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‘ABM’… You might have come across this term several times, but what does ABM mean exactly?
And why has ABM become such a big deal in the B2B e-commerce industry?
How exactly is ABM revolutionizing B2B e-commerce?
Much is being spoken about Account-based Marketing, and its implementation in the B2B landscape is a testimony to its immense popularity. Different implementation methods are often opted for by businesses. However, before you know what works the best, you should first comprehend what Account-based Marketing really is. We have crafted an article that covers the basics of ABM and further delves into how to implement ABM in B2B e-Commerce.
Jump to the section most appropriate to your search.
What is ABM?
How does ABM work? (Jump to this section Confused? Don’t get rattled. Let’s dissect how ABM works)
How to incorporate ABM into B2B e-commerce?
Tricks to ensure success using ABM
On that note!
Account-Based Marketing or ABM is a strategic marketing approach that targets a particular person or a company rather than adopting a generic tactic. Here, marketers target specific persons or companies and treat them as individual markets. They offer personalized services that are highly relevant to the prospects. This helps build a durable and long-lasting relationship with the clients. Also, client concerns become more apparent as the interaction is personalized.
ABM, unlike other generic marketing strategies, targets specific accounts. Once the individual targets are identified, a plan is chalked out to turn them into loyal customers. Attention is paid to each account or prospect; their likes and dislikes; their preferences; every move of the target is tracked. And based on these inputs, marketers come up with strategies to prospect and win customers.
Return on Investment (ROI) refers to the gain or loss generated from an investment in a marketing campaign. In ABM, the returns are way too high when compared to the investments. Thus, companies are targeting their customers via ABM. There are myriad of benefits of driving your marketing efforts through ABM.
Personalized content for the target customer, that’s how Account-based Marketing works. When the targets are given importance, their needs and concerns heard and solved; they tend to give importance to you as well. This includes the overall process of communication between your client and you.
ABM is an amalgamation of sales and marketing strategies. In ABM, sales professionals and marketing managers work in unison to attain the same goal. Together, with the help of sales and marketing teams, targeting customers via the ABM becomes easy.
ABM targets specific accounts with specific offers and deals. So, you exactly know what the customers want and what you are offering them! Hence success is 90% guaranteed.
ABM is all about personalization. To acquire the best results, you need to target your accounts individually. Rather than taking a generic approach, it’s all about focusing on individuals! Targeted research and a proper understanding of the clients’ concern make ABM a reliable marketing approach.
“Personalization is pointless without knowing the individual. Understand the dreams, hopes, and fears that motivate your customers then hit them where it counts” – Paul Gilli, Digital marketing expert.
‘Personalization is pointless without knowing the individual. Understand the dreams, hopes, and fears that motivate your customers then hit them where it counts’ – Paul Gilli, Digital marketing expert
ABM is the trick employed by modern marketers to get higher returns. According to a survey by SiriusDecisions, 62% of B2B companies have a full-fledged ABM program in place, when compared to 41% in 2016.
E-commerce is a fast emerging field, which all the traditional industries and businesses are bowing down. It is one of the easiest ways to connect with your audience. By selling your product/service to them, you bridge the gap between their knowledge of your product/service and the truth.
Companies are offering an exciting e-commerce experience to their clients. This holds true to companies dealing in the B2B landscape as well. Some of the aspects that help in assimilating ABM into B2B e-commerce are:
Most companies collect cookies. The information gathered from those cookies can be used to understand your audience. This can further help you personalize the homepage of your website.
When you know the interests of your customers, it is easier to cater to their problems. When their problems are answered, they will come back to you for more. A customized homepage helps nurture loyal customers.
When you know what your customer is looking for, it’s easy to make recommendations and business suggestions relevant to them. Implement a process that assists buyers to purchase your B2B products or services on the online platform.
This strategy is part of customer guidance. When you display products or services that are on high demand in the market, customers get to understand the trend. This helps them to make better buying decisions as well.
A common saying in the industry goes, ‘Think global and act local.’ You can display products or services relevant to the clients’ location. For example, if you are an organization dealing with data, then you can offer local datasets that are of the clients’ interest. This will help you flock them to your website.
Personalized campaigns can be launched based on your customer behavior. You can send personalized emails to your customers and appeal to their needs and preferences. Send them promotions and offers that are synonymous to what they are looking for.
A thorough analysis of customers’ concerns will help you understand their problems and device a strategic plan, suitable for them. This not just allows you to come out with a practical solution but will also help you understand their perspective. ABM is all about catering to their personal needs. Thorough research can come handy while forming your future marketing strategies.
Set goals that are achievable and work on them. Monitor your work regularly to ensure that you can achieve effortlessly. Also keeping a close eye on your metrics will help you improve all aspects that are slowing your progress. Tweak your strategies as and when required based on the parameters and goals. Modification is the mantra for success.
Customized content directly hits the pain points of the customers. It allows them to find practical solutions suiting their needs. The information should be well-curated. Since ABM is much about personalization, your content strategy should reflect the same.
When you grab their attention with your content, they will surely pay attention to you and your company!
ABM is a combination of sales and marketing strategies. Both teams should come together, brainstorm, and then devise a plan for targets. Input from both groups is vital here.
Once you are well-versed with the customers’ pain points, you can offer them exactly what they need. The offers must be planned and executed in such a way that the target accounts find it hard to reject.
Target the C-level executives as they hold immense power within an organization. They are the decision-makers and are responsible for the smooth functioning of a business. Once they are impressed by you, there is no looking back!
Once ABM is in place, assess your website traffic, total time spent on your site, CTR, bounce rates, ranking, number of subscribers and impact of your content on the audience, lead generation and much more. This will surely give you more insights about your target customers and your strategies. It will help you improve the same.
Now that you have a synopsis of how exactly ABM works, it should be easy to implement for your B2B e-commerce venture. ABM may sound like a fancy term but has a significant impact on your business prospect when executed like a pro!
So, use this simple guide and start implementing ABM for your B2B e-commerce.
DataCaptive’s ABM services are designed to help you achieve success in your business. Opt for the services today and witness your company triumph like never before.
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