23 September 2021
According to the Bureau of Labor Statistics, about 20% of small businesses fail within their first year. By year 5, half of them will have shut down operations and moved on.
As a B2B business owner, there are luckily steps to avoid this from happening to you. Engaging in account marketing with a quality target account list (TAL) is the best way to get in touch with your target audience.
Read on to learn all about TALs, how you can create one, and how EasyList- a top-notch generator tool- can help your business succeed.
How does a target account list (TAL) work?
To understand target account lists, you first need to understand the concept of target account selling (TAS). This B2B sales strategy works by creating highly customized customer-centric relationships with higher-ups in target businesses. These connections are then nurtured, and you sell to managers of target B2B prospects.
A TAL is the list of businesses that are ideal matches for what you have to offer. When you use a tool like EasyList that pairs you with companies in your target demographic, you know who to nurture these relationships with.
87% of B2B business owners believe account-based marketing to be the best method for gaining clients. It provides them with a higher ROI than other marketing strategies because it only targets accounts that have already qualified for your services.
Some benefits of creating a quality TAL include:
- More specifically-tailored marketing campaigns
- Higher efficiency with marketing campaigns
- Time saved on marketing to irrelevant businesses
- Clear direction for your team
- A clearer understanding of your target audience
- Heavily targeted leads to eliminate time wasted with disinterested businesses.
Target account list creation tips and tricks
To succeed in the account marketing arena, you must know how to create a highly-tailored TAL.
To do this, you should use tools like Kompass’s EasyList. You can enter the industries that your B2B business looks to work for and get a specific list of companies within these sectors.
But how do you know which industries you should add to your TAL? It turns out, there are a few steps that you can take to streamline this process.
Create an ideal customer profile
An ideal customer profile (ICP) is a fake business that you create. This business is intended to emulate the perfect client that you would like to work with.
To create an ICP business, you’ll need to find your target demographic. Look into your target prospects’:
- Overall financial situations
- How much they’re willing to invest in services
- Pain points (and how you can solve them)
- Age of clients that they work with
- Age of management officials that you will work with
To do this, you will need to leverage data from multiple sources. You then will need to analyze trends in the data and determine which is the ideal target for each demographic.
Put all of these characteristics together and create a business from then. When you create a business that perfectly matches your target business in every demographic, you have an ICP.
Leverage data appropriately
We brushed on data leveraging, but what does this mean?
Look into data from multiple sources. The first thing to consider will be the types of customers that have invested in your services before. The chances are that similar businesses will want to work with you over those that are less similar.
However, you should also leverage data from other sources to create your ICP. Look at who follows and engages with similar B2B services as you on social media. Create your account and make note of your most engaged followers.
Kompass can help you leverage and analyze data. The EasyList tool allows you to compile this information, analyze trends, and create a TAL that works perfectly for you.
Prioritize your prospects
Once you have your EasyList TAL, you then will need to prioritize your prospects. The first tier should be those who perfectly match your ICP. It’s unlikely that you’ll have a lot of perfect matches, so really focus on marketing to the few that make the cut.
However, you also should have a tier for good prospects. These customers will match most points of your ICP while missing the mark on others. You should reach out to these businesses and discuss how to solve their pain points with them.
The next tier is for moderate prospects that meet some criteria of your ICP. You can try to get them to work with you but should focus on higher tiers when these tasks are in conflict.
Finally, the base tier consists simply of those that don’t match your ICP at all. When you use EasyList, this tier will be nonexistent. However, it’s still nice to remember that your entire list is targeted well enough that no businesses on it fall under this tier.
How can EasyList help?
We’ve brushed on the idea of the EasyList prospect generator tool, but how exactly can it benefit you?
EasyList allows you to select the industries that your B2B enterprise seeks to assist. It then generates leads for you within those industries to create a targeted list of who you should contact.
You can then look over the list of the accounts that best fit your target demographics and prioritize them. However, the idea is that even the worst-fit accounts on your list (that meet only some of your ICP criteria) are all good fits for you. No one on the list is a truly bad fit.
Kompass uses targeted, effective prospect sourcing to match you with the best possible businesses. You can immediately and directly download it to your device as an Excel document and manage it as you see fit.
Information is also locally sourced, which lets you find businesses in your target area. Kompass has data analysts in over 70 nations that collect and verify local data. With over 53 million companies around the globe as partners, we pride ourselves in finding all B2B companies with perfect, tailor-fit prospects.
At this point, you can prioritize the given accounts and reach out to those that best fit your ICP.
Now that you know all about what a target account list is and how you can generate them, it’s time to get started. Create your tailored business list with EasyList and begin reaching out to targeted prospects today.
Our prospect sourcing tool will help you identify and form relationships with other business owners. Kompass is happy to answer any lingering questions that you have about this service. Since we’re committed to ensuring that your business succeeds in a cutthroat market, we look forward to hearing from you soon.