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With the advent of technology, marketing tactics are changing continuously every day. Account-based marketing is picking up speed as companies strive to enhance their strategies to be more responsive, efficient, and cost-effective.
As we step into a new year post a global pandemic, many B2B and B2C companies fasten their seat belts to identify their high value best fit accounts and execute the most creative ABM campaigns ever. Thus, to ace up your marketing game, we bring you an A-Z glossary of forty account-based marketing terms that you must master and get the best results on your plate.
We hope that the article will help you strategize and execute data-driven ABM campaigns and empower your businesses to achieve sustainable growth.
Account-based marketing teams must build buyer personas to study the goals, desires, and limitations of buyers and leverage the information to guide decisions about the service or product. Personas are also widely used in sales, advertising, marketing, and system design.
Bounce rate is helpful to understand how user-friendly, attractive, or informational the landing page of your website is. It is used to analyze web traffic, which helps the marketing and sales teams to understand their audience better.
When it comes to ABM campaigns, the customer database is the most valuable resource and serves as the solid foundation for business strategies.
We have recently published a detailed infographic about the tips to upgrade your customer database, which will help you gain valuable insights to leverage into sales decisions and build rapport with your customers.
C-suite accounts refer to the executive and critical level decision-making managers within an organization. Common c-suite executive accounts include Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), Chief Information Officer (CIO), Chief Technology Officer (CTO), Chief Information Officer (CIO), and Chief Marketing Officer (CMO).
Strategizing your ABM campaign to build direct communication with the C-suite accounts increases prospecting chances, as they are the key decision-makers.
Please read our detailed article on the most effective ways to clean your CRM data for high lead generation
Demand Unit Based Marketing provides an improvised and cleaner approach to the ABM strategy by helping the sales team to engage in one-on-one conversations with different buying groups using personalized emails and targeted advertisements.
F.I.R.E, in terms of ABM campaigns, stands for Fit, Intent, Recency, and Engagement. It is locating a target or identifying the best-fit target account and helping the marketing and sales team prioritize the best leads, shorten sales cycles, and improve the sales rate.
Source (Business brainz)
Inbound marketing attracts leads and makes sales via content marketing, social media marketing, search engine optimization, and branding. Inbound marketing is the most chosen method to execute ABM campaigns, as it offers potential customers valuable information via newsletters, blogs, and social media postings. Inbound marketing is excellent to improve customer experience, build trust, create awareness and attract new customers.
Inbound marketing aims to define the brand, understand the customer, and build customer loyalty.
Account-based marketing teams can use intent data to select accounts based on their research level and intent and personalize the communication. Intent data is used to deliver targeted content to both known and unknown prospects.
The gap between the marketing and the sales team often leads to the loss of leads. Thus, it is essential to bridge the gap for successfully transitioning an MQL to SQL during an ABM campaign.
Outbound marketing, also known as interruption marketing, is the traditional method of making sales through advertising, promotions, and public relations, basically any sources whereby companies focus on finding customers through advertising. Account-based marketing includes an outbound marketing strategy to increase its impact or improve brand visibility.
Thomson Reuters once invited high-profile accounts, decision-makers primarily to marketing events for high-profile networking as a part of their ABM campaigns. Read the complete ABM campaign break up here.
It is a crucial parameter to increase the effectiveness and result of the ABM campaigns, as the campaign periods are usually short, and the sales team must convert as many leads as possible during this time.
You can identify the pain points of a specific audience base by improving your sales team’s communication tactics, check your reviews, or take a look at your competitors’ activities. Identifying the pain points helps you build a better ABM strategy and enables you to develop your product or service accordingly or meet your customers’ expectations.
Analyzing the TAM helps ABM planners to fix the budget, understand the market and strategize more responsive campaigns.
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