All good B2B marketers strive towards one common goal: to reach the target audience, generate quality leads and build lasting relationships that will translate into a positive return on investment. So why rely on a single funnel to do all the legwork when two funnels are better than one. 😀
Having two funnels working hand in glove to generate leads, build awareness and target best-fit accounts will have the highest possible impact on business growth.
For the most part, a double funnel involves running a highly targeted account-based marketing funnel alongside a more volume-focused demand generation funnel.
Before examining how they can work well together, let’s look at how they work as individual strategies.
What is ABM?
Account-based marketing is when sales and marketing teams work together to target high-value accounts. Using their combined expertise, sales and marketing align their efforts to create a list of target accounts and tailor a marketing campaign to approach and win critical accounts.
With ABM, the onus is on the client’s needs. It’s about what you can do for them but it’s also about finding clients who are the best fit for your business.
ABM has revolutionised how marketing gets done and market research company predicts that by 2025 an account-centric approach will become the way most B2B organisations (particularly for those selling higher cost propositions) identify, plan and measure buying and post-sales motions.
Vidyard write about some effective account-based marketing tactics B2B organisations could use to capture a prospect's attention such as:
Video in emails to create a customised message.
Sending a digital gift, like a streaming membership or a premium subscription.
Targeting key accounts with a campaign message tailored to them.
What is B2B Demand Generation?
B2B demand generation encompasses everything to do with promoting your products or services to potential customers through top-of-the-funnel activity. Leads are acquired through tactics such as:
PPC (paid advertising on search engines or social channels)
Other paid advertising
Email marketing campaigns.
Bringing both funnels together
A fully-optimised sales funnel will laser-focus your marketing efforts and fast-track a prospect's journey. But how do you ensure both funnels are optimised for success?
Use demand generation tactics to build a communication framework with prospects as this will increase engagement. Practices including SEO, social media marketing, surveys and email campaigns are great for lead generation.
Use social media channels to really get to know your audience. This form of communication will also provide crucial feedback on what channels prospects respond to and help determine what content is driving engagement.
ABM’s personalised marketing touch will help build each account, identify the key decision-makers in the process, and get the campaign off on the right track.
Data gathered from MQLs (Marketing Qualified Leads) and SQLs (Sales Qualified Leads) can be used to create a strong ICP (Ideal Customer Profile) and target accounts with definite reasons to engage with your company.
A two-funnel strategy will also enable marketers to nurture qualified leads fully. Combining demand-generation marketing methods with a customised account-based approach will bring qualified leads along the buyer’s journey towards conversion, faster.
ABM delivers a higher ROI than any other marketing strategy, so implementing a high-volume demand lead generation funnel will deliver better results and maximise your conversion rate.
If both funnels are working optimally, marketers can use the information acquired to ascertain which accounts are performing and which are underperforming focusing their efforts only on prospects with high intent to buy. Therefore, having two funnels perfectly aligned and working side by side will go above and beyond what a single funnel strategy can do.
ABM and demand generation combined will also help create a higher percentage of quality leads and prospects who have a genuine interest in who you are and what you sell so they will be more likely to transition to new customers.