Singapore’s marketers reveal how data-driven ABM is becoming the norm for businesses in the city state.
If businesses are to have any chance of attracting and retaining customers and thus earn returns on their investments, they must have an outstanding grasp of their customers’ sentiments, tastes, and preferences. For the longest time, traditional marketing fulfilled this need, but as businesses—especially those in the customer service sector—become more competitive and technology levels evolve, businesses are finding the need to step up and similarly boost their marketing efforts to a higher level.
Enter data-driven, account-based marketing (ABM), considered by many analysts to be the future of business marketing. “Account or activity-based marketing work is for analysing the processes of a business marketing effort to identify strengths and weaknesses,” says Benny Chow, chief marketing officer and co-founder at Firefly Photography, adding that, specifically, ABM is more oriented toward creating cost effectivity—“seeking out areas in marketing where a business marketing effort is losing money so that those activities can be eliminated or improved to increase profitability.”
How do businesses conduct ABM?
“Data-driven ABM uses information collected on your business’ accounts/clients, either internally-sourced or externally-collected, to better target them,” explains Roy Ang, marketing and business development manager at Withers Khattarwong. According to Ang, data-driven ABM focuses on achieving more effective B2B (businessto-business) marketing via better collection and data use.
According to Chow, data-driven ABM is accomplished by several levels of testing before arriving at a quantifiable conclusion. “When measurable data is collected based on certain marketing efforts or actions, via AB testing, the different tests or effort is shown via an analytical platform report, i.e. Google Analytics, that shows you which tests or effort is working and which is not.”
These days, data-driven ABM has become more commonplace thanks to significant advances in data technology. “ABM has gathered traction in the last few years, largely in part because we have the technology to scale ABM now that weren’t available before. ABM uses data to uncover relevancies and opportunities within a customer/account, drive growth, and increase return on investments within said customer,” says Wong Yongjie, chief marketing officer and co-founder at on-demand logistics start-up Quorier.
Wong notes that data accuracy and precision is key. “The more you know about your customers/accounts, the better equipped you will be to select the right targets. Industry and revenue alone don’t tell you much. Combine these two and you have a rough idea of your market,” says Wong.
What are the pros and cons of ABM?
Despite its current relevance, a number of businesses and marketers alike continue to face hurdles in data analysis, a crucial component of data-driven ABM. “Marketers have always known that ABM can drive growth in the B2B marketing space, but the lack of data or the lack of tools to analyse these data are often a hindrance,” notes Ang.
Nevertheless, the benefits of data-driven ABM continue to outweigh any potential hurdles as marketers seek ways to maximise its use in order to deliver ROI. According Ang, the success of data-driven ABM is rooted in data accuracy and integrity. “Marketers can maximise the use of data-driven ABM to discover new opportunities in the market and the key clients to focus on by ensuring that the data is up-to-date and accurate,” says Ang. “It is important to check in with the account managers and sales teams to ensure that the data is up-to- date and any campaigns you have planned are discussed with the account managers,” he adds.
What does the future hold for ABM?
Moving forward, analysts predict data-driven ABM’S further development as technology provides businesses greater access to customer information and analysis while shrinking costs and expanding scale. “I believe ABM will be more prevalent and advances in technology will afford marketers more data points and insights to enrich a customer account profile. In three to five years, ABM will drive the strategic marketing direction for most companies, as we move from ‘one market fits all’ to a more bespoke approach,” says Wong. “Data-driven ABM is in the spotlight now, due largely to advances in technology and expertise in marketing analytics that make ABM more scalable and cost-effective than before,” adds Ang.
Data-driven ABM uses information collected on your business’ accounts/clients, either internally-sourced or externallycollected, to better target them.
How will account-based marketing translate to success?