and maximise account opportunities within an organisation.

Why ABM for Existing Customers is the Solution

Most business leaders recognise the deep and long-lasting value of investing in customer retention and loyalty. When new prospects were hard to find, businesses that best weathered the storm were those that successfully retained and expanded accounts with current customers.

Therefore, it is little surprise that in Gartner's 2021 CMO Strategic Priorities Survey, 73% of CMO respondents planned to focus on existing markets to fuel growth for 2021. 39% of them planned to increase sales of existing products to existing customers. Another 34% intended to introduce new products to existing customers. After all, it is often easier for a business to sell to a current customer than a cold lead.

However, B2B brands need to care that their own strategic goals are matched to their client's aspirations. As Gartner notes ‘...we see CMOs being overly ambitious in terms of the change they expect to bring to how their organizations interact with customers’.

Fortunately, account based marketing is a low risk, low-cost strategy to increase retention and account growth in a way that aligns with your customer’s needs.

ABM programs focus on collecting data to target key accounts with the right message and the right time in order to land a sale. However, you can do the same throughout the lifespan of the customer relationship. Instead of analysing data solely to gain new customers, you can use the same information to build an ideal customer experience profile and increase retention.

Indeed, consider the results of the 2020 ABM Benchmark Study by ITSMA and ABM Leadership Alliance. 71% of respondents said they saw a measurable improvement in account engagement, relationship strength, and the breadth and depth of relationships because of their account based marketing efforts. Meanwhile, another 55% of those surveyed reported improvement in revenue per account, pipeline growth, deal size, and portfolio penetration.

What Should ABM Efforts for Existing Customers Focus On?

Account based marketing programs should not end after closing the initial deal with a new client. Instead, sales and marketing teams should then focus on driving loyalty, participation and increasing the lifetime value of that client.

We can break these customer marketing activities down into three major categories: upselling/cross-selling, ‘land and expand’ campaigns, and customer advocacy.

Upselling/cross-selling services

Segment your audience within a company and focus in on your high-value accounts. Who are your most profitable, enthusiastic and most prestigious customers? Increase the customer lifetime value of these accounts by introducing them to the full breadth of services you provide and all the other ways you can help them.

‘Land and expand’

In getting to know your existing customers better, you are laying the foundations for more effective new business ABM strategies. Once you have sold into one set of target accounts within an organisation, expand your reach to others. Your sales reps can talk to their points of contact within the company while your marketing team disseminates targeted content to other divisions. The result is increased brand awareness and word-of-mouth referrals throughout the target organisation.

Build customer advocacy

Drawing on your customer community is often an underutilised tactic in ABM. But it is something that can bolster both your outreach and retention strategies. Seek to gain testimonials, referrals, case studies and co-marketing opportunities with accounts that fit your ‘ideal customer’ profile.

By maintaining the relationship and cultivating the loyalty of key accounts, you make starting a purchase conversation easier. Indeed, according to the Harvard Business Review, 'loyalty leaders grow revenues roughly 2.5 times as fast as their industry peers'.

Account Based Marketing Tactics for Customer Retention

Getting insights into your target audience is a core principle of ABM strategy. Account based marketers depend on data analytics to support account selection and campaign optimisation.

Once you are inside a company, you have access to intel that is unavailable to outside competitors. You have relationships with key decision makers in the organisation. You are able to gather first-hand information about the client’s other needs/pain points and offer them a solution.

Use your current projects and the data you gather from ongoing interactions to continue to build a solid relationship, account-specific content strategy and an exceptional customer experience. You should work to minimise churn rate and build the foundations for future sales/customer advocacy using tactics like:

Onboarding/customer training programs

By combining AMB strategy with marketing technology and quality content marketing, you can keep people engaged and create an unbeatable customer experience. For instance, you can track interactions with the drip-fed content and personalise follow-ups to nurture the relationship and build confidence in your brand.

Become a trusted advisor to the senior team

Target decision makers with hyperpersonalised content and retargeting ads based on what you know about the firm’s interests/ requirements. Besides learning more about individual decision makers, work to understand the buying group.

For instance, ask for feedback and learn about their preferences and pain points. Also, seek to understand the way they work together as a team and their role in the firm. Doing so will help you create content specific to their broader needs.

Stay vigilant

ABM marketers rely on company signals to help them know when the time is right to close a sale with a new account. This principle also applies when using ABM for client retention. For example, using LinkedIn flagging to notify you when a contact’s job role changes. Or use social listening and automation to keep an eye out for management changes, recruitment drives, purchases, awards, expansions, mergers, etc.

These things can often signal opportunities to open a discussion about a new product or service you can provide. Also, implement a retargeting ad strategy to stay top of mind as contacts move into different roles. Finally, do not overlook the value of talking to clients about potential developments. This kind of insider information can help you stay ahead of potential competition.

Expert Account Based Marketing

As you can see, you can use account based marketing for far more than just landing new clients. Rather, ABM programs can attract, retain, and expand accounts throughout the entire customer life cycle. However, doing so successfully requires careful planning, the right marketing automation tools, and quality content.

1827 Marketing can help you with these things. Work with our expert marketing consultants to craft a comprehensive ABM strategy for your organisation and use our marketing automation platform to implement retention tactics and engage your existing customers. You can also use our creative talent network of graphic designers, writers, videographers, animators, and data storytellers to create distinctive and relevant content for your ABM programs.

Reach out to us today to learn more!