In the contemporary era, adopting an Account-Based Marketing (ABM) approach is really a key business strategy for B2B marketers. What used to be purely account-based selling in the past provides evolved to include marketing strategies that yield higher RETURN ON INVESTMENT at a small fraction of its earlier cost.
Technologies has played the biggest role in this evolution. The latest marketing and advertising tools and platforms possess paved the way for ABM customers to scale their attempts through software and applications that provide predictive analysis, efficient lead management capabilities, as well as the ability to produce highly focused content.
Using ABM solutions enables users to adopt an automated, programmatic advertising process to identify key personnel or accounts, which in turn help them tailor communications depending on what part of the buying phase prospects are in at any provided moment.
Simply put, marketing automation and digital demand management channels have got allowed marketers to do more with much less .
These factors result in increased focus on business objectives because these brand new tools allow sales and marketing to align their particular strategies. With an ABM approach, these two teams work in a collaborative environment rather than in silos.
Here’s a quick video from Zaryn @ Market & Hustle to give you the ABM rundown:
- Account-Based Marketing is about personalizing your marketing efforts straight toward your most rewarding prospects.
- ABM helps marijuana out the less-profitable clients to maximize your profit ceiling.
- Creating systems that focus your time and resources within the accounts that are most likely in order to close will save you from wasting said time and sources.
Here are a few things to consider when implementing an ABM method:
- The Role of IT in ABM
Having a dedicated IT team at hand ensures that you’re operating within a reliable, secure platform. Not everything is as simple as “did you turn it off plus back on again? ” They are presently there to help the integration of ABM tools with your existing network, making the changeover smooth and seamless.
They can also tackle any hiccups that undoubtedly occur whenever new application is introduced. Originally, spending precious resources and waiting for IT teams to identify, select, plus deploy ABM technologies is certainly something businesses were selecting difficult to accept.
Thankfully , technical advances in ABM-related software program have made it easier and more cost-efficient for businesses in order to jump on the ABM bandwagon. This has enabled organizations of various sizes to implement ABM tactics to deliver personalized marketing and advertising to hundreds of accounts.
2 . Funnel Stage Targeting
Resource: Blueprint Creative Group
The traditional design marketing funnel casts an extensive net to catch as numerous prospects as possible. ABM efforts to modify this model simply by narrowing the lead foundation first instead of last .
The process begins with a thorough understanding of your ideal customer profile , which is made possible by spending close attention to CRM reviews and other B2B data regarding your ideal prospect. Using a set of criteria to work with helps you identify where your greatest opportunities may lie.
This approach enhances your targeting and personalization capabilities so you can increase lead quality and in turn, product sales conversion rates .
3. ABM Leverages Existing Customers
Not only is it cheaper to touch your current customer base, but it also promotes loyalty because of your own continuing initiatives to provide additional personalized services or products that fit your client’s needs. Cross-selling and revival campaigns can now be more targeted with data-driven marketing tools .
These automated tools allow you to develop individualized cross-selling or upselling techniques like complimentary product trials that will supplement existing products or even call to action services that speak out loud with your customers.
Keep in mind the Pareto Principle , which states that you should be focusing on the 20% of customers that deliver the particular most revenue so you can boost the ROI of your marketing actions (See How to Get a Positive Return in your Marketing Investment for more).
4. The Focus Should be on Your Greatest Opportunities
Source: Sticky Digital
In 2020 there was a 171% increase in average annual contract value after implementing Account-based Marketing. Meaning, your offer size with the biggest goals just got bigger .
Expand your current base because they build your list of organizations, businesses, business roles, and essential personnel that fits inside a set of criteria you’ve discovered.
After you have identified your target profile, it’s time for you to increase engagement with awareness campaigns through online and offline channels ( like content marketing! ).
Once you have gained momentum in your romantic relationship building efforts, it’s only a matter of time before devoted customers become brand advocates . These types of advocates are the best sources of high-quality referrals and positive suggestions.
five. Marketing and Sales Must Align
Source: The Next Details
The main cause of conflict between sales and marketing stems from the different goals they typically go after. In a traditional company environment, sales teams are scored against their ability to transform the most number of network marketing leads, while marketing sees lead generation primarily as a numbers online game.
This means that product sales values highly qualified qualified prospects with a greater desire to purchase, while marketing is more concerned with getting as many leads as you possibly can, regardless of their likelihood in order to convert.
With ABM, the metrics utilized to assess whether or not a marketing campaign is a success has to be moved towards a more sales-centric method. Overall, marketing has to be measured based on the amount of engagement through each lead instead of concentrating on the number of leads in the channel.
Optimizely. com says,
Account-based marketing encourages marketing groups and sale organizations to operate together, identifying target balances, crafting customized campaigns for them, and working together to format and move individual accounts through the pipeline, both after and before lead conversion.
In short, we’re almost all playing on the same team! Regarding ABM to work we just need to be on the same page.
6. ABM Means Personalized Communication
The fundamental basis of ABM is personalized communications . You will need customer data for ABM to work because this data will help you personalize communications in the future. This increases your ability to relate to customers’ needs and create the best buying experience.
In a multi-platform world, your website, mobile apps, emails, occasions, and every other brand marketing communications channel should be tailored to accelerate the buying journey.
This means adjusting your messaging, CTAs , social proof and other aspects to deliver the correct buying experience to the right customers at the right period.
In some agencies, ABM can be better than Inbound Marketing because the former permits a more targeted approach, just engaging companies that are perfect users of the product or service you are offering.
With Inbound Marketing, your ability to control your audience will be limited— anyone can download your e-book or subscribe to your own newsletter , reducing the qualification needs to become a prospect .
ABM allows you to optimize a larger percent of your prospects because they had been chosen based on a list of requirements you’ve made from relevant sources, which includes their digital impact or predictive tools.
It’s not based on guesswork or a theoretical customer map – but actual data. This, coupled with the ability to level at a low cost, are the key reasons your B2B should consider applying a good ABM approach in your future marketing strategy.
Do you wish to use some of the marketing strategies seen here on MIG’s site but need several help or advice? Take a look at our weekly blog content service or schedule a free consultation . Get started today and create more traffic and potential clients for your business!