This is a guest post by Xoxoday.
ABM (Account Based Marketing) is a form of marketing that uses personalized and highly targeted campaigns to win specific accounts, instead of relying on blanket campaigns that appeal to the entire market. ABM treats “every individual account as a market in its own right.”
While ABM is a boon to marketers, the process is long and involved, but when done right, the rewards are immense. Running fruitful ABM campaigns is effortless if you know what works. With that said, we're here to spill some secrets today.
Characteristics of an excellent marketing incentive
A good plan is like a roadmap, so do in-depth research into your target market and ensure that you’re offering incentives that your customers will be interested in.
With that said, here are some noteworthy characteristics of incentive programs:
They should cater to the audience you want to reach.
They should concisely and clearly communicate the benefits.
They should feature a meaningful call to action (CTA).
They should be able to create a sense of "fear of missing out" (FOMO) or urgency.
Digital rewards: The secret to making your ABM campaigns succeed
To help you understand how digital rewards can drive ABM’s success, we've separated the campaign initiatives into five different categories:
1. Making initial contact with the prospect
Whether you initiate contact via a webinar, an email, or a newsletter subscription, digital rewards have the power to increase response rates and move the prospect quickly to the next stage in the funnel.
Let’s say you’re sending out an introductory email to a prospect with an invitation to attend a webinar. Adding digital rewards to the campaign can improve your webinar attendance rates and boost your ROI impressively.
Consider offering them a coffee reward to enjoy during the webinar or providing digital rewards of increasing value when prospects attend multiple webinars.
More tips on prospecting
- Research your prospect.
- Prioritize prospects based on their chances to become a customer.
- Personalize a pitch for every prospect.
- Make sure you’re only helping and not selling.
2. Keeping the prospect engaged
Delivering an incredible experience that can keep a prospect engaged throughout the marketing campaign can be overwhelming. Though you have the personalized content ready for your ABM campaign, digital rewards can raise the bar and help your marketing activities stand out.
Maybe your multi-touch ABM campaign starts with downloading a case study or a relevant ebook and ends with a product demo and a signed contract. But to keep a prospect’s attention fresh, implement a points-to-rewards system at every stage of the buyer’s journey.
Such programs allow prospects to accrue points, which can then be earned for every call to action they complete. Once they attain a predefined threshold, they can redeem the points to select from a list of digital gift cards.
More tips on prospect engagement
- Revisit the buyer’s journey and personas.
- Send relevant and meaningful content.
- Remind your prospects of what they gain if they purchase your product or service.
3. Re-engaging with a lost lead
Losing out on leads is inevitable in marketing. While you lose some leads because they weren’t genuinely interested, you can still gain back the ones that seemed qualified and were still interested in your business but wanted some more time to think. And the way to re-engage with lost leads is by incentivizing them.
The right digital incentives have the power to ignite interest in a lost lead, especially if they're relevant and meaningful. In practice, you could track their relationship history from your Zoho CRM, learn their interests and pain points, and reach out to them with a personalized incentive offer that speaks to their goals.
This could be anywhere from giving a limited-time offer or a discount to anything that inspires them to take action instantly.
More tips on engagement with lost leads
- Analyze the reasons behind the lost lead.
- Start a fresh conversation.
- Leverage re-targeting.
4. Upselling or cross-selling your products/services
Most businesses worldwide focus majorly on generating traffic and increasing first-time customers through emails, ads, coupon codes, and seasonal promotions, but often tend not to consider increasing average transaction value (ATV). Believe it or not, this is an excellent way to boost revenue.
Let’s not forget the fact that customer acquisition cost is extremely high. Hence, cross-selling, upselling, and down-selling make sense. Again, digital rewards are a great way to make such marketing activities fruitful.
More tips on upselling and cross-selling
- Offer complementary options.
- Demonstrate value.
- Make sure to follow up.
5. Increasing customer referrals
Referrals are undeniably a cost-effective way to increase your customer base, but they also fail. The obvious reason? Not offering anything in return. The next time you run a customer referral program to your key accounts, implement digital rewards and see the results with your own eyes.
Just think of it as a two-pronged approach. One: Whenever a customer refers an excellent prospect to your business, send them a digital reward. Two: Send another reward to the prospect who made their first purchase.
More tips on building strong referrals
- Analyze past referral behavior and ways to optimize them.
- Be generous with your referral incentives.
- Create various avenues for customer advocacy.
Digital reward integration in CRM
Showing gratitude to your prospects and customers with personalized gifts can add an extra layer of happiness to your brand. It may seem simple, but you'll be surprised to see the impact it leaves on your business.
Incorporating digital rewards into your ABM campaigns can streamline sales cycles, boost response rates, deliver memorable buying experiences, and enhance brand loyalty.
Cloud-based reward platforms like Xoxoday integrate with Zoho CRM to enable sales reps to send digital gifts instantly.
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