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Perhaps you’ve heard the buzz around account-based marketing (ABM) in corporate strategy and marketing networks. You’ve probably heard some of the following if you’ve thought about ABM:
97% of marketers believe account-based marketing yields a higher return on investment (ROI) than other marketing tactics, according to research groups like Altera. Marketers who are trying to complete deals with whales—prospects that are ten or twenty times larger than the average—can benefit from ABM. While it might be detrimental to certain organizations, account-based marketing is necessary for others.
However, what is ABM really, and how can you use it to improve the financial performance of your business?
A smart move to hyper-segment important accounts for your company, connect with them via several channels, and help them move through the sales funnel is account-based marketing. These accounts are typically the most lucrative ones you have; they are viable leads that might not seal a contract in a few weeks. The ABM grooming often takes place over several months.
ABM, in contrast to other targeting strategies, also strongly depends on the cooperation of your company’s account management and sales divisions. It’s crucial to present a consistent front and engage the prospect(s) with a call to action while employing this method.
Account-based marketing is typically used in business-to-business (B2B) sectors as a substitute for the general messaging that marketers typically use to appeal to a wide range of companies. B2C markets frequently need more tailored content already, and people frequently have lower return on investment for the amount of money required for ABM. In B2C markets, ABM’s tailored content and marketing strategy can still be quite helpful.
Regardless of whether you’re targeting B2B or B2C prospects and limiting contact to one-to-one or one-to-few, account-based marketing techniques adhere to the same critical principles. This is a step-by-step guide to help you start your business’s account-based marketing plan.
Finding the important decision makers in your high-value accounts is the first step towards developing a successful ABM strategy. Examine your past sales data to identify any significant leads, or conduct market research and target accounts according to their prospective revenue, chance of choosing your brand, and necessity for your product or service.
When marketing to accounts, you are either marketing one-to-one or one-to-few, according to AdAge. By concentrating all of your efforts on a single account, the one-on-one method allows you to produce extremely specialized content and target its stakeholders with targeted call-to-actions.
By using the one-to-few strategy, you may combine accounts with similar requirements and business objectives together and broaden your pool of possibilities. By using content that is slightly less detailed but yet individualized, you may maximize your message.
Recall that it’s critical to communicate with all influential decision makers and make sure your brand’s messaging is consistent when attempting to close a deal with valued accounts. The most successful ABM programs identify accounts’ pain spots and provide practical fixes. When composing your message, try to be as detailed as you can and spend some time learning about the account’s difficulties.
Utilize a variety of marketing platforms to reach your accounts, and focus your efforts where they are most engaged. Use retargeting advertisements, social media, and email to approach them with regular communications that are tailored to the channel being used. But exercise caution—no one wants to experience internet harassment.
Implement your ABM strategy throughout your company with a unified, well-organized front. Ensure that account management and sales are in sync, and maximize outreach by utilizing all available resources. Send the account an email with branded content outlining the advantages of utilizing your product, and the regional sales manager can give them a call the following week to follow up.
Track the development of your ABM campaign on a regular basis to identify successes and make any necessary tactical adjustments. Monitor each of your target accounts separately and as a whole for outcomes.
The advantages of account-based marketing are numerous. When attempting to connect with important accounts that could significantly affect your revenue, it can assist your brand in breaking through the clutter. Moreover, customized material fosters a relationship between account holders and your brand, increasing brand awareness even in the event that a purchase falls through.
Because they have more potential revenue than smaller accounts acquired through less specialized campaigns, accounts acquired with ABM are also recognized for producing strong returns on investment. In addition to offering a higher initial payout, these targeted accounts have a higher propensity to stick with your brand and make repeat purchases.
Finally, in order to get large revenue, ABM unites marketing and sales. Any gains made possible by these cooperative efforts raise spirits and make the team as a whole happier and more content.
ABM is not a new tactic, but it has become increasingly popular as marketing trends have moved away from basic, stale ads and toward more individualized content and narrative. Account-based marketing (ABM) was booming among businesses in 2018, according to Pardot, even though over 45% of them said they were “just starting” their ABM initiatives.
Poor quality data, a failure to implement ABM methods, and a misalignment with sales were common problems with the approach last year. Although firms’ usage of this project may have been constrained by these execution challenges for account-based marketing, this also indicates that there is still space for development and improvement in 2019.
According to data from the previous year, account-based marketing is expected to grow more than ever in 2019.
Developing a closer relationship with accounts is probably going to be a big trend in 2019, since it has been the focus of several marketing initiatives this year. Before you design your message, learn about the decision makers you are targeting and the pain issues of your account members. By tailoring your communication to each individual you reach out to, you can establish rapport once you know what they’re searching for.
Finding target accounts, designing and implementing a customized marketing strategy, and tracking outcomes all take a lot of time and work in account-based marketing. Here are a few of the best tools to manage and expedite these procedures.
B2B marketers may track accounts that interact with your brand, focus resources on warm leads, and gauge progress with the help of Engagio ABM.
With features like revenue-based account analytics, segmentation, and cross-channel engagement, Marketo assists brands in consolidating ABM into a single platform.
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To optimize your account-based marketing efforts, there are many factors to consider. You don’t want to overwhelm accounts with your communication, waste resources such as time and money or employ an overall ineffective campaign. Here are some tips of common mistakes to avoid and best practices to ensure your account-based marketing is a success.
First, do not automate too many processes in your ABM process. Although marketing automation helps streamline tedious tasks such as sending emails or posting to social media, the overuse of automation can damage the human element of account-based marketing. Beyond that, it’s every marketer’s worst nightmare to be seen as spam or overly aggressive by your target accounts.
Instead, opt for more intimate, direct communication. No matter how personalized your marketing content may be, nothing can be more personal than a phone call. This can also be easily executed by your company’s sales team.
Choose your accounts carefully. Ensure that the key account you are reaching out to is a good candidate for your offering and is worth the time, money and resources that you are investing into them. The warmer the leads, the better. Do not waste valuable resources into a cold lead – even if it is a whale.
To help save time and effort, leverage your existing resources when putting together personalized content for ABM. Assess your white papers, presentations and other existing marketing collateral to brand them for your target accounts and emphasize what makes your brand the right choice.
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