Modern B2B marketers should adopt an Account-Based Marketing approach (ABM). The old account-based selling model has been replaced by marketing strategies that have a higher ROI and a lower cost.
This evolution has been largely driven by technology. ABM users can now scale their efforts with the latest marketing platforms and tools. These apps and software offer predictive analysis, lead management capabilities, and the ability for highly targeted content.
ABM solutions allow users to automate and programmatically advertise to identify key accounts or personnel. This allows them to tailor communications based on the stage of prospects' buying process.
Marketing automation and digital demand management channels allow marketers to do more while doing less .
Because these tools enable sales and marketing to align their strategies, this results in a greater focus on business goals. ABM allows these teams to work together rather than working in silos.
The vast majority of businesses that have used this method of account targeting and alignment have seen an increase in their lead quality and ROI.
Here's a short video by Zaryn @ Market & Hustle that will give you an overview of ABM.
Account Based Marketing is all about directing your marketing efforts towards your most profitable prospects.
ABM helps you to eliminate less-profitable clients and maximize your profit ceiling.
By creating systems that allow you to focus your resources and time on accounts most likely to be closed, you can save time and avoid wasting resources.
These are some things to keep in mind when you implement an ABM strategy.
IT's Role in ABM
A dedicated IT team ensures you work within a secure and reliable platform. It's not always as simple as “Did you turn it on and off again?” They can help integrate ABM tools into your existing network to make the transition seamless.
They can also help with any issues that may arise when new software is released. Businesses were initially reluctant to spend valuable resources while waiting for IT teams select, select, deploy, and implement ABM technologies.
Thanks to technological advancements in ABM-related software, it is now easier and cheaper for businesses to get on board the ABM train. Organizations of all sizes can now implement ABM strategies to provide personalized marketing to hundreds upon hundreds of accounts.
2. Targeting Funnel Stages
Source: Blueprint Creative Group
Traditional waterfall marketing funnels cast a broad net to capture as many prospects possible. ABM attempts to change this model by narrowing lead base first rather than last.
It all starts with an in-depth understanding of your ideal customer profile. This is possible by carefully reviewing CRM reports about your ideal prospect. A set of criteria can help you pinpoint your greatest opportunities.
This allows you to improve your personalization and targeting capabilities, which in turn can lead quality and sales conversion rates.
3. ABM Leverages Existing Customers
It is cheaper for you to reach your existing customer base. Additionally, it promotes loyalty due to your ongoing efforts in providing additional customized products and services that meet your client's specific needs. Data-driven marketing tools make it easier to target cross-selling and renewal campaigns.
These tools enable you to create individualized cross-selling and upselling strategies such as complimentary product trials to complement existing products or call for action services that resonate well with your customers.
Remember the Pareto Principle which says that you should focus on the 20% customers that generate the highest revenue to increase your ROI (see How To Get a Positive Return on Marketing Investment for more).
4. Your biggest opportunities should be the focus
Source: Sticky Digital
After implementing Account-based marketing, there was a 171% increase in the average annual contract value. Your deal size with the largest targets has just gotten larger.
You can expand your existing base by creating a list of companies, key roles, and organizations that fit within the criteria you have identified.
Once you have identified your target audience, you can now increase engagement via awareness campaigns via both online and offline channels (like Content Marketing!).
Once you have gained momentum in your relationships building efforts it is only a matter time before loyal customers turn into brand advocates. These customers are great sources for positive referrals and high-quality referrals.
5. Marketing and Sales must align
Source: The Next Scoop
Conflict between sales and marketing is rooted in the differences they pursue. Sales teams are judged on their ability to convert the highest number of leads in a company setting. Marketing, however, views lead generation as a numbers game.
Sales values qualified leads who are more likely to buy. Marketing, on the other hand, is more focused on obtaining as many leads possible without regard to their potential to convert.
ABM requires that the metrics used for assessing whether a marketing campaign is successful be changed to be more sales-centric. Marketing must be measured on how many leads are engaged with each campaign, rather than focusing on how many.
Account-based Marketing encourages sales organizations and marketing teams to collaborate, to identify target accounts, create customized campaigns for them and align and move each account through the pipeline.
We are all on the same team, in other words. ABM can only work if everyone is on the same page.
6. ABM Means Personalized Communication
Personalized communications are the core of ABM. ABM relies on customer data to function. This data will allow you to personalize future communications. This will allow you to better understand your customers and provide the best possible buying experience.
Your website, mobile apps and emails should all be designed to help customers make the purchase journey easier.
This involves changing your messaging, CTAs and social proof to provide the best buying experience for the right customers at right times.
ABM may be more effective than Inbound Marketing in certain organizations. This is because it allows you to target the right companies and only engage them with the product or service that you offer.
You have limited control over your audience with Inbound Marketing. Anyone can download your ebook or subscribe to your newsletter. This reduces the requirements to be a leader.
ABM can help you optimize a greater percentage of your prospects. They were selected based on criteria that you have compiled from relevant sources. This includes their digital footprint and predictive tools.
It is not based on speculation or a customer roadmap. These are the main reasons your business should use an ABM approach to their future marketing strategies.
You want to implement some of the strategies shown on MIG's website, but you need advice or help. Get help or advice by visiting our blog every week. Start today to generate more leads and traffic for your business.
Marketing Insider Group published The Essentials of Account-Based Marketing as a first article.
By: Carter Grimm
Title: The Essentials of Account-Based Marketing
Sourced From: marketinginsidergroup.com/content-marketing/essentials-of-account-based-marketing-2/
Published Date: Tue, 19 Jul 2022 14:00:00 +0000