In the highly competitive landscape of the technology sector, businesses must constantly refine their strategies to stay ahead. Two key components of a successful marketing strategy are Customer Relationship Management (CRM) and Account-Based Marketing (ABM). When combined, these tools can form a powerful strategy for growth. In this context, the HubSpot CRM platform serves as an effective tool to leverage the power of ABM.
A Primer on HubSpot CRM and ABM
Synergising HubSpot CRM with ABM
Case Study: Achieving Success with HubSpot CRM and ABM
An Overview of CRM and ABM
HubSpot is a leading CRM platform known for its comprehensive suite of tools covering sales, marketing, customer service, and more. Its efficacy lies in its ability to help businesses manage relationships and interactions with customers and potential customers, effectively turning leads into conversions.
Account-Based Marketing, on the other hand, is a strategic approach that focuses on key accounts rather than the broader market. It treats each account as a market of one, providing tailored solutions to fit the needs of individual accounts.
To drive growth, technology firms must understand how to merge the capabilities of HubSpot CRM with the targeted strategy of ABM.
Leveraging Data for Personalised Campaigns: HubSpot CRM provides a plethora of data about customers, from contact information to interaction history. This information can be utilised to create personalised marketing campaigns for your high-value accounts. Personalised campaigns can improve customer engagement and result in higher conversion rates.
Segmentation for Precise Targeting: HubSpot allows for advanced segmentation based on specific criteria such as industry, job role, and behaviour. You can use this to identify your key accounts for your ABM strategy. By focusing your resources on these high-value accounts, you can maximise your return on investment.
Sales and Marketing Alignment: ABM necessitates a close alignment of sales and marketing. HubSpot CRM, with its integrated tools for sales and marketing, can foster this alignment. This ensures that both teams are working towards the same goal, improving efficiency and results.
Tracking and Analysis: HubSpot offers in-depth analytics tools that allow you to track the success of your ABM campaigns. You can identify which tactics are working and which need adjustment, ensuring that your marketing strategy is always optimised.
Consider the case of a SaaS company that implemented an ABM strategy using HubSpot CRM. They began by identifying their key accounts, those that have the potential to deliver the highest ROI. Using the data from HubSpot, they created personalised marketing campaigns for each of these accounts.
The marketing team worked closely with the sales team, ensuring a unified approach towards each account. They used HubSpot's analytics tools to measure the success of each campaign, refining their strategy based on the data.
As a result, the company saw a significant improvement in their conversion rates and an increase in their ROI. They were able to build stronger relationships with their key accounts, leading to increased customer retention and lifetime value.
AskCody, a small business with offices in the U.S. and Denmark, found a unified platform in HubSpot that allowed their team to work efficiently together. They had already been successfully using HubSpot's CMS and other marketing automation features, and with the introduction of HubSpot's ABM Software, they were able to execute, test, and track all their activities under the same system.
AskCody's target audience is composed of large organisations and enterprises, which posed the challenge of reaching specific industries with very particular needs. To address this, they implemented an account-based marketing strategy, aiming to target large businesses via multiple decision-makers throughout the sales cycle with hyper-targeted content. This strategy involved prospecting, scoring, nurturing, and selling to multiple high-value accounts.
The company ran an initial campaign for a specific segment using the HubSpot ABM Software features. The campaign was divided into two sub-campaigns with some time in between to allow for a higher degree of personalisation. The targeted efforts included sending optimised ads, creating targeted email sequences, setting up default properties to tag accounts and buying roles, and creating a landing page focused on the vertical.
In the two months the ABM test campaign ran, it generated 12% of total revenue. Despite the global Covid-19 pandemic heavily impacting their business, the outcome of the test campaign was encouraging. The initial work generated account revenue that could easily pay for the campaign’s investment and more.
Propeller Aero, a leader in a unique market where construction and technology intersect, needed to strengthen its account-based marketing strategy to accurately reach new leads and create a personalised buying experience for its target accounts. They faced challenges in attribution reporting and cross-functional visibility.
The company harnessed the power of HubSpot’s ABM tools, allowing their marketing and sales teams to work together to create efficient, personalised buying experiences for target accounts. They used HubSpot’s attribution reporting and modeling tools to support their ABM efforts. A new target accounts dashboard gave their team a holistic view of all accounts, open pipeline numbers, and sales engagements, increasing accountability across the organisation.
After four months of using HubSpot’s ABM tools, Propeller Aero’s average contract values were 23% higher and had a 12% higher close rate for ABM deals. The tools helped centralise information and bubbled up insights that were otherwise difficult for them to see, giving visibility into gaps in engagement and account touch points. Moving forward, the company is aiming to continue this positive momentum to run a highly efficient and data-driven program with HubSpot, providing support to cross-functional teams.
In the realm of tech growth engines, two strategies stand out for their potential to drive optimal ROI: CRM and ABM.
CRM, a cornerstone of modern business operations, is a strategy for managing a company's interactions with current and potential customers. It leverages data analysis about customers' history with a company to improve business relationships, focusing specifically on customer retention and driving sales growth. HubSpot CRM, for instance, offers a comprehensive platform that streamlines these processes, providing valuable insights and facilitating more effective communication.
On the other hand, ABM is a targeted strategy that coordinates personalised marketing and sales efforts to open doors and deepen engagement at specific accounts. It's about aligning with the key accounts that are most likely to generate revenue or offer strategic value. ABM, when executed correctly, can be a game-changer, transforming the way businesses attract, retain, and grow their customer base.
The fusion of CRM and ABM, particularly when using platforms like HubSpot, can create a powerful tech growth engine. This combination allows businesses to leverage the vast data and automation capabilities of CRM while focusing their efforts on the most valuable accounts through ABM. It's a strategy that promises not just growth, but optimal ROI.
Understanding and effectively implementing CRM and ABM strategies can be the key to unlocking unprecedented growth and success in today's competitive business landscape.