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In this video, we will bet talking about how industry segmentation can help your ABM process.
First, let’s start with some definitions!
What exactly is ABM?
ABM stands for Account Based Marketing.
This is a process that is used widely in the business to business sector.
It uses a strategy that focuses on targeting key accounts rather than mass marketing to a large audience.
Businesses must identify key decision makers in the companies they are targeting and produce content that will appeal to them.
It also helps with aspects like upselling and cross-selling to existing and potential customers, too.
In theory, ABM should mean you have a host of data all about a specific business and its needs.
This is a great way to offer an extremely personalized marketing strategy.
However, personalization is a big deal and you need to decide how much value a business can bring you before investing time, money and effort in them.
This is where industry segmentation comes in.
Let’s break down what industry segmentation is in order to understand how it can help you.
When there is a demand for your product, we call this a market.
However, when there is a demand for a product, and multiple companies that provide that product, these can be grouped together as an industry.
Now, if you’re a business that sells to other businesses, this is really important.
The industry that you’re selling to is more complicated than you think!
For example, we all need food. But not everybody wants the same type of food.
The food industry is full of companies that sell all different products.
If you are a company that sells packaging services to the food industry, not every company you deal with is going to want the same product.
Make sense? Great!
Industry segmentation is essentially the process of breaking up the industry you sell to into segments.
Sticking with the example above, let’s think about what this might look like.
Your target industry might be the food industry but within that, how can you break it down to smaller groups?
Let’s say your customers can be broken down into three clear groups:
1. Fruit and vegetables
2. Drinks sold in cartons
3. Boxed chocolates
Now, it’s clear to see that these three segments of your industry will require very different products.
This will help your marketing team effectively decide the product or products they need to use to target an industry segment.
Each segment should be based on the business’s needs rather than the needs of an individual.
So, as you can see, industry segmentation is less detailed than ABM.
Instead of focusing on a specific business, you’ll be able to target a specific segment of your target industry.
We’d all love to be able to offer an entirely unique service to every potential client we encounter.
But, it can be a waste of time, money, and effort if the business you’re targeting isn’t going to bring any value to your company.
This combination of industry segmentation and account based marketing work effectively together.
It allows you to give an entirely personalized experience to key accounts, while still giving a tailored and well-considered experience to key industries.
Account based marketing is much more specific than industry segmentation.
However, they both aim to provide potential customers with a unique experience.
So, how can this benefit your personalization strategy?
We know that in 2019, customization and personalization are crucial to success.
The more we know about our target customers, the better personalized experience we can give them.
Industry segmentation helps paint a picture of the industry’s wants and needs.
And, ABM, helps us gain a strong insight into the needs of a specific business.
Using these two approaches together can help you tailor experiences to meet the needs of key businesses in the industries that matter most to you.
Tailored, segmented marketing content helps customers feel valued and doesn’t waste their time with mass-marketing communications.
According to Campaign Monitor, marketers see an increase of 760% from customized, segmented email campaigns.
And, according to ITSMA, almost 85% of marketers who measure ROI say ABM delivers higher returns than any other approach.
Webeo’s personalization software enables businesses to tailor website experiences to companies and sectors.
It tailors the appearance, format and content of your website based on the IP address of your site visitor.
This could include placing industry-specific content at the top of the webpage, or something as personal as welcoming the business by name
I hope you found this video helpful. Please feel free to comment below the video should you have any questions or requests for future content, and one of the team will get back to you.