When it comes to Account-based Marketing (ABM), the right approach to target account list creation is critically important. It’s a fundamental step towards reaching your best-fit Healthcare organization prospects.
This simple graphic from Demandbase lays out the target account list creation process. It provides a nice simple way of thinking about the different ways of narrowing your target in terms of:
- Your total available market
- The target market you’re focusing on
- The segments
- What a target account looks like
- Who to pursue in particular within those segments.
Once you have a target account list built, the next step is to analyze behaviors from those accounts in order to identify who is engaged and the available opportunities.
The 5 Steps In Target Account List Creation
The 5 steps involved in creating your Healthcare Organization’s Target Account List are:
1. Segmenting the Total Available Market of Healthcare (TAM)
If you operate in the $3.6 Trillion US Healthcare, the challenge is to determine your specific segment.
In a future post, I will dive into this in more depth but a typical example would be healthcare provider systems.
2. Defining Your Ideal Customer Profile (ICP)
In traditional B2B marketing, this step is important. In ABM, this is critical. You need to be precise on how you define your Ideal Customer Profile. In this post, I dive into how to do this.
3. Finding The Best-fit Target Accounts
This is THE most important step. In this phase, you will have used third-party data to develop a list of target accounts. Now, the aim is to determine which of these are your best-fit accounts.
I will go into it in detail in the next few weeks but a simple tip – it’s about how you disqualify accounts that don’t meet your criteria.
4. Target Accounts’ Engagement and Conversions
Once you have a list of best-fit accounts, you will want to develop a disciplined process in monitoring how often and how much your best-fit accounts engage with you.
5. Optimizing the Target Accounts List
Last but not least, managing your target account list is a dynamic process. You need to optimize your best-fit account list frequently.
You will want to look at ways to do this in real-time. In a future post, I will share how this can be done.
And because you’ll be gathering more information from your Accounts List as you optimize, you’ll be in a better position to evaluate their performance.
You will be qualifying in and qualifying out of Accounts in real-time.
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