When it comes to Account-Based marketing (ABM), we are currently seeing a seismic shift in focus. Whereas, once, all efforts were on generating individual leads, we are now seeing the spotlight shift onto the broader spectrum of buying groups. This is a change that we must get to grips with if we are to understand and navigate the complex dynamics that exist and play a vital role in so many B2B purchasing decisions.
So, without further ado, let’s take a deeper dive into the ways targeting buying groups, instead of individuals, can lead to greater engagement, and drive increasing numbers of sales through the funnel.
Understanding Buying Groups in ABM
The concept of buying groups represents a collective of individuals within an organisation who collectively make purchasing decisions. Gartner’s research highlights that the size of these groups can range from 14 to 23 members, dependent on the scale of investment. Forrester further underscores this point by noting that 66% of B2B purchases involve more than six people. This data unmistakably points towards the necessity for ABM strategies to extend beyond single decision-makers to entire groups.
The Role of Intent Data
Undoubtedly, one of the critical strategies in targeting buying groups right now is leveraging intent data. This data provides important insights into the group’s collective behaviour, preferences, and also, crucial stages in the buying journey. By analysing intent data, marketers can much more easily (and effectively) tailor their messaging and strategies to be more aligned with the group’s current needs and interests.
Building Strategies for Buying Group Engagement
To effectively engage buying groups, marketers must take pains to build strategies that consider the diverse roles and influences within the group. This involves:
- Identifying Key Players: Understand who is in the buying group and their respective roles in the decision-making process. In practice, this could range from influencers and gatekeepers to final decision-makers.
- Tailored Messaging: Develop customised messaging that resonates with the specific needs and pain points of different group members.
- Multi-Channel Engagement: Implement a multi-channel strategy to engage with the buying group at different touchpoints, ensuring consistent and relevant communication.
- Educational Content: Provide value-driven, educational content that addresses the buying group’s challenges and positions your solution effectively.
- Feedback and Adaptation: Continuously gather feedback and adapt your strategies to stay relevant to the evolving needs of the buying group.
Integrating BGM into the Sales Funnel
The integration of Buying Group Marketing (BGM) into the sales funnel requires a nuanced approach. At each stage of the funnel, from awareness to consideration to decision, the strategy should be tailored to address the collective mindset of the group. This means providing information and experiences that are relevant to their current stage in the buying journey and helping them move seamlessly to the next.
The move towards focusing on Account Based Marketing Buying Groups it is fair to say, is a much more nuanced approach to B2B marketing than we have, perhaps, seen before. So, it no exaggeration to say, that by recognising the collective nature of B2B purchasing decisions, as they are today, it should be possible to develop marketing strategies that are much more targeted, more relevant, and simply more targeted than they ever have been in the past.
This is an approach which not only fosters a much deeper level of engagement with potential clients but which is also able to increase the efficiency of conversions through the sales funnel. As the B2B landscape continues to evolve, it goes without saying the ability to adapt and cater to Account Based Marketing buying groups will be paramount for success in ABM strategies.
Contact us online or give us a call at +44 (0) 20 3745 1263 today where we can share insights on how you can include buying groups and those individual stakeholders within your ABM strategy