While your ABM funnel holds a lot of potential for increasing ROI, you need to take advantage of the opportunities presented. One way to do this is by taking a closer look at your cross-selling strategy and identifying ways to expand the way these opportunities are used.
Cross-Selling: What You Need to Know
Here are 3 steps for maximizing cross-selling in your ABM Funnel:
Step 1: Understand Your Goals
Start by laying out well-defined goals. This will help you to design concrete marketing strategies that are well aligned with your targets. You’ll also be able to ensure your customer journey is structured so that each step complements the next, effectively guiding you towards achieving your Key Performance Indicators (KPIs). By clearly mapping out your goals for each stage of your account-based marketing campaign, you will be able to assess the effectiveness of your tactics and modify or amplify your results.
Booking Revenue and Qualified Pipeline are some of the most important evaluation metrics used by many B2B companies to measure the sales funnel’s impact. Using either of these indicators, you should then determine the best marketing tactics to hit your goals.
Do you need to increase your sales qualified leads (SQLs)? Or do you need to generate more marketing-qualified leads (MQLs) to score a home run? Working backward from your booking revenue goal, utilize available data on previous marketing campaigns to determine the performance range that will put you in view of your target. You should also consider your team’s sales and marketing alignment, the quality of your data, conversion rates between revenue stages, and your mode of tracking and measuring performance. Regardless of the marketing routes or tactics you chose to employ, having your goals as the ultimate end-point will maximize your cross-selling opportunities more efficiently.
Step 2: Use Cross-Selling Segmentation
Naturally, the most promising client base open to cross-selling opportunities are those who have already integrated your products and services into their daily life. Another step for maximizing cross-selling opportunities would be to identify your biggest and most profitable segments.
Build detailed customer personas that give you a precise overview of your target market. This will allow you to develop the best products or services to cross-sell to your target market depending on each customer’s specific needs and where they are in the customer journey. Using the data available to you, proceed to further segment the market into those with the highest customer lifetime value potential. By focusing on these largely profitable units, you’ll be able to increase your bottom line significantly. Smaller and less profitable segments of your target market can be easily deprioritized, enabling you to concentrate your marketing energies on more specific, profitable market subsets.
If you offer largely digital products or services, you can use analytics tools such as Hubspot or Google Analytics to measure and track customers’ engagements. This will allow you to identify likely product-use gaps and track usage patterns which will be essential when developing an improved product model.
You can also leverage HubSpot account tools to identify likely cross-selling prospects based on other customers’ product usage patterns. Target market segmentation can easily be achieved by aggregating individual firms into specific market segments using description attributes, product-use patterns, or customer behaviors. If you are using an automated marketing platform, your segments can be more accurately defined using historical data.
Once your market is segmented, you can now map suitable products and services available to each segment. Identify new opportunities to upsell or cross-sell and fill in the void.
Step 3: Try Marketing Tactics
Here are some marketing tactics you can add to your ABM funnel in order to maximize your cross-selling opportunities.
Promotions within Your Product
Work with your development team to add promotional language to let your customers know that more functionality exists as part of an upgrade. Not only will this increase customer awareness for the upgrade, but it will also make upselling a more natural process even as your product or service becomes integrated into their lifestyle.
However, keep promotional content within limits. You don’t want to fill your product with ads and leave customers thinking the standard tier is missing key features.
Email Signatures play an important role in creating your brand identity in the mind of prospects. But they can also be used as a fundamental marketing approach. Email signatures have been proven to work extremely well with account-based Marketing. Because of this, it’s important to ensure your email signature includes cross-selling opportunities or informative offers.
You can use our email signature tool to get started.
With your segments clearly defined, you can promote specific offers to the corresponding segments. Nurtures are a great way to get the right information to the right audience at the right time.
Create and distribute segment-relevant products and services targeted at addressing white gaps and challenges of key stakeholders. By aligning your sales and marketing departments through the ABM team, you will be able to create a streamlined lead nurturing process that increases conversion.
Design small test-campaigns that help you identify likely trends and patterns with your services. You can now leverage this data to plan larger campaigns that allow for adjustments to new developments.
VSSL and Cross-Selling
Maximizing cross-selling opportunities in your ABM Funnel requires you to stay on the cutting edge. This is why you can always leverage on VSSL to take care of your Account based Marketing needs.
Using innovative and battle-tested approaches, our professional team will help you to design and implement an ABM strategy that works. Get in touch today.