If your sales strategy isn’t working now, it’s not going to magically change for the better in 2024. At least, not without an honest assessment.
It’s time to get scrappy, efficient and targeted in a fresh way.
Discretionary marketing budgets, sales headcounts and software costs will continue to be scrutinized closely in 2024. This will push all go-to-market leaders to critically evaluate the way in which they acquire customers, including increasing their focus on the technology that helps them prioritize the right accounts.
B2B companies beware. It may feel like you have fewer “in-market” accounts than in prior years, so the risk of wasting resources on accounts that won’t buy is much higher. This doesn’t mean that marketing shouldn’t have a broader push, but the sales time needs to be a bit more surgical and data-driven. To avoid this, double down on the ‘95-5’ rule. Shift your focus to getting in front of the 5% of in-market accounts that are ready to buy now while still marketing to the 95%. Keep in mind, if you’re not actively pursuing this 5% of in-market accounts, it’s inevitable that your competitors will swipe them up first.
In light of the critical need to focus on the 5% of in-market accounts and to prioritize efficiency, B2B companies can adopt the following strategies in 2024:
Advanced analytics & predictive modeling
Use AI and machine learning to better predict which accounts are most likely to purchase. Advanced data models can help identify key patterns and signals, ensuring that efforts are directed towards the accounts that matter most.
Targeted content and personalization
Develop and deliver tailored content to the identified high-value accounts. A hyper-personalized approach that resonates with the specific needs and pain points of the prospects will increase engagement and conversion rates.
Invest in account-based marketing (ABM)
This strategy focuses on targeting specific accounts rather than broad market segments. With the right tools, ABM can help marketing and sales teams work collaboratively to identify, nurture and convert high-value accounts.
Refine sales and marketing alignment
Ensure that marketing and sales teams are constantly aligned. Regular communication, shared KPIs and joint initiatives will help streamline processes and reduce wasted effort.
Leverage efficient technology stacks
Re-evaluate your current technology stack. Consolidate tools and invest in platforms that offer multi-functional capabilities, reducing software overhead and streamlining operations. Let’s face it: Too often companies have duplicate systems and they are not seeing the data fast enough for sales to make smart decisions on content interactions.
Customer feedback and retention
Sometimes the best insights come from current customers. Regularly seek feedback and understand their needs, which can provide clues about other similar in-market accounts. Additionally, focusing on customer retention can often be more efficient than acquiring new ones.
Employee training and skill development
Equip your team with the right skills to identify and engage with high-value prospects. Continuous training and workshops can ensure that they are updated with the latest strategies and tools.
Monitor competitor movements
Keep an eye on competitor strategies. Understanding where they’re succeeding can offer insights into potential gaps in your approach, and where they’re failing can highlight areas to avoid. Have your PR team watch the trends in the competition’s activity with the media so you’re also able to make shifts and take ownership of key thought leadership windows.
Optimize cost per acquisition (CPA)
Continuously analyze your CPA. If certain channels or strategies are proving to be too expensive relative to the returns they provide, it’s time to pivot.
Agile methodology
Adopt an agile approach to marketing and sales. This means constantly evaluating results, being ready to pivot strategies when necessary, and being open to experimentation.
Holistic view of the customer journey
Look at the entire customer journey rather than fragmented touchpoints. This will help in creating a seamless experience, leading to quicker conversions.
By implementing these strategies and maintaining a laser-sharp focus on the 5% of in-market accounts, B2B companies can maximize efficiency and stay ahead of competitors in 2024.
