In today’s modern world, all B2B marketers face the challenge of driving revenue and providing a quality customer experience through various engagement channels. Whereas this challenges the status quo with constant requests to adopt newer forms of purchasing journeys, namely Account-Based Marketing (ABM).
Unlike traditional demand generation methods, which are prone to attracting irrelevant leads, ABM is all about quality, precision, and focus. ABM is a joint effort by sales and marketing to nurture prospects and convert them into customers. Working in separate marketing and sales teams is no longer an option. According to Alterra Group, 97% of marketers today achieved a higher ROI by incorporating ABM than any other marketing initiative.
Account-based marketing (ABM) is a marketing strategy rather than a technology. It’s a customer-centric approach that necessitates collaboration between sales and marketing teams. Both departments collaborate to identify the best-fit account opportunities and identify suitable experiences to engage specific buying groups within target accounts. The obvious advantage of ABM is that it assists sales and marketing in rapidly and easily increase revenue. Instead of marketing to a large number of potential buyers, ABM focuses on a small group of specific accounts that are a perfect match for a company’s products. Sales and marketing within each account orchestrate a personalised, coordinated account-based experience (ABX) for various stakeholders or buying groups.
Account-based marketing defined
ABM usually requires a shift in thinking, and it should be viewed as a long-term strategy that prioritises customer advocacy. It is also not a one-time effort and must be monitored and tweaked until it is perfect. It is critical to understand that ABM is not a one-size-fits-all approach. This means that your ABM plan must be tailored to your organisation, market, and target accounts.
Instead of going after individuals as Leads, marketers in the ABM approach select a set of companies that are most relevant to their enterprises, and target and engage the buyers in a personalised manner unless they become a customer.
The ABM approach, on the other hand, is the exact reverse. You begin by identifying the appropriate fit accounts that match your ICP in close collaboration with your sales team. Let’s look at how ABM works in different organisations.
ABM recipe requires the following ingredients:
Targeting, engagement, and measurement are all components of account-based marketing. Build these elements into the foundation of your programme, and your marketing team will be set up for success.
Identifying and managing the appropriate accounts.
ABM enables you to use new tech to target and manage accounts that are worth your time and will yield the greatest return on investment. This allows you to synchronise account targeting and management rather than managing and syncing accounts and lists across multiple apps. The accounts you target are determined by your organisation, but the following parameters are a good place to start:
- high yield
- product fit
- quick wins
- strategic importance
- and territory
Engaging across channels.
Instead of managing each marketing channel separately, you can create coordinated and personalised campaigns across all of them from a single platform.
This usually requires an account-based marketing solution that connects each channel and offers a framework for you to achieve insightful and extensive cross-channel marketing campaigns for your target accounts.
Evaluation and optimization
Your ABM strategy must be tangible in order to prove a success and improve over time. To accomplish this, you should look for a solution that allows you to create account dashboards that look at specific accounts, programmes, and targets, as well as provide coherent revenue-based account analytics — all in one place.
B2B companies who kickstart and sustain formal ABM initiatives can boost their organisations’ revenue growth and profit margins, strengthen relationships between marketing and sales peers, and improve interactions with customers and prospects. To be successful, new working relationships between marketing and sales are required.
In the B2B space, a broad marketing approach may appear to make sense at first, but it can significantly decrease your ROI when compared to a targeted approach. A successful ABM initiative can increase revenue, optimise your efforts, and provide detailed metrics that would otherwise be unavailable.