Understanding your Ideal Account Profiles (IAPs) is mission critical to your ability to fuel a successful Account-Based Marketing (ABM) strategy. At its very essence, your IAP analysis will tell you who you should be selling to, developing for, and marketing to. There’s no better way to align your corporation on business objectives and goals than to come to a scientific, data-based conclusion of who it is your business serves – both at a company, and contact level.
When attempting to develop IAPs, most companies struggle with analyzing existing customer data to develop their profiles. All too often, historical data riddled by a high volume of unqualified accounts and prospects, drive businesses to draw the wrong conclusions about who they should be targeting.
Going after the wrong targets is a costly and time consuming mistake that can be avoided with a well thought out game plan.
Most businesses are plagued by data that’s unstandardized, incomplete, incorrect, outdated, making it next to impossible to create segments and draw meaningful insight.
What does that really mean?
- Invalid emails
- Incorrect phone numbers
- Bad addresses
- Missing data
- Lack of data segments
- Lack of third party data providers filling in those gaps
To improve the accuracy and reliability of your historic data, you will most likely need to work with third-party data providers to supplement additional insights into historic account records. One of many reasons we built out The DataExchange was to help businesses identify the best data providers for their unique business, and to help brands go beyond the very thin layer of information they have for their existing accounts.
We’ve learned that most businesses don’t realize how much additional account level information is available. Data exchange can help you find those… What if this data existed!!! For example – various providers can help you tap into a wide variety of data points like – technology used, how many hospital beds, capital raised, credit rating, or how many certified professionals are on a business’s accounting team.
Start browsing world-class data vendors now
Discover, structure, and integrate the best data for your business in the largest searchable catalog of data providers – The DataExchange.
The DataExchange centralizes vendor information and offerings into the most comprehensive data catalog on the web. Tap into the leading B2B and B2C data providers to find and ingest the data that meets your business requirements.
After a proper augmentation, analyzing your historic data and identifying profiles will drive much more impactful insights into your propensity models. Here are some of the most common aspects of account propensity models, but every company is different. So models change across industries and sizes of companies.
Here are variables you should consider in your IAP model:
- Lowest Customer Acquisition Cost (CAC)
- Least amount of activities from first touch to close won
- Highest Opportunity – Dollar Amount
- Customers with lowest churn rate
- Customers who buy multiple times
- Customers with the greatest lifetime value
- Customers with least amount of support cases
- Customers with highest product usage
Trend these reports by the following categories and include anything else proprietary to your industry best practices:
- Size of Company
When you overlay your propensity models on top of each other, it’s fairly easy to start seeing density within verticals, size of company, intent, financials, etc. This data is what you need to prove that your solution is made for a particular group of people and companies. Once you have this information, you can use it to find your TAM. To maximize the number of companies you have in your TAM, it’s important to use resources like the Data Exchange to connect you to all the providers with coverage in your focused industries.
If you are having a hard time finding the right data sources to accommodate your propensity models, meet with one of our data SME’s for advice on how to evaluate vendors and build your RFP. If you want to find the best data provider today all on your own… visit the DataExchange and TalkDataToMe. If your propensity models are already dialed in and you are working them in excel or having difficulty getting scores live in CRM, sign up for a free trial of RingLead’s data orchestration platform.