Account-based marketing is a buzzword in marketing and business strategy communities. You may have heard of ABM if you’ve been considering it.
According to research groups such as Altera group, 97% of marketers think account-based marketing has a better ROI than any other marketing approach. ABM helps marketers close deals with whales (prospects that are 10-20 times larger than the average prospect). Account-based marketing can be essential for some businesses, but it could also harm others.
What is ABM? How can it help you improve your bottom line and increase the profitability of your business?
Account Based Marketing is an initiative that helps you hyper-segment your key accounts and then reach them via various channels to guide them down the sales funnel. These are your most lucrative, viable leads who won’t necessarily be able to close a sale in a matter of weeks. ABM grooming usually takes a few weeks.
ABM relies on your company’s sales and account management teams to work together. Presenting a united front when using this strategy and engaging prospects with a consistent message is crucial.
Account-based marketing (ABM) is typically used in B2B industries, as it offers an alternative to the general messaging marketers use to reach a wide range of companies. B2C markets require personalized content, and people often don’t have the ROI that ABM demands. ABM’s customized content and marketing can be helpful in the B2C market.
ABM: Strategies behind ABM
The same steps apply to account-based marketing, regardless of whether you are targeting B2B prospects or B2C and if your communication is one-to-one or one-to-few. This is a step-by-step process on how to start your account-based strategy.
Identify your key accounts
ABM’s strategy starts with identifying high-value clients and key decision-makers. You can look back on your sales data to find large leads or do some market research. Then you can target accounts according to their revenue potential, need for your service or product, and the likelihood that they will choose your brand.
Find out who you’re speaking to
AdAge explains that you can market to accounts on either a one-to-one or one-to-few basis. The one-on-one method allows you to focus all of your efforts on just one account. You can also create highly-specialized content and target its stakeholders using specific call-to-action.
By opting for the one-to-few approach, you will be able to diversify your prospects by grouping together clients who have similar business needs and goals. You can then optimize your communications with less specific yet still personalized content.
Create personalized content
While you’re trying to close a deal on valuable accounts, be sure to talk to all the key decision-makers. Also, ensure that your brand’s message is consistent. Most effective ABM campaigns focus on the pain points of accounts and provide concrete solutions. Before crafting your message, be as specific as you can and spend time understanding the account’s challenges.
Maximize your Reach
Marketing to your accounts can be done through multiple channels. Maximize efforts based on the most popular channel. Use email, social media, and retargeting advertisements to communicate with them frequently. Be careful not to overdo it. No one wants to feel harassed on the internet.
Present a United Front
Use your ABM campaign in a coordinated, united manner across your entire business. Make sure that sales and account management are on the same page, and maximize outreach by using every possible resource. Send branded content to the account about the benefits of your product. The regional sales manager will then call them the following week.
Measure progress and make improvements
Measure and analyze the progress of your ABM campaigns to identify success and make necessary adjustments. Track the results of each account, as well as those for your overall target accounts.
Why Use
Account-based marketing has many advantages. Account-based marketing can help you reach important accounts that have a big impact on your bottom line. Personalized content also helps your account members connect with your brand and can at least increase brand awareness in the event that a deal doesn’t happen immediately.
ABM accounts are known to have a higher ROI than smaller accounts acquired through less tailored campaigns. This is due to the larger revenue potential they offer. These targeted accounts will also be more likely to continue to do business with you and maintain a good relationship.
ABM combines sales and marketing to achieve high revenue. These collaborative efforts can boost morale, resulting in a more happy and satisfied team.
Account-Based Marketing
ABM is not a brand-new strategy. However, it has seen a recent boom as marketers have shifted away from generic, tired advertisements to more personalized content and storytelling. According to Pardot, account-based marketing took off in 2018, although nearly 45% of companies reported that they were “just beginning” their ABM efforts.
Last year, the most common issues were poor data quality, a lack of alignment with sales, and an inability of ABM tactics to be implemented. These barriers may have restricted how companies implemented account-based marketing, but they also provided room for improvement in 2019.
What Account-Based marketing will look like
According to last year’s findings, account-based marketing is set to grow in 2019.
In 2019, building intimacy with clients will be a key trend, as it was a theme in other marketing campaigns this year. Before crafting your message, get to know the account members’ pain points and who you are targeting. You can build rapport with your account members by tailoring your communication to their needs.
Your sales team is essential to the success of account-based marketing. They can help identify which accounts you should focus on and give insight into the obstacles they face. Your sales team can also play a major role in executing the strategy. They will contact accounts directly, share custom-built content, and close the sale.