What Is Account Based Marketing?
Account based marketing or ABM is a B2B marketing strategy where sales and marketing work together to target specific contacts, leads or customers known by the business.
ABM uses customised marketing campaigns that are designed based on the specific attributes and needs of the target accounts.
Account Based Marketing Benefits
Now that we know what ABM is, let’s look at the benefits of using account based marketing as a B2B company.
1. Aligned Marketing & Sales Teams
ABM requires marketing and sales teams to work together throughout the entire process of identifying and creating campaigns for target accounts.
This collaboration can be very beneficial for companies.
According to a study by the Aberdeen Group, companies with strong alignment between sales and marketing teams grow their revenues up to 20% annually.
2. More Personal Campaigns
According to another research by the Aberdeen Group, 75% of consumers prefer personalised campaigns to generic offers.
Because ABM campaigns are targeted at a specific group of consumers, they are more personal and hence consumers are more likely to resonate with them.
3. A Much Clearer ROI
ABM marketing has proven to be the best B2B marketing strategy according to different surveys.
According to the 2014 ITSMA Account Based Marketing Survey, 89% of B2B marketers recorded a higher ROI from ABM than traditional marketing.
This clearly proves the benefit of ABM marketing.
4. Efficient Use of Marketing Resources
Because ABM targets a clearly defined group of consumers, marketing resources can be better allocated.
This effectively removes the cost of targeting generic leads which would have otherwise been the case.
5. Improved Goal Setting and Tracking
With ABM, you can easily set clear goals and track them efficiently.
Because you’re targeting a smaller number of accounts comparably, it is easier to draw clear conclusions out of your analytics data.
How to Create an Account Based Marketing Strategy
Here are 6 steps on how to develop an ABM strategy for your company:
1. Define Your High-Value Target Accounts
Identify the ideal consumers that have the potential to spend the most with your company.
2. Research Target Accounts
Find out as much as you can about these potential customers - their pain points, decision-making factors etc.
3. Create Marketing Campaigns
With the information you’ve gathered, create personalised marketing campaigns that are likely to resonate with your target customers.
4. Pick Optimal Channels
Figure out the most effective channels to run your marketing campaigns.
5. Execute Marketing Campaigns
Once you’ve decided on where to run your campaigns, the next step is to go live with your campaigns.
6. Measure and Improve
Analyse the results of your marketing campaigns to figure out how you can improve.
Tools To Help You with ABM
How Can We Help With ABM Marketing?
Do you need extra help setting up an account based marketing strategy? We can help you with that - give us a call and take advantage of a free strategy session with someone in our team.
If you then need help implementing it then we have a matching service where we could pair you with a team to help you reach your goals.
In the meantime, why not take a look at our training courses for all things marketing that will assist you in getting ahead of your competition!