Joshua asks, “As a content marketer in the mortgage industry, I’m incredibly intrigued at the possibilities in account-based marketing. I want to learn more!”
ABM, or target account marketing, is ideally suited for long, complex, high-value sales.
ABM is principally composed of three things:
- Targeting only likely buyers with highly personalized advertising
- In-depth, data-driven marketing automation and lead scoring
- Analytics and data-driven to reduce overall spend but increase spend per person in the target audience
For B2C, especially the mortgage industry in the United States, ABM is a great fit.
- Robust marketing automation on your regular inbound marketing to build a model of successful, qualified customers
- Predictive analytics and forecasting to determine spend over time
- Target home buyers based on known life activities and the model
- Remarket/retarget based on the model
- Monitor closely to see if the model outperforms
What’s off the table:
- List-based retargeting is going the way of the dodo due to privacy concerns
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What follows is an AI-generated transcript. The transcript may contain errors and is not a substitute for watching the video.
In today's episode, Joshua asks, as a content marketer in the mortgage industry, I'm incredibly intrigued at the possibilities in account based marketing. Can you tell me more account based marketing or target account marketing is ideally suited for long, complex, high value sales, like mortgages like real estate, things like that. And so this is clearly a case where this would apply being in the mortgage industry. Now, ABM is focused on essentially three core technologies, which is targeting only likely buyers with highly personalized advertising and very contextual, lots of personalization, in depth data driven marketing automation that gathers and scores leads and plugs into a CRM so that you can figure out who the actual high value customer is. And then aggressive analytics and data driven focus that reduces the overall spend, because the idea of ABM is that you only want to show ads and marketing to people who are likely to buy qualified to buy and have an intent to buy. And so trying to advertise to everybody is, is a waste of time and money because very few people are in the in the buying process. For example, I'm a homeowner and I've been a homeowner in the same home for almost two decades and really have no intention of buying at all. And so even though I might have demographic characteristics that would indicate that I'm a highly qualified buyer, the intent isn't there so the analytics of a BM
require a lot of heavy lifting on the front end in order to tell you yes, this is exactly who is likely to buy
ABM because of the system costs and a lot of cases and because the intensive data focus has traditionally been used in b2b marketing, of course, as kind of an artificial distinction. It's really for complex sales. So someone buying a pack of gum doesn't need a BM someone who's selling GM doesn't need a BM somebody selling a quarter million dollar SaaS appliance or house or college education. Yeah, you need account based marketing,
because it's going to take a while to to nurture those those prospects through through and get them to actually buy something for the mortgage industry, at least within the United States, we're going to confined to that specific limitation. account based marketing is a great fit the for a few reasons,
mortgages are a complex sale, there's a lot of data involved, the data that's involved is regulated, but can be analyzed and ROI is worth it. Whereas something that might be a little bit lower in value, like car sales, not as good a fit, although still a decent fit for the mortgage industry, you're going to need five things. First, you're going to need marketing automation software. And this is software that can
assess assessing, collect data on all of your existing successful qualified customers. And that data has to be passed down or blended with your CRM data so that you have a comprehensive
look at every possible aspect of who your your successful qualified customers are. One of the worst things you can do with ABM is to make assumptions about who the audience is, and, and to sort of build a model, you know, back of the envelope you you need to do the data collection and then do the data analysis to build that model. The second thing you'll need is predictive analyst ethics and forecasting because you wanted one of the things you want to do is forecast over time, when you're going to need to spend the most and invest the most that's going to be a part of the system. And a lot of account based marketing systems do not do that. They will tell you who is likely to buy, but not necessarily win. And so predictive analytics is a key part of a good ABM system. The third step is you'll then build that model of who is the most successful customer and start targeting those those customers, those prospective customers based on your model now, in b2c. And in the mortgage industry, there's a good chance that the model is going to be behaviorally based. So for example, you may find that people who just got married are going to be buying a home and therefore Nina mortgage, people who are going to be
new parents, a lot of those behaviors will drive your model
what will probably be less successful er, things like that age, for example, because we know from a macro economic perspective that the age of homeownership is a moving target thanks in part to the student loan industry. So you'll need to build that model and start building targeting based on those life activities because people will be triggering those activities at different times of their lives. The fourth step is to deploy remarketing and retargeting based on that model. This is where you will use sophisticated advertising systems, particularly two systems. One is known as a demand data management platform. And the other is known as a as a demand side platform, DMP, and DSP. These will connect to all the major advertising systems, pull in data that fits your model and then push out ads to those audiences. Those are probably the ones on the more sophisticated systems to do that. But those are definitely one of the ways to to build out that retargeting and remarketing that will show ads to the right people. And finally, the fifth part and again part that a lot of people don't get right in a BM is monitoring closely to see if the model outperforms your other efforts. There is always the chance that a model you build is going to perform either the same as or less well as your other marketing. And so having that the ability to quantify and measure in very, very closely how the model is performing is super important. What is going the way of the dodo. What is changing our ABM compared to years past is list based retargeting. This is where you just buy a list of, of highly qualified people upload that to the ads to some of your choice and, and roll it out. And the reason this is going the way of the dodo is because of privacy legislation GDPR in earlier this year, took that off the table at a national scale, and certainly any company that has any kind of international exposure is that risk but now we start we're starting to see states like California, Massachusetts, New York, etc. The big markets starting to roll out privacy legislation of their own and they are variants on GDPR so the ability to just buy a list of data from consumers who have not opted into being being targeted by sharing your data is going to become illegal and so it's best to plan for that now and again focus on those behaviors systems for example like Facebook offer you the ability to target based on life activities without getting personally identifying information it says here's a segment of people who have just become new parents okay that's a that's a usable model attribute you can model on without grabbing PII that that could put your company at risk so just know that the the old days of buying list is is rapidly declining. In terms of vendors there are a ton of ABM vendors out there there is engage eo and there is demand base and lifting Snyder and there are also all the marketing automation systems like Mark Hedo and par dot and eloquent or which is Oracle Marketing Cloud Monique and so on and so forth. So you may want to look at the different vendors to see how many of these features that I just talked about they support that would probably be the next best step. So great question lots to unpack your it's a tremendous technology is a lot of fun to work with. And you can get some really good results if you have a great model. Thanks for asking Joshua. As always, please leave comments below and subscribe to the newsletter and the YouTube channel. I'll talk to you soon. Take care want help solving your company's data
analytics and digital marketing problems. This is trust insights.ai today and let us know how we can help you
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