How to Know If Account Based Marketing (ABM) is Right for Your Business?
Account based marketing is buzzing and one of the most trending marketing strategies businesses are narrowing down upon. Simply put, account based marketing is just the opposite of inbound marketing wherein broader number of prospective clients are catered to with broad-reaching marketing campaigns.
To the contrary, ABM zeroes in on a defined set of client accounts and leverages marketing and sales resources in conducting marketing campaigns that are tailored to each account being handled. Because this strategy implies designing marketing campaigns personalized to the specific needs and objectives of each account, it has earned the term called ‘account based marketing’.
Now, here comes the question – is ABM right for your company? Why should businesses consider using their marketing and sales resources exclusively for each account and only focus on a selective set of customers?
Here is the answer:
With account based marketing, marketing and sales teams select ‘high-value’ client accounts that have greater potential of revenue generation and that are major players in the industry. In that case, businesses would create products or solutions that will target a limited set of clients.
By serving and optimizing your campaigns to a small number of influential clients, companies can deeply focus on each client, and their efforts can attain higher campaign performance than what they could with a generalized marketing approach.
If you are trying to target high-value customers with personalized efforts and individualized messages, account based marketing strategies will facilitate achieving your goals.
So, what are the benefits will you get by implementing an account based marketing approach? Let us break it down and show you 5 benefits of ABM strategies.
Successful account based marketing approach enables marketers to attain higher business results. A market survey released by 2014 ITSMA on account based marketing has concluded that ABM has potential for driving highest return on investment for any B2B marketing efforts.
Lessening waste of resources
Since account based marketing is targeted at specific accounts, these campaigns enable marketers to lay focus and manage their resources efficiently. They can run optimized marketing campaigns using need based resources which are tailored for high-value client accounts.
Moreover, marketers can choose and prioritize on client accounts on the basis of the value and help them decide which specific types of marketing programs they need to implement.
Optimized and personalized marketing
Account based marketing helps marketers not only optimize their marketing and sales with precision to the specifics of clients, it also enables creating individualized messages which delivers the right content at the right time.
Around 75% of clients reported that they prefer optimized offers which relate to their requirements and expectations well, according to Aberdeen. Being essentially personalized, marketing campaigns devised in ABM mould are more relevant and optimized to a targeted audience.
Clear tracking and measurements
Account based marketing lets marketers analyze results and effectiveness of campaigns efficiently, whether it is events, email marketing or web ads that you are running in the ABM approach. With a smaller number of accounts to manage, it is easier to track data clearly, keep a tab on and measure it across various a set of metrics.
Simplified sales alignment
If your business is aiming at aligning cross functional teams to deliver personalized campaigns for clients, then account based marketing is what you need. ABM helps in aligning sales, customer service, marketing teams in delivering total client solutions like no other marketing approaches.
Because ABM campaigns combine the modus operandi of sales operations, account handling and targeted marketing approaches to grow revenue, it brings both sales and marketing operates to the table for clients. Similar to sales operations wherein it is always about accounts including those in the pipeline and which have made purchases, ABM marketers also think of the accounts’ perspectives and work closely with sales teams to choose high-value accounts and continue to pursue them throughout the buying cycles.
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