Growth Colony: Australia's B2B Growth Podcast

Increase Your Share of Wallet with ABM and Customer Marketing

Mon Jun 26 2023

account-based marketingcustomer marketingpersonalizationcustomer advisory boardsAI in marketingalignmentcross-sellingupsellingrenewals

Description

This episode covers various topics related to account-based marketing (ABM) and customer marketing. It explores strategies for using ABM to drive cross-selling, up-selling, and renewals, as well as the importance of personalization and customer advisory boards. The episode also discusses the role of AI in marketing and business, legal considerations, and the challenges and best practices of implementing ABM. Key insights include the need for alignment within the organization, the value of candid conversations with customers, and the importance of setting clear expectations.

Insights

Customer understanding is crucial for effective expansion programs

Developing a deeper understanding of customers is crucial for effective expansion programs. This includes identifying the next typical buy through collaboration with the customer success team, mapping the customer journey, and understanding their business challenges and needs.

Personalization in ABM depends on individual circumstances

Personalization in ABM depends on factors like average contract value, complexity of the buying center, market, and budget. There is no cookie-cutter solution for personalization; it depends on individual circumstances.

Customer advisory boards provide valuable insights

Customer advisory boards are great for getting insights from customers and building longer relationships. Creating customer advisory boards for different regions helps address region-specific challenges.

AI can enhance personalized marketing efforts

AI can be integrated into personalized marketing to scale account-based marketing efforts. It can help identify industry trends, assist in creating multiple versions of content for different audiences, and provide insights that may not be easily searchable.

Alignment within the organization is essential for customer-centricity

Alignment within the organization is essential for being customer-centric. Having touch points across the organization ensures everyone feels part of the journey. Starting small, in friendly territory, with clear objectives and by listening helps with alignment.

Cross-selling and upselling require monitoring and engagement

Cross-selling can be achieved by building a HitMap, using intent data, and leveraging customer champions. Upselling depends on monitoring product usage and identifying opportunities to increase capacity. Renewals should be proactively engaged well in advance of the renewal date.

ABM requires clear objectives, accurate data, and iterative improvement

Clearly articulating objectives, working with go-to-market teams to ensure data accuracy, and starting small are key to successful ABM implementation. ABM is a long game that can provide good ROI in the first year but really shines in years two and three.

Customer marketing is a stepping stone towards ABM one-to-one

While ABM one-to-one is difficult to achieve, customer marketing can be a stepping stone towards it. Customer success and data play important roles in feeding marketing programs. ABM can be implemented in a one-to-few or one-to-many approach.

Summary

Transcript

Introduction

00:02 - 08:31

This podcast is sponsored by X Growth, an APAC ABM agency.
The webinar panel includes Stephanie Bishan from Gumi, Suzanne Palsari from CSG, and Shaheem Harder from X-G.
The webinar focuses on using ABM and customer marketing to drive cross-selling, up-selling, and renewals.
Developing a deeper understanding of customers is crucial for effective expansion programs.

Customer Marketing and Personalization

08:01 - 15:42

Stephanie discusses identifying the next typical buy through collaboration with the customer success team and creating dedicated content around it.
She also mentions mapping the customer journey to determine the best time for expansion discussions and engagement activities.
Suzanne emphasizes being customer obsessed and understanding their business challenges and needs.
She suggests adopting a sales mindset and leveraging insights from various teams within the organization to understand customers holistically.
Suzanne shares an example of a program called Candid Conversations that creates intimate sessions with customers to have honest discussions about their business challenges.
These programs help build sustainable relationships with customers and validate assumptions with data.
Customer advisory boards are great for getting insights from customers and building longer relationships.
Creating customer advisory boards for different regions helps address region-specific challenges.
Personalization in ABM depends on factors like average contract value, complexity of the buying center, market, and budget.
There is no cookie-cutter solution for personalization; it depends on individual circumstances.
Oracle and Ducky sign have different levels of personalization based on program size and budget.
Candid conversations inform product or service roadmaps by providing honest feedback from customers.
Feedback from candid conversations is shared with product teams to drive improvements.
AI can be integrated into personalized marketing to scale account-based marketing efforts.
AI can help identify industry trends and topics for targeted campaigns.
AI can assist in creating multiple versions of content for different audiences.
It's important to be cautious about using company data in AI algorithms.

AI in Marketing and Business

15:15 - 22:47

AI is still in the early stages and there is no right or wrong way to implement it yet
Be cautious about putting personal data into AI systems
There is a question of when AI creativity will reach its limit
Legal frameworks are needed for using AI in marketing and business
In niche industries, it's important to avoid disclosing proprietary information when using AI
Subject matter expertise is crucial in leveraging AI effectively
AI can assist with creating narratives and finding information that may not be easily searchable
Customer advisory boards require time and multiple approaches to show value
Candid conversations help filter out noise and focus on moving forward in the telecommunications sector
Sending follow-up materials after customer advisory board sessions helps build relationships and increase executive engagement

Customer Marketing Strategies

22:17 - 30:05

Using programs to increase executive engagement and find new opportunities
Customer marketing split into three pillars: brand awareness, demand generation, and engagement
Brand awareness pillar focuses on customer stories and promotion through social media, websites, and events
Demand generation pillar supports cross-sell and upsell efforts for tangible results and revenue
Engagement pillar involves listening to customers through advisory boards and technical councils, as well as providing training and product updates
Building a roadmap for account expansion with horizons of one year, two years, and three years
Mapping buying centers and channels for each horizon to engage customers effectively
Importance of setting expectations and planning ahead in order to avoid ad hoc initiatives

Cross-Selling, Upselling, and Renewals

29:36 - 37:39

Customer marketing is critical to account-based marketing, and advocacy is key.
Having touch points across the organization ensures everyone feels part of the journey.
Alignment within the organization is essential for being customer-centric.
Starting small, in friendly territory, with KPIs, and by listening helps with alignment.
Cross-selling can be achieved by building a HitMap, using intent data, and leveraging customer champions.
Upselling depends on monitoring product usage and identifying opportunities to increase capacity.
Renewals should be proactively engaged well in advance of the renewal date.
Engage customers in conversation and cross-sell six months before renewal
Heat maps and customer journeys help in understanding sales cycles
Moving customers from the status quo to new solutions can be challenging
ROI calculators and maturity models are helpful in long-sales cycles
Both customer success and sales should hold up cell and cross-sell KPIs
AE looks at expansion, while customer success focuses on renewal
Getting started with bad data requires clear objectives and necessary data

ABM Best Practices

45:19 - 54:05

Clearly articulate your objectives for ABM and determine what data you actually need
Work with go-to-market teams to ensure the accuracy of the data and correct any errors
Start small, understand what is correct and why it isn't, and iterate and improve over time
ABM is a long game that can provide good ROI in the first year but really shines in years two and three
There is no magic template for ABM as it depends on your organization, target audience, and revenue per deal
Set clear expectations at the beginning to avoid misunderstandings later on
Managing volume of multi-product communications in ABM requires intent data and proper contact information
Intent data availability may be limited outside English-speaking markets like America and Australia

ABM Implementation

53:36 - 57:08

ABM one to one is difficult to achieve, but customer marketing can be a stepping stone towards it.
Customer success and data are important for feeding marketing programs.
ABM can be implemented in a one-to-few or one-to-many approach.
Starting small with a deals-based approach can show success and pave the way for scaling ABM.
The organization has seen what is possible with ABM and is investing in one-to-one programs.