In recent years, many marketing teams turned to an account based marketing strategy as a means of providing customers with the biggest opportunity white-glove service while also streamlining collaboration between the sales and marketing teams.
And to-date, it’s proven quite effective. Nearly 85 percent of marketing teams with an account-based marketing approach say that ABM outperforms other marketing activities. Here at ReachForce, we’ve shared reasons why account based marketing should be an integral part of your marketing strategy. And we’ve even offered some advice on how to implement ABM through various creative techniques.
Throughout all of that information, we’ve continuously emphasized the important role that data quality plays in the success of your account-based marketing strategy. But, this post really explains exactly why data quality needs to be top-of-mind if you’re considering implementing ABM and how a data quality health check can be the secret to account based marketing success.
3 Reasons Data Quality Matters in Account Based Marketing
1. Data Determines Your Target Accounts
Account based marketing should be a collaborative effort between sales and marketing. But, at its core, ABM should always be data-driven. That means it’s a good idea to get ideas of potential target accounts from your sales partners, but it’s your responsibility to validate those recommendations against your own historical data.
Of course, if that historical data is inaccurate or full of duplicates and missing information, marketers are bound to uncover some misleading insights. That might mean poor-fitting accounts get greenlit for ABM. But it also might mean great targets get turned away, too. Either instance equates to missed opportunities.
2. Data Tells You Where and How to Approach Your Target Accounts
With the right target accounts in place, data quality then aids in aligning your approach with the appropriate decision makers and channels for maximum results. Again, however, poor data quality makes it exponentially harder to extract the right insights about your target accounts. That might mean you end up investing serious time and energy into getting the attention of someone with no buying power. Or, it may mean you find yourself attempting to get the attention of a key decision maker in the wrong places or with the wrong approach.
3. Data Ensures You Don’t Miss Out on Big Opportunities
Account based marketing isn’t all just about studying data for proactive action. It’s also about leveraging data so you’re prepared to act reactively, too. Monitoring trends in data flows help marketing and sales teams react to behavioral shifts in an account’s engagement with your brand. That may mean knowing when to deliver offers that convert leads into new customers, but it also means identifying upsell opportunities and protecting your baseline by keeping an eye on potential churn risks. Good data plays an essential role in every step of that. And getting good data starts with a health check.
How a Data Quality Health Check Can Help
Running your data through a health check does more than just tell you whether or not you have quality data. It also reveals where your bad data comes from and gives you an opportunity to standardize the information stored in your data management platform.