The ABM framework takes several shapes:
To succeed, utilities will use a hybrid of the above approaches but must prioritize a rapid digital transformation of tactics and program delivery to implement the 1:1 or 1:Few approach. In the same J.D. Power study cited above, the number of business customers noting that they had an assigned account representative is also attributed to the overall satisfaction score rising from 33% to 39%. In fact, a dedicated account representative is associated with a 73-point lift in overall customer satisfaction.
Still, to properly staff a dedicated person to every business customer is unrealistic. Knowing the value of such personalized relationships, the 1:1 and 1:Few ABM approach is the perfect marrying of data and technology that allows a utility to build a relationship with the 60%+ customers lacking a dedicated account representative today.
Combine ABM implementation with industry expertise for exceptional outcomes
The pandemic created seismic shifts in how businesses operate, forcing the rapid advancement of a digital-first mindset in the B2B space. Moreover, the workforce itself shifted with a new composition of decision-makers. According to B2B International, 73% of millennials in the workforce are now involved in either influencing or making buying decisions for their companies. The B2B Institute study, Work in BETA: The Rising B2B Decision Maker, further examined the role of individuals ages 21-40 in business, a group they dubbed the BETAs. This group has new ways of working and consuming, new behaviors and attitudes, and the highest of expectations around a personalized and digital experience.
Utilities should aim to deliver on these new expectations and relate to this fresh wave of business decision-makers. A cohesive and connected ABM approach helps deepen such relationships while delivering a level of efficiency and greater return on investment. When it comes to ABM, an expert industry partner can help you:
- Inform targeting using a customer platform like ICF’s Sightline Analytics and data-driven insights
- Research and create buyer personas for personalized marketing and outreach
- Provide third-party tools and lead generation tactics to find decision-makers
- Improve knowledge of local markets, customer experience, and customer satisfaction scores
- Develop creative campaigns with deeper layers of content and hyper-targeted outreach
- Picture progress through data visualization
The key takeaway
Across industries, ABM is already a proven strategy for success. With a dedicated universe of customers to target, utilities can take advantage of ABM to make the best use of budgets, understand return on investment, and effectively meet program goals. To make the most of this high-performing approach, rely on a partner who can prepare your team for success by providing the full scope of ABM services—tools, technology, and expertise—under a single framework.