SMB Business Trends: Account-Based Marketing & Sales Targeting
2020 is the year for making your business smarter. There are so many ways to streamline your marketing, sales funnels and customer services – and combining all of those streams will help bring your business to the next level this year. How you market your services or products, how you manage your leads, and guide your customers through the buying process all have new approaches to help grow your customer base.
Streamlined Sales Targeting
Targeting sales with the help of CRM tools and sales funnel will remain a huge factor for small businesses in 2020. This means dialing in sales funnels and optimizing CRM tools to their full potential.
Still not using a CRM? Check out a list of our top recommended CRM’s for Small Businesses.
An effective sales funnel drives your customers along a path that ends in a targeted sale. The most effective sales funnels are broken into small steps. Each step is designed to encourage customer engagement while steadily convincing them that your business is trustworthy. The most effective sales funnels consist of 6 stages which are:
- Awareness stage
- Discovery stage
- Evaluation stage
- Intent stage
- Purchase stage
- Loyalty stage
Account-Based Marketing in 2020
As a small business owner, plan on making 2020 the year you get serious about account-based marketing. This relatively new style of marketing establishes a strong connection between your advertising department and your sales team. Account-based marketing is a form of marketing that is directed at customer accounts. When done correctly, the result is a surge in revenue in a very short period of time.
Account-based marketing is one of the most successful forms of marketing. 84% of all businesses that have implemented AMB report a strong return on their marketing investment.
The steps of an account-based marketing strategy are:
- Creating a unified team
- Identifying the characteristics of the accounts you wish to target
- Investigating your target account’s journey
- Creating a specific, customized message
What is Micro-Marketing?
Micro-marketing goes hand-in-hand with account-based marketing. Small businesses that employ micro-marketing techniques select a core group of customers and focus key marketing material on that base. Micro-marketing is particularly effective when promoting highly specialized products/services. The downside of micro-marketing is that the initial investment is higher than macro-marketing techniques, but once the micro-marketing campaign is launched, businesses experience a lower bounce rate, overall higher customer satisfaction, and strong sales.
The main components of micro-marketing are:
A good micro-marketing campaign usually generates strong customer loyalty.
CRM Tools for Capturing Marketing and Client Lifecycles
Customer relationship management (CRM) tools are changing the marketing game. CRM tools use technology in such a way that small businesses can closely monitor the browsing and shopping behavior of customers. Not only do the tools provide valuable insight into the shopping lifestyles of current and potential customers, but they also help capture the data needed to put together the kind of streamlined and precise marketing material that really attracts the attention of your target market.
The overall goal of CRM tools is to improve business relationships with customers which ultimately triggers a significant increase in your business’s profit margins.
CRM tools aid with:
- Attracting new customers
- Turning visitors into paying customers
- Providing each customer with personalized support
- Turning first-time customers into loyal customers
When used properly, CRM tools allow you to create products/services that are targeted directly to your current, loyal customers. The highly targeted products/services inspire your loyal customers to return to your small business over and over again. The loyalty they feel to your business means they’re also quick to recommend it to their friends and family.
CRM does more than simply allow you to track data pertaining to your customer’s shopping habits. You can take the data collected by CRM tools and use them to hone your branding.
Are you ready to watch your small business grow in 2020? If so, Buhv Designs builds unique digital marketing strategies for each of our partners. Learn exactly how we can help you dial in your focus and get the most out of your data collection.