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2 min read

HubSpot target accounts: What are they and what are they for?

2 min read

HubSpot target accounts: What are they and what are they for?

Many companies have chosen to implement account-based marketing (ABM). This methodology has given marketing and sales teams the tools to interact and identify which prospects need more attention, promote long-term business growth, delight customers, and increase revenue.

To invest in this methodology, you need to know that it is not achieved with just any technology. It would be best to have software with ABM capabilities, such as HubSpot's CRM, with new target accounts. This blog will explain what target accounts are and how to make the most of their capabilities.

What are HubSpot Target Accounts?

Target Accounts refers to all those companies you have identified as high priority based on their fit with your brand, i.e., how well the company matches your ideal customer profile or Buyer Persona. We recommend identifying what makes an account a high-value "target" for your company to place a Target Account. Analyze some of your most extensive offerings and most successful customers - what do they have in common? The common traits you identify among your target accounts (e.g., industry, company size, annual revenue, location) will give your team and HubSpot a clearer idea of your best-fit target accounts.

You might like to read: One Buyer Persona to rule them all (CX).

Once you have identified these target accounts, we recommend that you assign a Customer Profile Level to them. This custom property will help you classify those accounts into three levels:

  • Level 1: Companies that best fit your business.
  • Level 2: Companies that are a good fit for your business but may not generate as much revenue.
  • Level 3: Companies worth selling to but are not a priority.

By assigning these tiers, you will get an overall picture of how aligned your chosen target accounts are with your strategy.

 

Target Accounts_Hubspot

 

Having Target accounts and Account Base Marketing will allow you to, among other things:

  • Higher ROI: ABM implies focusing on those accounts that are more likely to close. Therefore, negotiation time should be reduced, saving costs and reducing risks.
  • Smarketing: The Marketing and Sales teams will be better aligned, accurately identifying target accounts and achieving better customer retention and fulfillment results.
  • Higher quality customers: Such a high degree of personalization allows for tremendous success in the quality and relationship with potential customers.

You may be interested in 10 common problems of not applying Smarketing in your company.

Now that we have seen the benefits of Target Accounts and Account-Based Marketing (ABM) let's see how to make the most of this methodology and improve your marketing strategy with HubSpot.

Let's understand HubSpot's ABM properties:

Target Accounts dashboard: this is the command center for your sales and marketing team to manage your target accounts. With this dashboard, you will be capable of seeing the overall progress of your strategy. This dashboard gives you visualizations of:

  • Current Target Accounts: the number of target accounts your HubSpot account has.
  • Accounts with open deals: the number of deals associated with your target accounts that are not in closed-won or closed-lost stages of business.
  • Value of those open deals: the sum of the own importance of Amount in open deals associated with your target accounts.
  • Accounts lacking a buying role: the number of target accounts in which all associated contacts do not have a value on their Buying Function property. Once an associated connection has a consumer role, the target account will not be in the count.
  • Accounts that have no decision-makers: the number of target accounts in which none of their associated contacts have a Decision Maker value in their Buying Role property.

target-accounts-metrics_Hubspot

Using the filters, you will get relevant information more efficiently. Accounts have not been managed: no open tasks, no registered calls, no scheduled or registered meetings, or open business associated with it.

Now that you know more about this HubSpot get together with your team and classify your Target Accounts. Remember, ABM campaigns require seamless collaboration between your sales and marketing teams. Foster that collaboration by leveraging the ABM tools offered by a CRM like HubSpot. Especially with the Target Accounts feature that automates the research process and acts as a central database for all your high-value target accounts, your marketing and sales teams will be able to work together and close deals much more efficiently.

 

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