Account-Based Marketing, also known as Key Account Marketing, is strategically targeted to a certain clientele, specifically high-value accounts. Unlike traditional lead-based marketing, ABM is more effective, practical and personalised to specific stakeholders.
These high-value accounts or prospects are first identified, key stakeholders in these businesses are then targeted, and finally, marketing strategies are implemented through various channels to appeal to their specific personas and needs.
Reaching the correct market is always the aim of any marketing campaign, and account-based marketing offers you exactly that.
Should You Implement Account-Based Marketing?
When running a marketing campaign, how do you know if ABM matches your business? What can ABM bring to your organisation? Is it the right fit for your marketing strategies?
86% of marketers report improved win rates with ABM marketing. Account-Based Marketing is usually most effective in a typical B2B environment, involving enterprise-level sales organisations with sales teams of over 1000 employees.
This is because multiple stakeholders get involved in the sales process. If your the organisation has a smaller team, it should not matter as long as it compliments your business model and your marketing and sales cycles.
How To Get The Most Out Of Account-Based Marketing?
A Coalition Of Marketing And Sales Teams
It is critical that the marketing and sales teams work as one entity. Your baseline is identified as accounts or potential leads that have higher values and outcomes. These qualified leads have overlapping qualities that both your teams target. Their lead qualifying and scoring should have a similar approach.
Creating a union among your sales and marketing teams is an efficient way to combine resources to focus on specific goals. Concentrating efforts to achieve objectives sooner can significantly contribute to overall performance.
Creating Tactical Content
Insight has shown that ABM makes customer conversions more likely. As the account-based marketing process continues, teams quickly realise how different ABM is from traditional marketing techniques. With account-based marketing, the teams are targeting the top of the pyramid - the decision-makers. This helps make ABM a more effective tool for companies to expand their operations.
Likewise, the content you put out there has to be their key focus. Details of your leads like their personas, occupations, designations, organisational priorities, and interests will be used to create a buyer persona to see how they overlap. Nurturing your leads and retaining them is vital. For this, personalisation and retargeting are the go-to strategies.
Customised & Personal Experience
When you are targeting a versatile industry to bridge a similar challenge or make benefactors, establishing a personalised experience can be beneficial. Creating a 'personalised resource centre' where teams can learn about how they divide tasks and delegate work, and how they can implement your product can be beneficial.
ABM contributes to improving customer relationships. Customising content based on your audiences’ interests and challenges aids in more accurately targeting your specific market segment and increases the chances of them converting. This helps provide your targeted prospects with a clear understanding of how your product benefits their business.
ABM enables you to tell your story, to connect and showcase your expertise. Through this rapport, customers can learn more about your brand, the solutions you provide and the benefits of doing business with you. Case studies and videos magnify the customer's experience, sharing your company's milestones and cultures.
Further, it makes it easier to realign, or even recreate content, with a message of focused values. Marketing can be performed using social media, programmed ads, or tailor-made campaign materials for each prospect group.
This effectively works to apply marketing expressions into the real world and a part of your customer's experience. Utilising traditional methods of one-on-one meetings, in-person events and digital marketing channels can help focus and build on an emotional connection between your brand and your account.
Measuring And Optimising Return On Investment (ROI)
Nearly 85% of marketers have said that ABM initiatives outperformed other marketing investments. Instead of spending exorbitant amounts on generic manoeuvres that brands perform across several markets, you could spend a comparatively lesser amount to create smaller, more specific campaigns. This can work when aiming at targeted individuals that make the spending decisions for key accounts.
More than 70% of B2B marketers ramped up ABM programs in 2016 and 20% of the companies had ABM programs in place according to Sirius Decisions. Of those polled, 97% of the respondents reported that they had a higher return of investment (ROI) than any other marketing strategy.
With ABM marketing, you are assured that each dollar spent is spent on putting your brand in front of the selective few decision-makers, the people from the right high prospect accounts that you have chosen. Assigning fixed costs is an excellent way to manage expenditures, which further contributes to improving your overall ROI for ABM initiatives.
Account-based marketing is a highly targeted strategy for B2B marketing. It provides organisations with an effective tool to create personalised experiences for clients. ABM also helps improve efficiency by filtering out less profitable accounts early on in your marketing process.
You can efficiently streamline your sales process with ABM and allow yourself to increase your company's relevance for high-value accounts.
Additionally, identifying key accounts and optimising the marketing process are key benefits of implementing ABM. Small growth teams can get the most out of ABM by creating a coalition among sales and marketing teams, keeping an accurate measure of return on investment, and customising personal experiences.
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