Have you ever looked at a target account list for a Business Development Representative? How often does the list comprise of the top 100 accounts in the territory, based on revenue? The Business Development Representative likely pulled a list from InsideView, Hoovers, or maybe the local Book of Lists and called it a ‘target’ list.
Refining your target list based on metrics valuable to your company’s success is the first step in account-based marketing.
At present, the data points that I use to determine potential clients for the services provided by Altudo, include the following.
1. Current Technology
2. Time since last major improvement
4. Growth Rate/Investment
There are a few more points I have that I’d be willing to share if you are interested. Feel free to reach out to me directly at - firstname.lastname@example.org
Until recently a key metric was missing from my list which was the - vertical/industry. I had focused on verticals for events and minor marketing activities, but I never really honed it. That was until I had a conversation with Mark Floisand, CMO at Coveo (https://www.linkedin.com/in/floisand/)
Mark asked me if I understood the vertical(s) that our company does well. Not just the ones that we have done business in, but also the ones we can show success and understanding. Thereafter, create a story, focus on building continued success and using it to break into new markets.
Based on this discussion, I came up with data metrics to help understand which vertical(s) we do well. (If you have a small number of clients the analysis will be much easier)
How to determine the vertical(s) to focus on:
1. Number of accounts in the vertical
2. Number of referenceable accounts in each vertical
a. Customer satisfaction rating (if documented)
3. Average per customer in each vertical for the following
b. Order Size
c. Number of Orders
d. Gross Profit
e. Retention Rate
You may be surprised by what you find.
Which vertical is better? A vertical with a high-profit margin, order size and low number of orders, or a vertical with low profit, below average order size, large number of orders, high revenue?
Companies may prioritize each data point differently. However, your team should determine the priority before collecting and analyzing the data.
In my next blog post, we will focus on Content for a Vertical.