Marketers are focusing their attention on Account-based Marketing (ABM) as part of their overall marketing endeavours. Although many companies are implementing ABM campaigns, it is a fairly new concept for many others.
A successful ABM strategy is rooted in the alignment of sales and marketing. Many companies lack this alignment. Once you understand ABM you will know why this is important.
Let’s dive into ABM to understand the concept and how marketers can benefit from this.
What is Account-based Marketing?
Account-based marketing is a business strategy that focuses on engaging few target accounts. Marketers create content, campaigns and use marketing resources only for the individuals related to these target accounts.
Instead of engaging a wide number of audiences using lead-generation, marketers using ABM. They work closely with the sales team to identify key prospects to create personalised messages or content for them. This form of marketing is done by enterprise-level sales organisations. It is lucrative in business-to-business (B2B) scenarios. Since ABM is beneficial for organisations with multiple buyers, it makes it critical for B2B companies. The main goal here is to address the needs of the organisation by connecting to its stakeholders.
Now let’s talk about some benefits of ABM.
Benefits of Account-Based Marketing
Marketers are constantly under pressure to generate revenue. This is one of the main reasons many are turning to ABM. It focuses on building relationships with high-value accounts with more opportunities, this helps convert more targets. Along with increasing revenue it can give you a focused sales and marketing strategy, better relationship with customers, and align your sales and marketing teams.
Let’s take a more detailed look into this.
A focused sales and marketing strategy
As discussed above, an Account-based marketing strategy begins with identifying a set target account that your sales team would like to engage, and then creating customised content for them. Instead of running your campaigns on a list of different channels, account-based marketing helps you focus on specific accounts that you would like to target. This allows you to increase the effectiveness of your messages without any need to increase the resources to run more targeted campaigns.
It aligns your sales and marketing
Sales and marketing play different roles in an organisation. Sales is more focused on getting leads, while marketing seeks more visibility. Before you can begin targeting, there needs to be a conversation between the two teams in order to identify the target accounts. This helps marketing get a better insight on sales goals, and the sales team can see how marketing’s position is an important part of the sales process.
When the marketing team is running its campaigns, the sales team can see how marketing delivers on their target accounts. This can help the teams align and patch up on any tensions between them.
It strengthens your relationships with customers
With Account-based marketing you can resonate with your customers and focus on their needs. This will encourage customers to extend contracts and continue to do business with your company. B2B buyers are expecting more customised selling experiences, and Account-based marketing is providing them just that with relevant sales content and messages.
With Account-based marketing marketers ensure that sales teams are having more successful conversations with their targets. Before sales teams are reaching out, the customers are already exposed to company messaging.
This speeds up the sales process by cutting short the time sales teams spend grooming a lead. Here the customers have a personalised experience which increases the potential to convert. ABM focuses on the right leads from the start, so more time and money are not wasted down the road.
Now that you know the advantages of ABM let’s discuss some tips that will help you launch your campaign.
Tips to launch an ABM campaign
Identify your target
Determining your target audience is a key step for a successful Account-based marketing strategy. It mainly focuses on creating engagement with the target accounts and increasing awareness of your business for them.
Identifying the target audience should be a combined effort of marketing and sales as data is required from both teams. Data like location, industry, company size, market influence, annual revenue, repeat purchases etc.
Once you know your target account you will know how to appeal to them and introduce them to your business.
Research your target
Once you have identified your target accounts, get to know the company and who the important players are. This can help you present your product or service to the target. LinkedIn can be a good tool to research about the company and the decision-makers and influencers in it.
Build your content
After identifying the names of key players within each account, it is time to create content for them. This content should be based on the pain-points of those specific businesses. Every campaign will include content like guides, e-books, videos, landing pages etc. which should be relevant to the target accounts.
This will ensure that target accounts engage with them. Hence, research on target accounts is so important.
Choose your channels
After creating content, look for channels that will be effective in engaging your target. Looking at different social media platforms your users are spending more time on and how they consume the content will help you reach them.
Run the campaign
When running your campaign there are a few things you should pay attention to. You need to ensure that the messaging and content is similar across all your channels. You should not put up different content on different channels, it can confuse your audience. The messaging or content should not be repetitive or conflicting. It should be cohesive across all platforms.
Measure your results
Your campaign results should be measured properly. As we discussed before, it can help you use your resources in the right way.
These are some of the questions you need to ask while measuring the results of your ABM campaign:
- Are you growing the list of known visitors in the target account?
- Are there any changes in the way these targets respond to the content?
- How much revenue has been generated from these target accounts?
If executed well, an ABM strategy can prove beneficial to your company. It can give your business high-value opportunities and shorten the B2B sales cycles. It has the potential to change your business and make it more profitable.
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