Your A-Z glossary about the terms related to
account-based marketing
account-based marketing
With the advent of technology, marketing tactics are changing continuously every day. Account-based marketing is picking up speed as companies strive to enhance their strategies to be more responsive, efficient, and cost-effective.
As we step into a new year post a global pandemic, many B2B and B2C companies fasten their seat belts to identify their high value best fit accounts and execute the most creative ABM campaigns ever. Thus, to ace up your marketing game, we bring you an A-Z glossary of forty account-based marketing terms that you must master and get the best results on your plate.
We hope that the article will help you strategize and execute data-driven ABM campaigns and empower your businesses to achieve sustainable growth.
Terms included in the article
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01. Account-based marketing
Account-based marketing or ABM is also termed key account marketing. It is a strategic marketing approach based on account awareness and value, in which an organization targets high value and best fit accounts with hyper-personalized marketing communication. This strategy is typically practiced in enterprise-level sales organizations, which helps them increase account relevance, boost engagement, engage earlier, align marketing activity with account strategies and increase brand presence.
02. Account-based advertising
Account-based advertising is another term for account-based marketing. While ABM usually includes the strategies executed by both the marketing and the sales team, account-based advertising primarily focuses on the marketing tactics.
03. Account-based marketing checklist
Account-based marketing checklist are the key factors that any ABM team must consider to execute the campaigns and generate the desired return successfully. Depending on the industry, location, demography targeted, or the organization’s size, the checklist can include setting the budget, building ICPs, building the team, and many more.
04. Account-based engagement
Account-based engagement is an evolution from ABM campaigns that encourages brands to enhance their holistic customer experience. With account-based engagement, the ABM team sets the goal to build a close relationship with leads through personalized content on different channels.
05. Account intelligence
Account intelligence is the actionable insights that are generated based on the analysis of customer information. Developing account intelligence is essential before setting your ABM campaigns’ tone, as it helps you understand your customers better and strategize responsive campaigns.
06. Account lifecycle
As the term suggests, the user account lifecycle defines the collective management processes for every account. These processes can be account creation, review or update, subscription, and deactivation. Account lifestyle is an essential part of the customer retention strategy, often used by the sales team after completing any campaign.
07. ABM software
ABM software is an artificially intelligent tool that automatically aligns marketing and sales departments’ goals by identifying quality target accounts without any manual intervention. This is done before setting up the marketing strategy, which helps companies ease up work on their other checklist like budget setting, choosing marketing channels, set KPIs, and undertake final ROI research.
08. Account tiering
Account tiering is the process of categorizing your key accounts through both AI and manual analysis. Most B2B companies build a 3-tiered accounts system. However, some extend them up to seven tiers. Account tiering is primarily based on demographics and buyer behavior and an essential checklist to tick before strategizing an ABM campaign.
09. Annual contract value (ACV)
Annual contract value is the average yearly revenue generated against per customer. However, please note that it excludes any one-time fees. Annual contract value isn’t beneficial when calculated or sued in isolation. Compared to other metrics like that of overall ROI, it helps the sales and marketing team set an (almost) accurate budget for ABM campaigns.
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10. Buyer persona
A buyer persona, also a user persona or customer persona, is a set of fictional user-centered insights created to represent a user(s) that might use your site, brand, or product. Marketers may use buyer personas and market segmentation, where the qualified personas come to represent some specific segment. A buyer persona is a widely used term in the advertising and marketing industry.
Personas are synthesized from interviews and include behavioral patterns, goals, skills, attitudes, and a few fictional personal details.
Account-based marketing teams must build buyer personas to study the goals, desires, and limitations of buyers and leverage the information to guide decisions about the service or product. Personas are also widely used in sales, advertising, marketing, and system design.
11. Bounce rate
Bounce rate is defined as the percentage of visitors who enter the site and exit (bounce) rather than continuing to other pages in the same site. It is calculated by counting the number of single-page visits and dividing that by the number of total visits to the website.
Bounce rate is helpful to understand how user-friendly, attractive, or informational the landing page of your website is. It is used to analyze web traffic, which helps the marketing and sales teams to understand their audience better.
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12. Cookie targeting/marketing
Another tactic of account-based marketing, known as cookie targeting, uses data or ”cookies” based on an account’s web browser behavior to target them with personalized communication. Through this method, marketers display ads throughout a user’s browsing sites across various systems.
13. CRM
Customer relationship management (CRM) is the process of managing and analyzing interactions with current, past, and future customers, all at the same time. It uses data analysis tactics to study customers’ history with the brand to improve business relationships, retention rates and drive sales.
CRM compiles data from various communication channels, such as websites, telephone, email, live chat, marketing materials, and social media. Your CRM database must be clean to run a successful ABM campaign.
Please read our detailed article on the most effective ways to clean your CRM data for high lead generation.
14. Customer database
A customer database is the collection of information about all the customers that have purchased from you. The marketing team uses the customer database to gather lead information and track their research activities at the beginning of the relationship. A clean customer database helps marketers send communications and campaigns to your leads and nurture them for conversion.
When it comes to ABM campaigns, the customer database is the most valuable resource and serves as the solid foundation for business strategies.
We have recently published a detailed infographic about the tips to upgrade your customer database, which will help you gain valuable insights to leverage into sales decisions and build rapport with your customers.
15. C-suite accounts
C-suite accounts refer to the executive and critical level decision-making managers within an organization. Common c-suite executive accounts include Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Information Officer (CIO), Chief Technology Officer (CTO), Chief Information Officer (CIO), and Chief Marketing Officer (CMO).
Strategizing your ABM campaign to build direct communication with the C-suite accounts increases prospecting chances, as they are the key decision-makers.
16. CTR
Click-through rate (CTR) is the ratio between clicks on a specific page, email, or advertisement to the number of total views to the same. It is used to measure the success of an online advertising campaign. Click-through rates for ad campaigns vary with regard to mediums and marketing budget. The purpose of CTR is to measure the ratio of clicks to impressions of an online ad or email marketing campaign. Generally, the higher the CTR, the more influential the marketing campaign is considered to be.
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17. Database marketing
Database marketing is a direct marketing method by using databases of existing or potential customers through various marketing tactics to promote a product or a service and boost sales. There are two main types of databases- Consumer database or known as contact data, and business or company database. In contrast, consumer data consists of contact data like full name, business email ID, demographics, OCC codes, and so on, primarily collected by B2C to sell to their consumers. On the other hand, business marketing databases are the organization details, including technographic and firmographic data mostly collected by B2B companies.
ABM campaigns backed by a clean database empowers businesses to identify, connect, nurture, and convert high-value prospects to achieve sustainable growth. Database marketing adds value to an organization’s overall operations, productivity, and efficiency and is excellent to boost multichannel campaigns, lead engagement, customer acquisition, retention, and more.
18. Demand Unit Based Marketing
Demand Unit Based Marketing is an advanced version of account-based marketing where the buying group members comprise a diverse group of primary and secondary decision-makers and influencers. You can carry the conversations around ways to help them solve their pain points.
Demand Unit Based Marketing provides an improvised and cleaner approach to the ABM strategy by helping the sales team to engage in one-on-one conversations with different buying groups using personalized emails and targeted advertisements.
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19. F.I.R.E
F.I.R.E, in terms of ABM campaigns, stands for Fit, Intent, Recency, and Engagement. It is locating a target or identifying the best-fit target account and helping the marketing and sales team prioritize the best leads, shorten sales cycles, and improve the sales rate.
Source (Business brainz)
20. Firmographics
Firmographics, also termed strong demographics are the sets of characteristics that define an organization in the marketing world. They define companies and organizations in the same way as demographics define people. Commonly used firmographic insights are SIC codes, industry sector, company size (both in terms of employees and revenue), motive and vision, and location. Firmographics is a crucial data segmentation category and helps marketers ace their ABM campaigns in the B2B industry.
21. Funnel acceleration
Funnel acceleration, also known as sales pipeline acceleration, is the method that most ABM teams use to minimize the process or gap between their marketing and sales teams to accelerate the sales process. It is necessary because ABM campaigns run for a shorter period and thus need to generate as many leads and make sales within that time frame.
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22. Geo-targeted data
Geo-targeted data is the data that is segmented based on the geographical location of the prospects. This is done either by listing details like postal address, zip code, country name, and other location indicators against each contact. A geo-targeted data helps in understanding the local market of the contact and devise a strategy accordingly. Geo-targeting enables delivering localized content or advertisements to consumers based on their locations.
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23. Ideal Customer Profile
An ideal customer profile is a description of the company (please note- ICP is not the description of an individual or the end-user) that fits perfectly to be your customer. ICPs focus on your target accounts’ relevant characteristics like the size of the company, location, revenue size, technography, and many such.
Please read our detailed guide on building an ICP for successful ABM marketing and lead generation in the B2B industry.
24. Inbound marketing
Inbound marketing attracts leads and makes sales via content marketing, social media marketing, search engine optimization, and branding. Inbound marketing is the most chosen method to execute ABM campaigns, as it offers potential customers valuable information via newsletters, blogs, and social media postings. Inbound marketing is excellent to improve customer experience, build trust, create awareness and attract new customers.
Inbound marketing aims to define the brand, understand the customer, and build customer loyalty.
25. Intent data
Intent data shows the accounts actively conducting research online, looking for solutions to their pain points to buy. It is used to alert sales and marketing teams when their high-fit accounts have intentions to buy, what conversation they are having, and where they are looking for the solutions. When segmented into categories like firmographics, technographics, demographics, and so on, intent data boost conversions and sales significantly. This narrows the list of premiums and helps the sales and marketing teams build the ICPs or target lists.
Account-based marketing teams can use intent data to select accounts based on their research level and intent and personalize the communication. Intent data is used to deliver targeted content to both known and unknown prospects.
26. IP targeting
IP targeting is a digital marketing method that targets consumers using their IP address and showing online advertisements accordingly. It’s a hyper-focused tactic that helps you discover your exact audience and advertise your content accordingly. Whether a laptop, desktop, tablet, or mobile phone, an IP targeting campaign allows you to send advertisements to each device that is connected to that particular account. This method can be used in ABM marketing to both businesses (like using the IP address of a company as a whole) and individual customers.
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27. Leads/Prospects
A lead is an individual or organization interested in what you are selling expressed by sharing contact information, like an email ID, a phone number, or even their social media handles. However, many marketers fail to understand and recognize the difference between leads and prospects, leading to the sales process’s loss midway.
We have written a detailed article citing the difference between lead and prospects and the most effective ways to convert your leads into prospects.
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28. Marketing Qualified Accounts/Leads
A Marketing Qualified Lead (MQL) is a lead who has indicated an interest in your product or service or is otherwise more inclined to become a customer than other leads. An MQL intentionally engages with your brand by performing actions like submitting contact information, opting into a program, adding e-commerce items to a shopping cart, downloading materials, or repeatedly visiting your website. The marketing team forwards the MQL to the sales team to incorporate in the sales funnel.
The gap between the marketing and the sales team often leads to the loss of leads. Thus, it is essential to bridge the gap for successfully transitioning an MQL to SQL during an ABM campaign.
29. Multichannel marketing
Multichannel marketing uses different promotional channels like social media channels, retail storefront, website, email, and many more. Companies’ objective of multichannel marketing is to make it easy for the customer to buy from whatever channel is most appropriate.
ABMs are the most effective when they are designed to be multichannel. But multichannel marketing to be effective must be supported by sound supply chain management systems so that the details and prices are consistent across all the channels. Some companies target specific channels at different segments for better response. Multichannel marketing must be supported by a detailed analysis of the ROI from each channel.
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30. Outbound marketing
Outbound marketing, also known as interruption marketing, is the traditional method of making sales through advertising, promotions, and public relations, basically any sources whereby companies focus on finding customers through advertising. Account-based marketing includes an outbound marketing strategy to increase its impact or improve brand visibility.
Thomson Reuters once invited high-profile accounts, decision-makers primarily to marketing events for high-profile networking as a part of their ABM campaigns. Read the complete ABM campaign break up here.
31. Opt-in data
Opt-in data means that a user has chosen to be part of a database and has willingly agreed to share his/her details to third party vendors for marketing and promotion. The most common way to acquire opt-in data is by implementing checkboxes in online and offline forms. Prospecting to connections who have opted to receive promotional content reduces the chances of your marketing content being spammed or put in the junk folder. With opt-in contacts in the database, ABM campaigns report a high response rate.
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32. Pipeline acceleration
Pipeline acceleration is the marketing tactic that an ABM team uses to accelerate an account’s sales process. Your marketing and sales must often bridge the gap and collaborate more efficiently to get more deals. This is where pipeline acceleration comes into effect. The goal of pipeline acceleration is to expedite the sales process, prevent loss of loads and increase revenue efficiently.
It is a crucial parameter to increase the effectiveness and result of the ABM campaigns, as the campaign periods are usually short, and the sales team must convert as many leads as possible during this time.
33. Pain points
Pain point(s) is a specific problem or a set of issues that your business’s prospective customers or the industry sector might be experiencing. These can be as diverse and varied as your prospective customers themselves.
You can identify the pain points of a specific audience base by improving your sales team’s communication tactics, check your reviews, or take a look at your competitors’ activities. Identifying the pain points helps you build a better ABM strategy and enables you to develop your product or service accordingly or meet your customers’ expectations.
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34. ROI
Return on Investment (ROI), also known as Return on Costs (ROC), is a ratio between net income over a specific period and investment. A high ROI means that the profit rate is for that particular quarter.
You can use ROI to evaluate the effectiveness of an investment. It is one way of relating profits to capital invested. Calculating the ROI is the best way to set the budget for your upcoming ABM and other campaigns.
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35. Sales Qualified Leads
A Sales Qualified Lead (SQL) is a prospective customer who has qualified and is ready to contact the sales team to close a deal. SQLs succeed MQL and is characterized when the sales team agrees with marketing that the contact has enough interest and is a good enough fit for a discovery call to initiate a sales conversation. In ABM campaigns, there must be transparency between the marketing and sales team so that there is a smooth transition from one stage (MQL) to another (SQL).
36. Smart data
Smart data is the digital information formatted in a pre-defined specific manner to enable users to consolidate and analyze it for future use. Artificially intelligent algorithms extract signals and patterns from regular data to make it smart, compatible, and fit to be used and interpreted by other AI tools. Smart data shortens the traditional data analysis process, thus shortening the time and effort needed for it to be used.
37. Segmented data
Data Segmentation, which leads to segmented data, is taking the customer database and categorizing it into groups based on different parameters to increase its usage and efficiency in marketing and operations. The categories of segmentation can be broadly listed as demographics, firmographics, buyer-psychology, and location. Data segmentation is the core activity for most marketing campaigns, as well as ABM campaigns. Dividing and organizing your data into defined groups eases the process of viewing it. It provides your team with clear, actionable information that can be used in your sales and marketing.
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38. Target Account List (TAL)
Target account list is the list of accounts and companies that are most likely to be your consumers. These are the accounts on which your sales and marketing team must focus their campaigns to generate as many leads as possible. For successful ABM campaigns, you must identify the audience that meets your buying criteria and design marketing campaigns accordingly. You can use marketing platforms to locate such accounts or combine artificial intelligence-driven modeling and massive B2B datasets to identify such accounts.
39. Technographic data
Technographic data is the data produced by a population or group that reflects their ownership and technology usage. Access to technographic data helps marketers to understand a company’s technology stack. Technographic profiling is the answer to questions like the type of hardware or software that your target audience uses, status on remarketing technology software, marketing automation, and other related stuff. For many B2B sales-led organizations, profiling targets based on their technology stack can be a strong qualifying factor.
40. Total Addressable Market
Total addressable market, also known as the total available market, typically refers to the opportunity for revenue generation by a brands’ or a company’s product or service in a specific market region. It helps marketers prioritize business opportunities by serving as a quick metric to gauge a given opportunity’s underlying potential. One approach to estimate TAM is to evaluate how much of the market a company could have gained if there were no competitors. Another encompassing method is to estimate the market’s size to be served with a specific product or service. TAM can either be a local or a global indicator.
Analyzing the TAM helps ABM planners to fix the budget, understand the market and strategize more responsive campaigns.
We are a professional B2B database service provider that offers innovative business solutions backed with intense market research and analysis. We aspire to empower businesses with our intent-based data solutions and achieve sustainable growth through profitable marketing and sales campaigns. So far, we have enabled 70+ companies to identify, connect, nurture, and convert their highly qualified prospects by enhancing their multichannel campaigns and personalizing their lead engagement, customer acquisition, and retention processes.
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