ABX is an abbreviation for Account-Based Experience. For those who are familiar with ABM or Account-Based Marketing, this is a shift towards a more seamless integration between the Customers, Sales & Marketing teams.
In simpler terms, it is making sure that the customer or a potential business customer is getting the same experience as the Sales and marketing team envisioned and recognizing potential issues, across various stages of the journey.
The whole idea of using the term “account” instead of “lead” is because, in B2B marketing, you aren’t usually selling your product or service to one individual but an entire team. So, there are multiple decision-makers in the process leading to the usage of the term “account.”
For example, while a business (B2B) deal is being closed, it has to be approved by various departments, the procurement team, the decision-maker, the risk calculator, the CFO, and the end customer of the user of that business. Hence, this is known as an account instead of one customer.
How to Influence Decision-makers with ABM & ABX?
Now that we are clear about ABX, let’s understand how it influences decision-makers at different levels. So once a marketer has a clear idea about “the account” they are dealing with, an ideal ABX strategy would focus on what experience to lend to various stakeholders of the journey.
So, the solution is simple; it is to recognize each of these stakeholders’ pain points in an account and take them on a journey towards a solution.
ABX as a strategy can be immensely helpful when the goal is to nurture or retain the key accounts. It is reported that ABX results in 70% higher retention than other strategies.
Customer Experience Funnel
Before we learn about various levels and categorizations, it is essential to know more about Customer Experience Funnel and why it is relevant?
A customer experience Funnel recognizes various levels to closing a deal based on the hierarchy and power each department holds within a business. It provides a method to create an impressive image in front of various departments within a long-lasting and high-quality account.
ABX as a strategy takes the world of information and its relevance for decision-making into account. We live in abundance, at least for information in the digital world. An ideal ABX strategy will entail the creation of multiple micro-journeys, each resonating with a specific pain point or function or vertical. This also provides granular tracking and insights into each journey.
Now that we are aware of the “why” and “how,” let’s understand these levels:
• Qualified: As a marketer, you know that you cannot randomly pick accounts. They need to be qualified to get into a B2B deal with you. This is where you have identified a common account that is ready to base their business decisions based on quality and the foundation of trust.
• Aware: After you have a qualified account, you can create experiences around the solutions & best practices that address specific pain points. One can do this in various formats, like, blogs, slideshows, webinars etc.
• Engaged: We are still not pitching our brand yet. You may want to lend a deeper and richer experience at this stage, consisting of RoI calculators, Whitepapers, Case Studies and Free Consulting or Audit Calls.
• MQA/Opportunity/Customer: When the account reaches this level, we know them as Marketing qualified Accounts. Meaning they have qualified all the levels and are ready to indulge in a meaningful discussion with you. Once the deal is closed, they are now your customer. But the journey doesn’t end here. ABX is all about experience, remember? (SQL, MQL are all for simplicity sake included in this stage)
• Post-Sale: After turning an account to a customer, you specifically focus on their experience as a customer. Do not stop identifying business opportunities. Identify these opportunities and be in business with them by simplifying tasks or recommending solutions through an external network. This increases the retention period.