3 Effective Ways to Close Revenue and Increase Pipeline Velocity
January 7, 2021 •Haley Rogers
I think we can agree that a company’s primary goal is to make more deals, right? In particular, to increase pipeline velocity and close more revenue with higher-quality accounts. It’s all about keeping the business going and growing toward a prosperous future.
Account-based marketing (ABM) is your long-term solution to accomplishing these goals over and over again. But it’s a lot easier said than done, and there are many moving parts. You’ll want to start with these effective ways to close revenue and increase pipeline velocity, supported by the model of ABM.
Align Your Sales and Marketing Teams
For years, sales and marketing have been organized into siloed departments, with little to no communication between them. This is a major obstacle to meeting financial goals, and it’s a surefire way to waste potential.
When sales and marketing work together, communicate regularly and are aligned on the same data-driven goals, they can each do their part in the process more effectively — with the big picture in mind. ABM forces you to take a hard look at the company’s current structure and call into question how exactly decisions are being made and why — and then how they’re affecting the bottom line. Marketing should be focused on enabling sales with research, data, content and strategy so that sales can do their job most effectively: sell.
Aligning both teams saves time and effort, as the reciprocal relationship fuels itself and enables both sides to serve the pipeline the best way possible, in tandem. With this multi-channel approach, there are many checks and balances so that accounts are handled when they are engaged, when they show intent and when you capture them.
Target a Specific Audience
After you’ve aligned your sales and marketing teams, you’ll need to determine your target audience. Are you going after the right accounts, rather than just any and all contacts? By starting with who your best customers are, you can determine who is the best fit for your product and why they need you — and how you can target more of those specific types of accounts. From there, you can build your target account list.
This doesn’t just solve the problem of increasing revenue; it allows you to close more revenue by allowing your sales team to focus on accounts that are more likely to close, while marketing focuses on accounts that are more likely to enter your pipeline. You’re saving time, effort and money as the teams begin to synchronize with a focus on key accounts that help the business reach its primary objectives. The quality of leads, while fewer, will increase accordingly.
ABM target accounts:
- Are more likely to become clients
- Lead to upsell opportunities
- Inspire proactive advocacy of your business
- Will not get stuck in a buyer’s journey or inbound funnel
Making sure your target audience is buttoned up will directly impact revenue, as you can focus on the deal sizes that matter most to your business — which puts more time into the sales team’s pockets.
Leverage Modern Technology
You’ve aligned your teams. You’ve created your target account list. Now, you need to leverage modern technology to target that audience. To set everything into motion, you need the right tech stack so that the conversation happens when, where and with whom they should be.
With the right platforms, tools and software, you can deliver a very customized, multi-channel digital experience during the buyer’s journey to your target accounts. A well-implemented tech stack will allow you to create velocity with your ABM efforts and gain insights that should create more effective campaign outreach.
ABM: Easier Said than Done, Alone
Aligning your teams, targeting your audience and implementing the right technology requires a lot of work. Once you determine where you’re at and start working with a partner who knows ABM and understands your business and goals, you make headway into that prosperous future we were talking about.
Our ABM Readiness Audit is a great first step. It will help you identify what your next steps are for an effective ABM strategy, which entails everything your sales and marketing teams need to focus on. We’ll provide the feedback and support that meets you where you’re at.
Remember: account-based marketing is not a complete shift in business. It’s a strategic shift of designated sales resources to selected accounts, which are most likely to engage with your business. You’ll reach your top business objectives: increased pipeline velocity and closed revenue.
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