What is an Account-Based Marketing Strategy?
Account-Based Marketing (ABM) is a B2B strategy that focuses sales and marketing resources on target accounts within a specific market.
Then marketing focuses on all of their resources, budget, and campaigns against the very specific list of target accounts to directly support sales efforts.
The T.E.A.M. framework is the perfect account-based marketing strategy for teams looking to grow revenue across every part of the sales funnel.
Benefits of account-based marketing strategies include more acquisition, acceleration, retention, and expansion revenue opportunities for your marketing, customer success, and sales teams.
It actually focuses on generating revenue then only leads in traditional marketing.
Why ABM is Important?
Account-based marketing services are important for an organization to truly gain a competitive edge by reducing extra on their budget on resources by focusing on the accounts which are most likely to convert.
Growing more efficiently is what every organization wishes for, and successful Account-based marketing services (ABM) is the sure-shot solution.
97% of B2B marketers saying this is something very significant for Higher ROI driven by Account-based marketing services.
Difference between What is ABM Marketing and Traditional Marketing?
What does ABM stand for in marketing is only and only focus?
For example, if you want to reach only the top 15 companies that specialize in B2B SAAS offers.
Here you are focusing on going for actual counts.
Whereas Traditional marketing is broad
For example, you target a mid-sized business that has a million dollars revenue and you are going after their senior executive people.
If you are looking at a broader aspect then you can definitely go for traditional marketing.
How do Account-Based Strategies works?
From now you must have got a little hint of how an effective ABM strategy can skyrocket business growth.
I am telling you some bulletins that will help you understand and implement ABM strategies better:
- Define your right strategic accounts
- Design a high-tech marketing plan
- Focus on marketing-enable target account selling
- Create personalize content & messages
- Find the right contacts
- Decide on the best channels for your campaigns
- Track KPI’s that will accurately gauge your account penetration
- Execute your account based campaign
Key Metrics for Measuring Success & ROI of ABM
Whether ABM strategy is right for your company?
It’s very critical to decide whether you should solely go for it or not but once you identify it then you must focus on applying every possible Account-Based Marketing Strategy.
If you think account-based marketing services will work for your business then follow these steps:
- Figure out which account to target
- Identify the specific people to target. start with the contacts you already have in your database for the target accounts.
- Once you have the name, sales & marketing you should launch the outbound & inbound programs to attract the attention of the targeted persona.
- Develop accounts & persona-specific offers & campaigns to attract the attention of your targeted audience.
Why you should practice Account-Based Marketing?
Even as buying circles are growing, marketing teams are feeling more pressure to directly impact revenue growth.
It’s a core reason that the ABM approach is seeing significant uptake.
ABM focuses you on relationships in your highest opportunity, highest-value accounts.
For example, assume you sell an expensive SaaS product or any consulting service.
Rather than take a blanket approach – going after small businesses– you might start by focusing on those accounts that have the highest need and the required budget.
The well-considered approach matters at a time when buyers are increasingly constant on outreach changes to their business and even their personal interests within the business.
ABM requires that marketing and sales engage each person on the buying team in a personalized way.
Well, customize buyers are more open to your outreach and less likely to ignore your content and communications.
To whom Account-Based Marketing Services Benefits
Everyone carries their own way, some say ABM is more effective for B2B companies that are at a large scale or of a certain size of a particular industry.
Others say that ABM can work for B2B organizations of any size.
ABM is a win-win situation for sales, marketing, and customers.
ABM perfectly complements the account-based approach sales teams have embraced for years.
With the dedicated involvement of marketing, sales teams can better personalize their outreach.
Nurturing targeted members of the buying committee with appropriate marketing messages tends to speed up the sales process.
Marketing and sales should line up stepwise to define smaller goals that help you to achieve the bigger goals.
These stepwise goals can include:
- Pinpointing a higher number of decision-makers within each account
- Securing a greater number of senior-level appointments/meetings
- Accelerating the sales cycle
- Encouraging higher customer loyalty or reducing churn
- Closing a higher percentage of large deals
- Boosting revenues within existing accounts
Most Marketers focus on generating leads, many of which never convert them into a sales opportunity.
But with Account-Based Marketing Strategies, you must focus on quality, not quantity, and on influence, not on generating leads.
Remember to first clear your intention and have an in-depth knowledge of What is ABM Marketing to learn its proper strategies and only focusing on running your company through this method only.
You can’t afford to mix the traditional and ABM marketing methods in the initial or middle of your projects to avoid failing your business.
Remember “Don’t count the people you reach, reach the people who count”.