Account based marketing is a technique that guides resources in marketing to reach a specific set of target accounts.
ABM not only calls for coordination between sales and marketing teams – it encourages teams to coordinate because account-level personalization allows sales and marketing to be in sync with account-specific messaging. The motive? Within a shorter time span higher sales.
Rather than throwing a large net for their lead-generation activities, marketers using ABM are working closely for sales to identify key targets and then tailor personalized services and communications inside target accounts to the purchasing team.
How do you go about Account based Marketing
Account-based marketing (ABM) is one strategy that places customers at the front and centre. It has a high customer priority.
This strategy focuses more on individual customers, or accounts, than conventional marketing.
A business uses ads in conventional marketing to help attract interest in the product before ultimately learning which buyers are more likely to result in a sale.
When the company knows which buyers are most interested in purchasing and able to purchase, they seek to sell. ABM is taking a new approach.
In ABM, a organization begins the process by identifying a possible target and then selling a more tailored strategy directly to those targets.
You are taking a much more personalized approach instead of driving an endless parade of nameless, faceless people to your site, cobbling together a broad list of potential customers and blasting out blanket emails to anyone and everyone.
First, you locate your target.
In that way, you can deliver person-specific content and also stop following dead-end leads.
You’re always collecting consumer information, segmenting your data and checking your advertising, but bringing targeting to a micro-level.
It helps you to relate to different points of discomfort and make prospects feel like you really are seeing them.
Best of them all? It does work. Altera Group found that 97% of marketers reported that the ABM strategy produced a higher return on investment
In addition, according to Drift, ABM is basically a marketing approach based on the laser in general.
Before you waste time and money pulling in the future client you will foresee the most influential prospect.
Advantages of using the account based marketing
According to Marketo, if you think about the benefits of account-based marketing, they’re the following:
- ROI. ABM represents the growing ROI of all marketing tactics for B2B.
- Reducing waste. Provided that the targets are reviewed before a sales plan is applied, the loss of resources is greatly reduced.
- Tracking and Administration. The use of targeted ads makes it much easier and more precise to track and monitor outcomes.
This is because there needs to be a smaller number of accounts.
What are the wrong opinions on Account based marketing
1. ABM is a nascent strategy
While new to others, ABM’s definition has been around for years – the word was coined more than a decade ago by the Information Technology Services Marketing Association.
More than that, however, businesses have been whittling down their prospect lists to the most suitable and profitable candidates for a long time, and doing whatever they could to get them into the fold.
And though you might be scaling back to improve engagement, with every new interaction, you potentially learn more about your target audience.
This helps you to considerably broaden your marketing efforts and boost the effectiveness of a campaign as you develop your company.
Learning from the experiences also helps you to use technology better – the secret to effective ABM campaigns.
For example, if you want your marketing campaign to be ideally timed, predictive analytics will serve as a crystal ball to the potential needs of your target group, whereas programmatic buying will only help aggregate consumer experiences and campaign for those who meet a certain criteria.
2. ABM is used for big accounts
Sure, you are approaching fewer customers, but with the potential for paydays that are bigger. Yet ABM is flexible just like many other marketing strategies.
Numerous prospects can still be pursued without losing any earning potential.
Since ABM relies on hypertargeting, I suggest that you start small and then scale from there.
Most new companies to ABM start with a few hundred prospects to give you an idea.
As things take off, they branch out and start targeting other potential customers – customers trained from what you’ve gleaned from the first set of prospects experiences.
This scalability helps you to scale up within an organization as well.
As you know, business-to-business marketing never has a single point person working for you. ABM allows you to dig deeper into accounts and target each decision maker with tailor-made messages that appeal to their pain points.
Seek to help fine-tune your plan with a few of your current accounts.
3 ABM is strictly sales
ABM is a technique focused on the concept of uniting sales and marketing in order to find and evaluate leads, ensuring that their efforts complement one another, rather than working against it.
For example, if marketing has created a top-of-the-funnel whitepaper, then sales will use this collateral to show leads how your product will cope with their problems.
When the leads download the whitepaper, they will be dropped into a drip system, where they can be further nurtured by the marketing team.
That means you have to help make and maintain the marketing-sales peace. Think about it: Sales will have all the nitty-gritty information about the prospects’ real pain points as they talk directly to them.
The team will build messages that answer the pain points and connect with readers until they are conveyed to marketing. When the two teams are intertwined, it has been shown that your consumer retention rates will earn a 36% increase and that your sales win rate will grow by 38%.