Account-Based Marketing (ABM) has taken the B2B world by storm as the most effective approach for targeting high-value accounts. With meticulous planning and execution, ABM can produce outstanding results that can revolutionize your organization. However, nearly 50% of all Americans have chosen not to buy a product or service online due to concerns about the confidentiality of their personal data. That’s why protecting your target account’s personal information is crucial and strict data privacy regulations have become the backbone of a successful ABM campaign.
What is Data Privacy in ABM?
Data privacy in ABM refers to the collection, storage, and use of personal information about individuals within target accounts. As more and more countries and regions introduce data privacy regulations, including the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), it’s critical that B2B marketers understand how to ensure compliance and protect the privacy of their target accounts.
Why is Data Privacy Important in ABM?
The success of an ABM campaign relies heavily on the ability to collect and use accurate, relevant data. In addition to that, it’s necessary to ensure that the data collected is done so ethically and within legal boundaries. The following are some reasons why data privacy in ABM is essential:
- Legal Compliance: As mentioned earlier, the introduction of data privacy regulations such as GDPR and CCPA requires companies to comply with strict guidelines regarding the collection, storage, and use of personal information. Failing to adhere to these guidelines can result in hefty fines and damage to a company’s reputation. You can reference a full GDPR checklist here.
- Trust: Personal data is sensitive, and individuals are often hesitant to share it with others. Building trust with target accounts is critical to the success of an ABM campaign. By being transparent about data privacy and how data is used, B2B marketers can build trust with target accounts.
- Reputation: The misuse of personal data can lead to significant reputational damage for a company. B2B marketers need to ensure that they are collecting data ethically and using it in a way that aligns with their target accounts’ expectations. In fact, a study by IBM found that the average cost of data breaches has risen to $4.33 million over the last few years, with a significant portion of this cost being associated with reputational damage, loss of customer trust, and customer churn.
Tips for Ensuring Data Privacy Compliance in ABM
In order to ensure data privacy compliance in ABM, our experts at Insights ABM have created a list of guidelines for B2B marketers to follow:
- Clearly Define Data Collection and Usage Policies: It is essential to have clear policies in place for collecting and using personal information. These policies should be communicated clearly to all stakeholders, including employees and target accounts.
- Obtain Consent: According to the Data & Marketing Association (DMA), 88% of consumers believe it’s important for companies to obtain their explicit consent before using their personal data. With that in mind, B2B marketers should always acquire freely given, specific, informed, and unambiguous consent from all individuals.
- Implement Security Measures: B2B marketers should take measures to secure personal information collected during an ABM campaign. This includes using secure servers, encrypting data, and implementing access controls.
- Limit Data Collection: Marketers should only collect the personal information necessary for the ABM campaign’s success. This includes minimizing the amount of data collected and limiting the use of sensitive data.
- Keep Data Accurate: It’s important to ensure that the personal information collected is accurate and up-to-date. In fact, 43% of B2B marketers agree that unreliable data makes it difficult to know who to target within their target audience. Therefore, marketers should continuously take measures to remove outdated or irrelevant data.
Our Account-Based Marketing Services
At Insights ABM, we pride ourselves on being a trusted marketing agency specializing in B2B account-based marketing. Our expertise extends to ensuring data privacy in ABM, safeguarding your target accounts’ information and maintaining compliance with relevant regulations. Many businesses have trusted the experts at Insights ABM with their B2B account-based marketing needs and reaped the benefits. You can, too! Some of the verticals our account-based agency serves include:
- SaaS and startups
- Financial services
- Specialty surgery
- Commercial real estate
- Sporting events
- Repair and service companies
Insights ABM: The Trusted Agency for Data Privacy in Account-Based Marketing
By partnering with Insights ABM, you can confidently embark on your B2B account-based marketing journey, knowing your data privacy is in capable hands. Our team of experienced professionals is dedicated to implementing best practices and ensuring compliance with data privacy regulations. Contact us today to start leveraging the power of ABM while safeguarding your sensitive information.