The Startup Chat with Steli and Hiten on Smash Notes

The Startup Chat with Steli and Hiten podcast.

December 31, 2019

Unfiltered insights and actionable advice straight from the trenches of startup and business life. The show hosts, Steli Efti and Hiten Shah, are both serial entrepreneurs who have founded multi-million dollar SaaS startups. Being busy CEOs of fast-growing companies, they know the value of your time and make sure you get the most out of each 22 minute episode. Tune in for new episodes every Tuesday and Friday.



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In today’s Startup Chat, we talk about account-based marketing and how this function has become increasingly relevant due to the availability of marketing automation tools. It is important to adopt a holistic view and market across the entire organization instead of marketing to individuals. Tune-in and find out how account-based marketing can provide your marketing and sales a framework which can help you sell faster.

Time Stamped Show Notes:


00:03 – Today, we are going to talk about account-based marketing

00:45 – The term “account based marketing” is bringing to the surface what people have been doing forever

01:32 – Instead of marketing to individuals, you are marketing to businesses

02:33 – There are often redundancies within an organization as the same instructions are sent out to sales, marketing and product teams

03:04 – Bring a framework to what marketing and sales people have been doing for a long time

03:33 – Adopt a holistic approach which making a sale

03:52 – This holistic approach has been a part of enterprise sales for a long time from a methodology point of view

05:08 – Implementing “account-based marketing” in start-ups


05:45 – You can sell to organizations FASTER

06:00 – Marketing is done by sending out automated emails

06:34 – Instead of mapping the organization as a part of the sales process, map it as a part of both the sales and marketing processes

07:05 – Map out the emails belonging to the same domain and trace who those people are

07:41 – Figure out who is your best internal CHAMPION within an organization

08:56 – Analyze behaviors of multiple people within the organization who sign-up with you


09:21 – While working at Kissmetrics, Hiten discovered the importance of using company level data as opposed to individual data

10:08 – Drift has a great, account-based marketing feature where company-wide information is displayed

11:11 – Has turned into a marketing feature because of the numerous marketing automation tools

11:46 – Do not let Fear of Missing Out (FOMO) drive your decision making

12:23 – 99.99% of startups do not do have account-based marketing and are still successful


3 Key Points:


Adopt a HOLISTIC approach while making a sale; instead of marketing to individuals, market your product across the entire organization.

Keep it simple and start off by sending out automated emails to prospects.

Do not let Fear of Missing Out (FOMO) drive your decision making±—most startups do not use account-based marketing and are still successful.


[0:00:00]


Steli Efti: Hey everybody. This is Steli Efti.


 


[0:00:03]


Hiten Shah: Hi. This is Hiten Shah. Today on The Startup Chat, we're going to talk about Account Based Marketing. It's one of the new terms that's coming out in sales. I have questions for Steli, but he has questions for me on this topic. It's one of those topics where I think it's a bullshit term, to be honest with you Steli. That being said, this is one of the most bullshit terms I have a lot of respect for. The reason I have a lot of respect for it, is that it's just bringing to surface what people have been doing in sales forever. I'm going to start like that, and throw that one at you. What do you got?


 


[0:00:38]


Steli Efti: I love it. I love it. Yeah, okay. Let me even tell you, I've seen this term ABM, a company's marketing, it's popping up more and more. There's a bunch of marketing automation tools. It lives mostly in the marketing and sales loop right now. There's a bunch of just software companies that start talking about it, and start talking about how they are introducing a company's marketing features and tools, methodologies. The idea at its core, right? The name actually gives it away. The idea at its core is that instead of marketing to in...

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