Account-based marketing (ABM) is a powerful option for fintech companies looking to target high-quality clients. Instead of the standard marketing process, which expects customers to find your product through traditional advertising and buy it based on the strength of the advertisement, ABM seeks to target the best and largest customers and sell to them directly.
Financial technology companies can make use of this important strategy for marketing and data capture. ABM works best as part of a larger consumer-focused strategy that aims to keep pace with the ever-shifting market via prolific data gathering and thorough client engagement.
The Benefits of ABM for Fintech Companies
Here are the ways ABM can help fintech companies:
ABM is flexible. It should be molded to each buyer picked from a list of targets your company puts together. The process looks like this: find your ideal B2B buyer, learn everything about them, and then go find them and present marketing content catered directly to their needs.
ABM has the benefit of additional time and resources that becomes obvious to your buyer because it’s focused only on them. This level of effort and engagement can be seen by your clients as a form of marketing in and of itself.
As the world’s economy ebbs and flows, keeping tabs on your biggest and most important clients will give you insights into the market as a whole, making identifying new product or client opportunities a natural result of your strategy.
Easy to Implement
Regardless of your level of experience with ABM strategies, choosing to implement one at your company is very simple. It can be as easy as directing one person in the marketing department to research a large company and put together a list of pain points and possible solutions for them.
From here, marketing can begin creating tailored content while your sales team works with your product makers to determine the best fit for the company.
Regardless of if you succeed or not, the effort will give you insight into what it will take to run ABM programs in the future. Feedback from the buyer will also help you craft more effective marketing content and learn how to better deliver it to your potential buyers.
A proper ABM strategy should produce some key information on the company you marketed to and the challenges they face in their industry.
This information can be used to create new products, update existing products, and also create buyer personas that help train your employees on how to recognize and market to the highest quality customers.
Ways Fintech Companies Can Use ABM
Most B2B businesses that use ABM are used to long sales cycles that reward frequent, targeted engagement. Fintech companies can use ABM to the same end when dealing with their most important customers.
Here are some examples of ways fintech companies can make use of account-based marketing:
Create Buyer Personas
One of the most useful aspects of a robust ABM strategy is the creation of buyer personas. These are fictional buyers who represent the ideal customer your business would want to sell to. Their fictional status means they can be involved in any industry and represent any level of importance to your company.
Buyer personas are useful not just for research, but in training salesmen and lead generators on what to look for in a customer and how to determine if one is worth investing a full-on ABM strategy for.
Use the Extra Data to Adjust Products and Services
Lots of extra data will be generated by an ABM research and marketing team. Information on market conditions, general funding availability, and increasing or decreasing demand for certain products will be noticeable within the information gathered.
This data may not be used for the marketing project that uncovered it, but it should be archived and kept track of for future strategies.
Identify Your Best Customers and How to Sell to Them
As mentioned before, a proper ABM strategy will produce insights and information on your buyers as a natural consequence. This is useful not only for figuring out who to market to, but exactly what message to present to them when marketing. Demonstrating your mastery of the industry the company works in will help that company trust the value you’re bringing to the table.
Adopt a Buyer Experience Platform Like Hushly
Hushly’s platform has a proven track record of helping fintech companies reach their goals with increased conversions, content engagement, lead quality, and paid search optimization. We can handle the research, marketing, and engagement so you can focus on maintaining a great product with great service for your customers.
Check our fintech case studies for more information on how we can help market your fintech products.
6 Steps to Create an ABM Plan for Your Fintech Company
Follow these actionable steps to implement ABM at your company:
1. Determine Targets
Prioritize the largest, most important buyers first. These are not just the buyers you think will lead to the biggest sale up front, but those that will genuinely benefit from your product and continue to need it for the foreseeable future.
2. Select Project Managers and Define Metrics
Any new, large directive will create hidden pitfalls that need to be planned for. Designate one person or entity to maintain the consistency of the message and keep your employees on the same page.
Additionally, take the time to determine what success will look like. What goals do you hope to achieve, and how will you know if you’ve met them?
3. Decide How to Reach Your Targets
There is no right answer here, only your best assumptions based on research and instinct. However you choose to proceed, make sure you take note of how it works out and ideally collect some feedback from your buyer, so you know how to improve your approaches in the future.
4. Develop Content Based on Persona
Use the buyer persona to develop personalized, targeted content that proves to the client that you understand their business, their problems, and how to solve them.
Once you’ve planned everything out and are certain you’re ready to execute, let the chips fall where they may. Managers need to observe closely during this time. Keep documentation and engagement up as much as possible to ensure your team is following through.
6. Review and Recreate
Finally, use the information generated from the process to review and recreate your plan for the next target.
When it comes to reformulating your plan, remember to try and identify which improvements will generate the greatest results for the most minimal effort.
Quality Leads Might Be Right Around the Corner
If your sales team isn’t consistently converting on seemingly great leads, the problem may not be with them or the leads, but with your ability to effectively market your product.
Fintech companies may have unique challenges and sales goals, but their marketing teams can utilize proven account-based strategies to generate higher-quality conversions.
An account-based marketing strategy might be the key you need to develop better, more personalized, unique, and effective marketing campaigns that are shown directly to the largest and most valuable potential customers.
See how Hushly can assist with your transition into account-based marketing. Get a personalized demo today.