In this case the Account Based Marketing (ABM) comes into the limelight. The basic definition of Account-based marketing is when the marketers concentrate on a specific set of target accounts and makes the marketing campaigns and marketing message just in the way required by these accounts.
Companies when seeking to bring onboard high value customers prefer to use the Account-based marketing and they will personalize their content and their marketing endeavors to meet the unique needs of the end users.
ABM requires more personalization as each account would require a different type of targeting approach. Thus, it costs more money upfront to implement. With the advances in technology companies can now use Account-based marketing at a much cheaper cost. It can also be implemented on a much larger scale.
Lately, Account-based marketing is a word that has been doing the rounds in B2B community with higher frequency. It is also known as key account targeting. To be exact, it is a strategic approach to B2B marketing that targets specific high-value accounts.
This approach combines B2B lead and relationship management to grow the life time value of specific target accounts. It is done by engaging specific accounts and individuals across various stages of the buyers’ journey. The main idea behind the application of Account-based marketing strategy is to create demand among the handful of companies/ client accounts that are qualified as sales prospects.
IS Account-based marketing RIGHT FOR YOU?
ABM had higher ROI than other marketing activities, according to 97 percent of marketers in a survey. (Alterra Group)
Basically, the concept of Account-based marketing revolves around marketing to high-value prospect accounts that hold the promise of delivering larger revenue once the deals are closed. But ABM can also be applicable if your overall client base is big in number.
The fact remains that you would want to get the most out of profitable prospect accounts.
In this case, customizing content and messages to target, nurture and convert these prospects makes sense and will guarantee a good amount of revenue. So, if you aim to target specific high-value prospect accounts and win deals, then, ABM is the go-to marketing strategy that you should be focusing on!
HOW TO DEVELOP AN EFFECTIVE ACCOUNT-BASED MARKETING STRATEGY
Now that you are sure ABM is right for you. I am positive you would want to know how to execute it effectively. There are 5 basic steps to an effective ABM strategy:
ABM SHOULD BE EXECUTED EVEN AFTER CONVERSIONS
A small increase in customer retention can cause a significant rise in profitability. To design a successful ABM strategy, it is important to have a process in place that goes well beyond the conversion stage.
It has been estimated that a 5% increase in customer retention can cause an increase in profitability of about 25% to 50%.
INTEGRATED AND COORDINATED APPROACH
Companies are 67% better at closing deals when sales and marketing are in sync. (Marketo)
Individual initiatives from marketing or sales teams may sometimes lead to lost deals. Account development and enrichment requires a cooperative effort from both the marketing and sales teams for effective conversions and better customer retention.
LOCATE AND CONNECT CUSTOMER DATA
Customer data is widely spread across the organizational structure with some data being held by the marketing department and some by the sales team. This data needs to be located and collected to derive actionable insights of various stages of the buyer journey.
DISCOVER ACCOUNT INFLUENCERS
Use the accumulated customer data to increase outreach. Locate key account influencers for better prospecting of target accounts.
DELIVER BETTER EXPERIENCES WITH PERSONALIZED CONTENT
Content that is personalized according to the target account profile can serve as an important tool in better prospecting and faster customer acquisition. Moreover, personalized content also helps in improving customer experience.
HOW EFFECTIVE Account-based marketing BENEFITS YOU?
Once you are sure that all the required efforts have been put into developing an effective ABM strategy, knowing its benefits becomes essential. So, let’s investigate 5 major benefits that ABM can fetch:
1. DESIGN A FOCUSED SALES AND MARKETING STRATEGY
With ABM, you can precisely focus on target accounts. Account and lead level scoring on the right accounts and right people within those accounts with targeted marketing campaigns. This precise targeting also helps to enhance the effectiveness of our marketing campaigns.
2. ACHIEVE A SHORTER SALES CYCLE
Targeted marketing campaigns which form the main feature of an ABM program, help to build a strong brand image. Additionally, these campaigns also help in reaching key decision makers within these target accounts, thus shortening the sales cycle.
3. GREATER ALIGNMENT BETWEEN SALES AND MARKETING TEAMS
Since effective Account based marketing requires greater cooperation between the sales and marketing teams, they need to work together with greater transparency. Their end-goals are the same, and with ABM, these they can not only target the high-value accounts better but can help win larger revenue too.
4. PROVIDE A BETTER CUSTOMER EXPERIENCE
Account-based marketing tactics such as precise targeting and personalization can help build a better customer experience for the target accounts.
5. DRIVE MORE REVENUE
Account based marketing means focusing on the most revenue fetching account. Thus, if marketing and sales teams work together, you will surely see those precious dollars pouring in! Make conversions happen.
Conclusively, although ABM is not a new form of marketing, it holds an ocean of potential to be explored. What’s more? You can build loyalty among your most high-value clients!
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