In typical B2B marketing, The marketing and sales teams can collaborate on campaigns that capture the attention of these accounts and convert them into customers by focusing marketing strategy on key areas of higher value to the organisation.
However, Account-based marketing, also known as key account marketing, combines the expertise of the marketing and sales teams to target specific groups of accounts, enabling customised marketing.
As Marketers focused on B2B marketing you must use strategies that combine the expertise of the sales and marketing teams in order to locate, engage with and close deals on high-value accounts.
ABM is critical because it can mean the difference between meeting and exceeding the quota for the sales team.
Advantages of an ABM strategy in B2B Marketing
In the digital age, capturing the attention of potential buyers is more difficult than ever. This is where ABM can help a company. By identifying accounts that sales want to pursue, the marketing team can directly target them. Many businesses that are looking for high-value customers discover that an ABM strategy works better for them than casting a wide net.
Account-based marketing reverses the traditional marketing and sales funnel. Account-based marketing, as opposed to funnel marketing, identifies accounts that sales are interested in, targets them directly with personalised content, and then converts them into customers. Some key advantages of account-based marketing are as follows:
1. Performance Measurement Benchmarks
As with any investment, there is a constant need for progress analysis and adjustments. When measuring the success of an ABM strategy, the ITSMA recommends three essential Rs. We recommend that you use them as benchmarks for analysing the performance of your effort on a regular basis, based on relationship, reputation, and revenue.
• Relationship: Has the account’s relationship to your company or content changed? Has your access to senior executives improved?
• Reputation: Has your brand’s awareness grown in the target account? Have you gained the target prospect’s support for your vision or positioning as the current or future market leader?
• Revenue: Where have your accounts been reached in the purchasing process? Have you closed any deals? Did you get a better or a worse deal? Has your effort resulted in additional opportunities within the account?
2. Enhanced the Customer Acquisition Process
Personalization and nurturing of key customers and prospects is a shiny new name for an age-old practice known as ABM. ABM enables marketing teams to eliminate bad leads that frustrate sales colleagues. It also shines a brighter light on the customer acquisition process, making marketing teams stronger in the long run.
3. Develop a personalised approach to reaching the user
Rather than having a broad understanding of a market, ABM requires you to think on a more personalised level and get to know your audience. By becoming acquainted with a specific audience and their intent, as well as conversion behaviours, you are developing expertise that would not have existed otherwise.
4. Using Data to Align Sales And Marketing
Account-based marketing has many advantages, including improved communication between sales and marketing teams. Marketing has traditionally been a numbers game, whereas sales only want a few qualified leads that they believe will close. By identifying key B2B stakeholders, ABM provides a framework for sales and marketing to shorten sales cycles and maximise upsell/cross-selling opportunities.
5. The Correct Target, Correct Leads
ABM is a revolutionary marketing methodology that focuses on scoring the right leads rather than a large number of leads. Why devote half of your team’s efforts to low-level, low-profit clients when a single deal with the right kind of lead can account for half of your revenue? Since ABM just targets accounts which are most likely to close, the right leads to generate more revenue than hundreds of bad leads combined.
6. How To Make Yourself Unique
Viewing each account as a single user group allows for extensive customization of a marketing strategy. This customization enables any company selling a commoditized product or service to differentiate their work in a way that competitors cannot replicate. ABM enables businesses to establish a direct dialogue around an offer that, by definition, excludes the rest of the selling competition.
Scaling ABM for your B2B marketing effort to a variety of organisations is now easier and more affordable with today’s technology, and marketers across the board are implementing an ABM strategy within their team to drive higher value outcomes. A variety of ABM technology tools can help a marketing team see metrics, analyse data, and stay up to date.