There is an emerging trend in today’s economy that is changing who, what, and how we trust. Trust is now the new capital and engine of progress especially with the advent of COVID-19 forcing us to try to work together apart.
The trust economy didn’t emerge overnight when COVID hit. Rather, it was a growing trend as technology has enabled us to ride cars with complete strangers (ridesharing), accept unknown people into our homes (online lodging marketplaces), and lend money to people from the other side of the world (digital selling).
The Rise of the Trust Economy
But this is not just about the apps that we use. This also extends to the ratings and reviews we see beside the names of those we are considering. This can also be found in people following the endorsement of an influencer.
No matter where we are, our reputation, influence, and statusare is now being rated into measurable scores from LinkedIn to TikTok. And no matter the review, people listen in, read, and watch, knowing that they may go through the same experience themselves. One of these days, they might find themselves or their brands and businesses are the ones that are being reviewed.
This is not just about our personal lives. This trend bleeds the same way into our professional lives and the companies we work in. No longer are PR and marketing enough to build credibility and trust. To create the trust we need, customer experience is the biggest investment we can have and this begins at the moment our clients come in contact with us.
With consumers and clients placing such a high premium on trust, we have to remember that there is a dichotomy according to the 2020 Trust Barometer. The informed (wealthier, more educated and consumers of news) remain more trusting of institutions than the general public.
What people, both the elite and the general public, use as a barometer in trusting companies are integrity, dependability, and purpose. Doing what is right drives the trust capital of businesses.
The question now is, how do companies and company representatives do justice in presenting their company as a dependable organization with integrity especially to their top tier clients. Remember that these are the pens who can bring in the lion’s share of the business, present more assets and resources as partners, and who arguably have a longer corporate life than the smaller companies.
ABM and trust
Account-based marketing (ABM) presents companies with the opportunity to communicate trust. ABM is more than just communicating with potential clients using a broad marketing campaign. It addresses the precise needs and wants of individual clients using highly targeted and personalized communication.
Account-based marketing B2B is best used when targeting specific companies through key decision makers and then building on that relationship to open new accounts or gain continuous patronage. Marketers start by identifying accurate companies and their decision makers and then engaging them with very specific communications that resonate with the clients to open up new sales opportunities.
This is proven to be very effective in B2B marketing, especially when closing high ticket sales. According to digital marketer Steven Macdonald, many B2B tech marketers see ABM as their second biggest priority behind video marketing.
But what does ABM have to do with trust? ABM opens up the opportunity for you to prove that you can be trusted depending on how you communicate. It is critical for those using this method to fully comprehend their value proposition and communicate that clearly to the client, connecting it with how it addresses their pain points. This can be communicated in multiple touch points to ensure you have an ongoing communication with your client.
The more your potential client understands you and your company, the more they will be inclined to remember you and take you into consideration. What we have to always keep in mind is that trust among the VIP is built from information and education. The more information they have on your company, the more trust they are willing to give.
ABM success stories
The importance of ABM in companies has been highlighted in the success stories that they bring. When used well, they bring in business that drives business success. Like any marketing tool, ABM needs strategy and tactics to work its magic and bring in sales.
Here are some success stories in gaining high-value clients from companies that use account-based marketing B2B::
- Thomson Reuters – the news giant has been using ABM to drive 95% growth through retention, expansion, and pipeline velocity among their key accounts, and shortened their sales cycle by 72%. Focusing on 500 accounts, they separated them into 3 tiers and tailored their communications accordingly.
- O2 – As an ICT company that brings services to large companies in the UK, O2 deals with high-value clients all the time. Under the backdrop of stiff competition from other providers, the company used ABM to target the C-suite and generated individual reports for each target organization. After implementation, O2 was able to increase their target business by 325%, target pipeline by 313%, and increase SQL conversion rate by 67.5%.
- BillingTree – The company has been struggling to gain high-value clients, often relegating meetings to lower-level employees with little decision-making capacity. Changing tactics, the company only targeted 100 accounts through ABM and experienced success with their high-value deliverables. The result was an account engagement rate of 60%, an increased opportunity by 15%, a total revenue of closed opportunities amounting to $159,902, and a pipeline with an opportunity worth of $200,000.
The trust economy has been a growing trend but even more so in the new normal. Among the VIP clients, information is the bedrock upon which they build their trust. Knowing that your business can be trusted through your communications and your record is an important step into getting them as your clients. As a B2B marketer, your job is to get the decision-makers to talk with you and say yes. And you do need trust to bring them to the table with you.
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