Account-based marketing (ABM) is a powerful marketing strategy that gets overlooked by modern businesses way too often. Although it rarely fails to deliver amazing results, it still seems like marketers don’t fully understand the impact of ABM on customers.
Numerous studies already proved the potential of this marketing concept:
- More than 80% of marketers who measure ROI say that ABM outperforms other marketing investments.
- Nearly 85% of marketers claim that ABM provides significant benefits to retain and expand existing client relationships.
The advantages of using ABM are evident, but how can you incorporate it into your own marketing strategy? In this article, we will explain how ABM functions and show you five ways to make use of this valuable marketing tactic.
Account-based marketing … ABM: Definition and Practical Benefits
If you want to join the AMB game, you need to understand what it is and how it functions. By definition, ABM is an alternative B2B strategy that concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account.
As you can see already, the key is to focus on major prospects and approach them with tailored marketing messages. Instead of relying on “one size fits all” strategies, you need to customize delivery and provide potential clients with personalized offers.
What are the consequences of this marketing tactic? According to marketing experts at Edugeeks Club, ABM can bring you numerous benefits, with the crucial ones being:
- Enhanced customer acquisition: ABM takes a data-driven approach to make better decisions and target the right leads. Instead of chasing a wide range of more or less qualified leads, you can enhance customer acquisition by approaching prospects with the highest conversion potential.
- Speed up the sales process: As a highly targeted marketing strategy, ABM enables businesses to speed up the sales process and reduce time waste.
- Coordination and synchronization: ABM demands cooperation between marketing and sales agents. It’s a great way to encourage coordination and synchronization among your employees.
- Customer loyalty: Clients love it when you pay special attention to their highly specific requirements. Since ABM is there to answer personalized requests, you can expect the tactic to boost customer loyalty long-term.
- Cost-efficiency: ABM doesn’t only save time but also prevents budget waste. You can target potential clients with customized messages and there is no need to waste money on irrelevant content.
- Higher ROI: The benefits we mentioned above lead to the only logical conclusion: ABM allows you to improve ROI. You make better results while investing less time and money.
Account-based marketing … 5 Tips to Design a Great ABM Strategy
Now that you know the benefits of ABM, you need to learn how to create a strategy that can guarantee success. Without further ado, let’s check out five tips to design a great ABM plan.
- Identify key accounts
The purpose of ABM is to concentrate on B2B decision-makers. If you want to avoid a long and time-consuming consumer journey, you need to identify key accounts along with their main features such as titles, location, and so on. When you define the target audience, tailoring a sales plan gets much easier.
Since you already know the target account, it is time to define your business goals. What is it that you want to achieve here? ABM can have a variety of objectives, so make sure to choose the right one for each account individually. For instance, you can consider some of these KPIs:
- Generation of verified key accounts
- Relationship building
- Customer loyalty
- Revenue growth
- Keep the content aligned with the audience
Your communication with accounts will often include discussions with more than one person. In such circumstances, you need to keep the content aligned with the current listener in order to address specific pain points.
What do we mean by this? Well, senior managers usually want to know how your products or services influence their business in general, while their subordinates need technical information that explains how products or services actually work.
If you are not sure how to create the perfect content for key accounts, we recommend you to consult with content creation experts at services like AustralianWritings, easy essay, or edugeeksclub .
- Bring together marketers and sales managers
The only way to approach key accounts successfully is by bringing together marketers and sales managers. Jake Gardner, a sales manager at UK.bestessays.com, says the two teams need to cooperate closely and give each other precious inputs to help build a proper sales plan: “Each unit should present internal data to their colleagues in order to ensure data-driven decision-making.”
- Analyze results
The last advice is to keep an eye on the results and compare them with the planned KPIs. If everything goes as planned, your ABM strategy is working well. However, you need to detect mistakes and make the necessary corrections in case your team is not generating the desired results.
The bottom line
ABM is one of the most productive marketing methods, but too many marketers and entrepreneurs still don’t understand this concept and fail to use it in their daily activities.
In this post, we explain what makes ABM so important to the functioning of the business and discuss five ways to make use of it in your work. Keep our tips in mind and don’t hesitate to experiment with ABM – it might take your organization to the whole new level!
AUTHOR BIO
Scott Mathews is a blogger at EssayOnTime.co.uk called rusmyessay. Besides that, he is a frequent contributor to the best term paper and several agencies from the academized review list. Scott’s main fields of work include advertising and digital marketing. If he is not working, you will find Scott playing basketball in the neighborhood with his high old high school crew.