Account Based Marketing Strategies for Niche Audiences
Selling a product or service in a highly competitive marketplace can be a challenge, especially if you are trying to reach a unique audience. Having a small marketing budget makes the challenge even greater.
Angela Ridpath, Vice President of Marketing at MCH Strategic Data, spoke at this month’s KCDMA Luncheon. She shared how MCH breaks away from the traditional marketing strategy by flipping the funnel.
With the traditional conversion funnel, you market to a large audience of potential customers but only a small percentage of that audience takes action and becomes your customers. What happens when you first identify who your customers are and market only to them?
This is what a flipped funnel would look like.
After identifying your audience, dedicate a lot of time creating high quality content. At the presentation, Angela passed around an example of a direct marketing piece that was mailed to their target audience. It was similar to one of those greeting cards that plays an audio clip when the card is opened. In this example a video advertisement plays when the card is opened. It is more engaging than a traditional printed mailer that may go unnoticed. A customer can see the value in it if for no other reason because of the cost of the piece, so they check it out. But because of the cost, you don’t want to waste those advertising dollars on an audience that has no use for your product or services.
MCH identified their target audience to be only 10 accounts doing business with one of MCH’s competitors. They sent out the direct mail piece with a personalized video and content for each prospect. They also sent an email with a personalized online landing page and a personal handwritten note from the sales manager. They were able to track the package, track video views and track email opens and clicks. If they find they are not reaching the pool of 10 accounts, they will expand the pool, but they keep the pool narrowed down to prospects they believe will engage and eventually become advocates.
To get started these are the steps Angela suggests we take. Define your audience as you align sales and marketing. Then create content and establish your social presence. Finally, use technology to distribute the content and track your progress. Some of the technology is free, such as Google Analytics and HootSuite but be sure not to neglect services you may have to pay for. It is important to stay on top of your online and social media presence.