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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 95%.
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.
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.
Use the accumulated customer data to increase outreach. Locate key account influencers for better prospecting of target accounts.
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.
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:
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.
Account-based marketing tactics such as precise targeting and personalization can help build a better customer experience for the target accounts.
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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