In the midst of ever shocking events that the world is going through right now- Pandemic, social-distancing, an economic meltdown- marketers across the globe are facing a never seen before challenging times leading their teams or for finding business growth.44% of businesses planning to increase IT budgets in 2020, up from 38% in 2019 -SuperOffice (2019) Click To Tweet
Presently, while balancing precariously the priorities of work, family, and every other activity in between, marketers are still expected to carry on generating expectable revenue- but just not in the old ways as it was before.
Sustain Business Relationships With Prospective Buyers
Now while we would have liked finding all the possible answers. Yet honestly speaking, this global unrest has got all of us stumped as we are currently looking for answers as to where we should point out teams? Should we tell them to keep going? Use their best judgment and empathize with customers? And more.
Of course, these are useful tips to relay to our teams. But personally, when plotting our team’s success, we rely on insight and data.
This is because, even though our tactics have changed a lot in the wake of this Pandemic, nevertheless, our targeting strategies which were already embedded in the behavioral insights into what our purchasers really care about and which of them are currently in-market still remains the same.
It is obvious now that insights are mission-critical to drive revenue in the present times. In fact, this strategy gas been a saving grace, especially when in this current situation sending tone-deaf emails is just a step away from being blacklisted by most subscribers in your mailing list.
Needless to mention, that there are a total zero promotional events for business growth or conferences going on right now (and so we can kiss leads that are generated by such activities goodbye), but still to sustain the businesses we have to fulfill our pipeline goals, which again leads us with a plethora of questions, such as:
Should we be spending our event marketing budgets somewhere else now?
Should be channelized that money into paid social, advertising, or some other functions of digital marketing?
How can we still continue generating pipeline when in the present time everything has changed?
Use the Three “I” Formula
Now that we have accepted that insight are the impetus behind revenue and business growth in the present times, so let us talk more specifically now.
In a review that we did earlier during the beginning of this year as one of the most popular vendors of easy to use CRM for small and medium businesses, we asked several CMOs as to where they are focusing their marketing budgets now.
According to the review, we found that there are three primary areas of focus (in order):
• Account-Based Marketing (ABM)
• Thought leadership
• Sales enablement
But the question that still remains to be answered is where are we targeting our ABM, though leadership and sales efforts right now?
Now that we have already talked about the importance of insights, there are specifically three types that are critical to your operations.
So here is our Three “I” Formula:
Number 1: In-Market
Now if this COVID-19 Pandemic has not brought your industry to a complete halt, then definitely you will still have accounts that need your solution. Well, in the present moment there may be a decrease in the inbound volume of business, but active buyers are still out there in the marketplace.
Hence encourage your teams to find them out and start building relationships with them.
To help your teams build these connections, it is best to use predictive analytics to seek out patterns in a buyer’s behavior. This is because, it is predictive analytics that can help you now to uncover specific keywords prospective leads are researching now, or if they have visited your business website without raising a hand.
Consider an account to be in-market when they are ready to engage with a solution. Therefore, by using insights that we can fetch from predictive analytics you can easily time your outreach and also pull the lever when the account goes in-market and let yourself be the first vendor they talk to.
Since using predictive analytics which can be integrated into an easy to use CRM can not only help businesses connect with their buyers but at that point even permits you to construct a solid relationship before other competitors can even find their foot inside the door, for your brand’s business growth.
Number 2: Intent
Even though intent data primarily helps you to find if an account is in-market, but more importantly it helps marketers to focus on what the account intends to do or rather to say answer the critical question “What the account actually cares about?” by compiling first-party data (like who has interacted with your campaigns or visited your website) and third-party data (like the generic or branded keywords) they have used to conduct research.
This is because the “promised land” is where you know exactly which keyword an account is researching, which locations are most active, which of your website’s pages they have visited or which buyer personas are most engaged with your offerings.
Therefore, with intent data sellers can find insights into what is most pertinent to their prospective buyers, that too at an account level or which personas are most relevant for targeting that can help them to initiate meaningful conversations.
On the other hand intent data also helps marketers to better understand the most typical topics that are needed by their audience in real-time- which matters al lot when that changes daily during these stressful present times.
Number 3: Industry
Your team has to find a clear understanding of an account’s industry if you anticipate centralizing your targeting and messages. In other words, it is essential to address how a given situation can impact an account’s overall business and industry model and find out whether it has a negative or a positive effect.
Now in a situation where we stand today, this Pandemic has affected every one of us differently. In fact, the impact level of the situation and how well industries adapt to it shapes your targeting.
Therefore, look at accounts outside your easy to use CRM, and their after based on how much everything has changed uncover patterns outside your own data, to fill your pipeline, since there might be many accounts that might not seem relevant anymore.
Unlocking Mission-Critical Insights with the Three I Formula
Apart from times like we are facing now, even during the best times, this Three I Formula can be mission-critical for businesses.
This is because collectively in-market, intent and industry insights can provide you everything that your business needs to effectively market and sell your solutions in any situation since you must always know what your prospective customers want and thereafter target your outreaches based on what is important to them so that you can avoid sending potentially tone-deaf messages in your outreach that can seriously hamper your business growth.
In a nutshell, with clear insights, the Three I Formula helps your marketers to fill their pipelines by creating personalized and targeted outreach to accounts that need your responsiveness right now, and let your marketers find the assurance to move forward through these troubled waters and continue generating enough revenue for consistent business growth.