What Is Account-Based Marketing?
Account-Based Marketing is an alternative to B2B strategies that focuses marketing and sales resources on a well-defined set of target accounts within a market, with custom-designed campaigns.
With ABM, the marketing message focuses on a given account’s specific attributes and needs, hence its name.
According to 975, ABM offers greater or far greater profitability than other marketing initiatives.
Who Uses Account-Based Marketing?
Many companies, especially those who want to attract specific and high-value customers, have found that they perform better with an ABM strategy than with a generalized focus on their coordinate all content marketing initiatives and sales campaigns.
ABM requires more personalization at the account level, so the cost of implementation was previously higher than traditional marketing. However, technological advancements in the marketing industry allow teams to use ABM on a much less and much larger scale.
Top 5 Benefits Of Account-Based Marketing
Apparent profitability: An efficient ATM translates into good results for your business. Compared to other marketing initiatives, the 2014 ITSMA Account-Based Marketing Survey found that “ABM outperforms any other B2B marketing strategy or tactic.”
Leverage Resources – Being so specific, ABM enables the marketing team to make the most of resources and create marketing programs explicitly optimized for target accounts.
Personal and Optimized: Account-based marketing strategies include personalizing messages and communications directed to specific accounts so that campaigns connect with the target audience.
Simple control of goals and statistics: When analyzing the effectiveness of campaigns, whether through emails, ads, websites, or events, it is easier to draw clear conclusions with a specific selection of accounts than with an extensive data set.
Sales Coordination Made Easy – ABM is one of the most effective ways to coordinate sales and marketing. This is mainly because when creating an ABM program the marketing team thinks very similarly to the sales tea they focus on the accounts, how to connect with them, how to attract with them.
Critical Steps In Account-Based Marketing
Step 1. Discover and define high-value accounts
Use all available business data and business intelligence to prioritize high-value-added accounts. Take into account the profit potential and other factors such as market influence the likelihood of multiple purchases, and the possibility of generating above-average margins.
Step 2. Analyze the accounts and identify the main stakeholders
Analyze the structure of target accounts and remember how decisions are made and who the decision-makers and influencers are.
Step 3. Define personalized content and messages
An effective ABM initiative relies on helpful content that addresses the important and well-defined business challenges facing the target account.
Step 4. Decide on the Optimal Channels
Connect with your audience through all the channels they use, such as websites, mobile devices, and email. Analyses which channels will work best with specific profiles or industries and consider the acceptance options and restrictions that may apply in your region.
Step 5. Run Segmented and Coordinated Campaigns
Coordinating campaigns across all channels and balancing the efforts of your marketing and sales teams is essential to achieve the most significant impact. Technology enables the marketing team to coordinate and execute ABM campaigns on a larger scale.