When you review CDP features and ABM framework steps together, it’s easy to realize that CDP is the technology to best activate ABM for your B2B marketing.
Let’s start this article by trying to quantify the importance of ABM (Account-Based Marketing) and CDP (Customer Data Platform). Both of these terms are popular, and gaining more recognition every year. Figure 1 is the Google search volume of these terms. From the image it’s clear that more people are searching for these terms. On the same note, search trends show a similar upward pattern.
CDP and ABM synergy
Like most marketing technology, it’s very difficult to have a watertight definition of CDP, but the Customer Data Platform Institute summarizes it as a software package which creates a persistent, unified customer database that is accessible to other systems. In CDP, data is pulled from multiple sources, cleaned and combined to create a single customer profile. This structured data is then made available to other marketing systems.
ABM is a strategy that has different definitions to people. But it’s often most familiar as a go-to-market strategy in which the sales and marketing teams focus on the same accounts and contacts towards common revenue goals.
As a concept ABM is not new. Most businesses have key accounts they focus on towards revenue generation. ABM is just an expansion of this old concept.
Interestingly ABM is also evolving to a newer concept of RevOps or revenue operations that goes beyond sales and marketing teams and includes every aspect of business to focus on revenue generation. This whitepaper explains RevOps.
The ABM approach typically involves these seven steps:
- Account selection
- Contact discovery and profiling
- Develop account insights
- Account related content generation
- Deliver account specific interactions across channels
- Orchestration and close the loop
Identifying key accounts and contacts can be best achieved by utilizing all the data available to the organization. CDP is a great tool for this activity; you can pull different types of data from different sources into CDP platform then run this data through a built-in analytics layer towards arriving at a targeted list of accounts and contacts. Based on CDP capabilities, it’s possible to utilize thousands of attributes from multiple sources. More key attributes means greater coverage of key aspects that determine the predicted behavior of accounts and contacts. For example, click streams can determine the behavior of contacts from targeted account lists which can help marketers determine which persona to focus on.
Not only do we get to know which accounts and contacts to focus on, CDP can also tell you a preferred channel, time, and type of communication you need to have for successfully closing deals. This is in sync with the ABM steps listed above.
Though ABM is the focus of this article, keep in mind that CDP as a marketing technology can also help you to implement revenue operations, mentioned briefly above, the strategy that most organizations are evolving to.
Sandeep Koul is a senior marketing operations manager at Zylotech where he brings 10+ years of technical marketing experience following his marketing studies at Indian Institute of Management, Lucknow. When he’s not working, he enjoys driving or trekking in the Himalayan region, reading books, and using his camera. Writers like George Orwell, Franz Kafka, & Fyodor Dostoevsky help him make sense of human behavior.
If you liked this post, check out our recent blog post: Marketers: do you know about look-alike modeling for segmenting your contacts?