The Ultimate Guide to Account-Based Marketing
Account-based marketing (ABM) has turned out to be a major focus in B2B organizations.
Previous, broader marketing techniques such as PR, online and offline advertising and SEO were used and now companies are realizing the potential of a laser-focused approach.
Based on this growing trend, here are a few reasons as to why B2B marketers would benefit from it.
Understanding B2B Account-Based Marketing
Account-based marketing is a method used to selectively identify a targeted set of accounts using personalized and highly tailored campaigns.
It relies on the assumption that B2B buying decisions are made by a specific group of people and not necessarily a single individual.
It targets the major decision makers through the IP addresses making the odds of a success very high. It is a new technology that relays information to a targeted audience.
How Does it Work?
It is a software service account-based marketing system that is able to function on its own or that can be integrated with other existing platforms.
They are able to manage the available data and deliver personalized information depending on the information that has been collected.
This technology, however, has proved to be quite a major challenge to the smaller companies as it requires investing so much in it and ensuring the workers are equipped with the necessary skills to use it.
What exactly does it offer?
Social Data Insight
This model allows marketers to be able to get into the minds of the potential customers and to know they really want and what really matters to them.
By knowing the exact kind of information that is going around or being researched or searched, marketers are able to tailor information to specific groups.
By providing a platform for the personalization, the ABM allows one on one conversation with the customers.
If it`s either email or a phone call, this direct mode of conversation has allowed the growth of a relationship between the marketers and the consumers hence allowing to marketers to understand the need of the consumers better.
Account based marketing allows marketers to target companies that have been forgotten along the way.
By re-targeting at crucial moments when an account is browsing on a specific website or displaying buying signals, clients are easily likely to respond to it. By using IP addresses, specific or multiple accounts can be targeted at once.
What are the biggest benefits for the B2B marketers?
Alignment of Sales and Marketing
One major benefit of ABM is its ability to break barriers between sales and marketing teams. This process is only possible if the two teams work as one as well as get on board with one another ideas and way of thinking.
Previously it was the marketer’s job to identify and satisfy the customer’s requirements and to be able to persuade them into buying their product.
However, with the closeness of the marketers to the consumers to the point of purchase commitment and sales reaching in the earlier stages of the process, the traditional rules no longer apply.
Even without ABM, the changing customer journey means there is a growing need for integration between the two teams.
According to the Econsultancy's report, with the customer's own online research driving much of the decision-making, there is no need to speak to different teams at different times.
No More Dead Ends
ABM has allowed marketers to be able to prioritize their most important projects. Instead of trying their luck everywhere, this method allows them to target a specific group and streamline strategy and a great targeted approach.
Increase in Revenue
According to the recent stats, 80% of the marketers say ABM outperforms all other marketing channels.
This technology has been used for at least one year and 60% of their users have reported an increase in the revenue by at least 10% & 19%.
This definitely shows how valuable this technology can be as various upgrades are coming up making it a better option.
One of the biggest advantages of ADM is it allows marketers to get instant results. This means that as soon as data is analyzed, it can be altered according to the specification so as to be able to reach the specification required by the targeted group.
Reasons to implement account-based marketing into your B2B marketing strategy
This method has proved to engage or interact with prospects and customers. Take for example, since the introduction of email, everyone prefers to be called by their name rather than been categorized in a group and slightly off-putting.
ABM takes personalization to a whole new level by developing content that those key decision makers need so as to be able to purchase the product.
To be able to reach a specific group, intensive research is required to understand the customers and this work is easily noticed by the key decision makers.
It also requires marketing and sales to collaborate so as to effectively communicate with the prospective decision makers.
Effectively Using the Marketing Resources
Marketing is a broad enterprise that is stretched in different directions. Account-based marketing helps you to structure your market in such a way that it brings the most revenue.
Due to the narrow focusing of your market, it is seen ABM tends to optimize your most valuable resources i.e. time and money.
By integrating your sales and marketing efforts, you can focus your team to work to develop content for key accounts.
Defined Return on Investment
Any market strategy must be measurable and this is no different for an ABM. According to research, ABM has delivered higher ROI than any other type of marketing.
Measuring ROI of any marketing initiative is critical. Through ABM it is possible to see the return on the investment and find areas to improve depending on how the market is responding to your content.
When reviewing ROI, it is important to report the tactics that either contribute or do not contribute to that ROI.
By knowing the effectiveness of each individual component of your ABM strategy, you will be able to build more effective campaigns moving forward.
With advance platforms, tracking can now be done in real time and one is able to make changes to their campaign on an ongoing basis. This helps to save time and money.
Close Alignment of Sales and Marketing
If ABM strategy is to be applied, sales and marketing must come together and work as one.
It requires them to work together to identify prospective accounts, develop a communication strategy and outreach and monitor the campaign`s progress.
Surveys have shown that marketers who use ABM have a 40% alignment with their sales and marketing as compared to those who do not use it.
ABM has proven to be an effective way for B2B marketers to align their sales and marketing by targeting specific groups leading to almost instant results.
ABM marketing strategy is not here to replace the mass marketing initiatives that are meant to drive awareness but with its personalized growth focus for all kinds of business, it is only a matter of time before B2B companies realize it’s potential.
Account-based marketing can only be good for business marketing because it offers a more focused strategy for targeting specific customers with customized messages for growth.