Since the time digital marketing has made its way, the whole world of marketing has been turned upside down. A variety of ways emerged since the boom to attract customers online instead of the offline method.
The basic instinct of marketing, however, has always been and always will remain about selling to the consumer and creating a base.
During the initial years, the concept was to attract as many customers as possible and that some of them will potentially turn into a recurring and loyal base.
Off lately, a more insightful way called Account Based Marketing (ABM) has emerged, which gets rid of the usual ways of marketing into a new and improved one.
What is ABM
Highly targeted and personalized campaigns made to win accounts is what best describes this form of marketing. Rather than appealing to a whole market, ABM focuses on individual accounts as separate markets.
An easy way to understand is to flip the funnel of traditional inbound marketing.
Traditional marketing talks about attracting people to your site at first and then nurturing them through automated emails. This is finally followed by identifying the target markets.
Now, what ABM does is the opposite. It first identifies the target companies and then engages them with campaigns that are personalized accordingly. And then comes the final step where lasting relationships are formed which lead to new opportunities.
ABM doesn’t wait to identify the potential target companies. They identify them from the beginning and then proactively seek them. This increases your chance of landing the account you were eyeing since the starting, rather than hoping to catch it “by chance”.
Account based marketing uses a highly efficient method where you don’t have to continuously blast people with emails and blog posts hoping to someday land up with your target company. Here, you target the big fish from the starting and create content and experiences specifically around their interests.
Looking to get started with ABM? Learn More.
Why Is ABM Important For B2B?
Marketers are always looking for ways to increase the revenue of their companies. For years, B2B companies have used techniques pertaining to inbound marketing and heavy advertising. They drive awareness and then engage their potential leads through content marketing and other techniques. Those leads are nurtured and then guided towards making a sale.
This method is now replaced by ABM which saves time, is efficient and generates good revenue for B2B companies. The target is majorly on creating an account strategy resulting in reaching out to people or companies who are actually interested in the business.
ABM has especially become successful for B2B companies and according to a few studies, around 97% of marketers have observed a higher ROI than traditional marketing methods.
How To Create A Winning Strategy (The 3C’s)
The 3 pillars of creating a winning ABM strategy are mentioned below:
Collaboration – Whether it’s marketing, sales or any other team, it is important for all of them to work together as one revenue team. Use the same data that is taken from all kinds of sources and together create a data-driven ICP (Ideal Customer Profile).
Coordination – The relationship that both marketing and sales team share with clients is extremely important. And, this is why coordination is very crucial to have between the teams. Their seamless experience will make the customer feel valued and remain onboard for long.
Continuity – It is of utmost importance to always keep adapting to the latest state of your buyer’s current relationship with your brand.
Why Is ABM Great For B2Bs?
One of the major reasons why ABM has become crucial for any B2B is the enormous pressure on revenue. The competition has risen and with it, so have the customer expectations for services and products.
It’s a dynamic marketplace out there. It calls for a system that uses tools for sales and marketing that are used in a more targeted way. This is where ABM’s need arises.
Businesses that opt for ABM get deeper into the data and are getting really serious about collaboration. That it’s not just about getting the data but working together in collaboration to change the operating models.
Gone are the days when B2Bs would depend only on campaign-level metrics, now it’s all about analyzing the data and adjusting the models accordingly.
What Are Some Best Practices Used For ABM
The first would be to set clear campaign goals. ABM is all about generating revenue through clear targeting. So, it is better to be focussed from the start on how your teams are progressing and how they are converting those account relations into revenue goals.
The second would be to start with a pilot campaign. It’s an ideal way to test your ABM plan and also set realistic goals for when the time comes for the real execution.
Thirdly, select the right approach. Every ABM approach will depend on numerous factors that are purely subjective to the accounts targeted. So, keep in mind those factors and work up accordingly.
Lastly, align your marketing and sales. All the teams should be aligned with their roles and responsibilities. It is important to have a clear and same vision before the plan gets into its execution phase.
Most Common Approaches Used For ABM
Some commonly used approaches are:
- Create content that is compelling to your target accounts and audience.
- Use personalized ads that will connect with your audience.
- Don’t forget to host events for your target accounts.
- Evaluate attributes of your ideal customers and then in your target list, you can look for those exact attributes.
Conclusion
ABM has produced many successful B2B campaigns all over the world. And, it is increasing at a rate which is leaving the traditional marketing methods behind. B2Bs are able to realize the revenue it can help them bring and they are using it to its full potential.
Targeted marketing is always better than an unsure start.
Now, why should you not try Account Based Marketing for your own business and let the results speak for itself!
Looking to get started with ABM? Learn More.