By Shauna Ward
What is a Target Account?
Simply put, target accounts are companies that you want to turn into customers.
When you’re doing account-based marketing (ABM), you focus the bulk of your energy and resources on best-fit accounts that have the highest revenue potential for your business. These target accounts require focused outreach from your sales and marketing teams in order to turn them into lifelong customers and advocates for your business.
So, how can you decide what companies to target, which to prioritize, and how many resources you’ll dedicate to moving them through the sales cycle?
How to Identify Your Target Accounts for Account-Based Marketing
Identifying your target accounts is a little like looking for Waldo. It’s not an easy task as is, but if you don’t know what Waldo looks like, it’s downright impossible.
Before you identify your target accounts, you have to know who it is you’re looking for. The best way to do this is to develop an ideal customer profile, or ICP.
An ideal customer profile is a description of the company — not the individual buyer or end user — that’s a perfect fit for your solution. Use the Defining Your Ideal Customer Profile Worksheet to clearly articulate what your best-fit customer accounts look like.
After you know what “Waldo” looks like, it’s time to start searching for him! With the help of technology and some manual sleuthing, you can identify a master list of target accounts that you want to turn into customers.
5 Ways to Identify Target Accounts for ABM
1. Leverage your ABM tech stack.
Use any of the identification tools in the Terminus Cloud for ABM to discover accounts that match your ICP. You can also use predictive tools to determine which accounts are in-market and when they’re likely to make a purchase.
2. Mine your database.
Your CRM and marketing automation platform are full of undiscovered insights! Leverage the data you already have at your fingertips to find prospects, opportunities, and even current customers that offer the best revenue potential.
3. Look at your competitors’ customers.
You can automate this process using tools like iDatalabs or HG Data, or you can do manual research using LinkedIn groups, review sites, and other online communities.
4. …and your customers’ competitors.
Business insights platforms like Owler can give you a great overview of any business, including a list of their top competitors. Take a look at your best customer accounts’ profiles, and mine their list of competitors for accounts that fit your ICP. Then, you can reach out to these competitors to highlight benefits of your solution that they are missing out on.
5. Set up job alerts.
If you sell to an emerging category, keep an eye out for potential new business by subscribing to job alerts using your buyer personas’ titles and other keywords. That way, you’ll know when a company is likely to be in-market for your solution.