B2B marketers are increasingly adopting account-based marketing (ABM) as a part of their marketing strategies. It is gaining popularity with small and large businesses alike and has tremendous benefits to offer. It also helps a great deal with lead generation and largely impacts the ROI of a business.
What is Account-Based Marketing?
ABM can be defined as a marketing strategy that targets specific accounts and runs personalized campaigns. This strategy forces alignment between the sales and marketing teams as it is crucial to account-specific communication. The idea behind this strategy is to generate greater revenues in lesser time. B2B marketers work closely with their prospects and design strategies that help them convert them into customers.
Why practice ABM?
The main reason why account-based marketing is picking up pace is the increased pressure on marketing teams due to long buying cycles. ABM strategy, unlike the other much wider strategies, focuses on high potential opportunities and directs all its efforts towards them. It ditches the blanket approach and designs strategies that take into account the needs and budget of the prospects.
Sales and marketing come together and use their combined efforts and resources to convert accounts. In the times when the businesses are looking for services tailored specifically for them, ABM just fits in right. Personalized communication is less likely to be ignored by potential buyers. It is also essential when the accounts being targeted are high-value. It is win-win for both marketing and sales. While the sales team personalize their outreach, marketing teams see the sales as a trusted ally towards one common goal.
Core Steps Essential to Developing an ABM Strategy
Now that it is established that account-based marketing can yield some really great results for you, here are a few steps to help you to design and execute your own ABM strategy.
- Recognize the high-value accounts.
The gist of ABM are accounts and therefore, you start by identifying the accounts that according to you have the potential of being ideal customers. While the definition for most highly valued accounts might be different for each business, it usually is about the most profitable and long-term customers that you are happy to work with. In simple words, you are the right fit for each other.
- Identify the influencers linked to these accounts.
Next step is to find out persons linked to these accounts who are key stakeholders and decision makers. Ultimately, you need to pass on a strong message to someone who largely impacts the buying decision in each of these accounts. This can be a CEO, CMO, or marketing manager depending on the organization.
- Develop personalized campaigns.
Further, you need to develop personalized campaigns for each of your chosen accounts. Building and nurturing your relationship with the customers is vital to a successful ABM strategy. Start by aligning their needs and interests and develop a unique value proposition. Create a customized message for each person within an account.
- Identify effective channels.
The fourth step is to identify channels that will be most effective in carrying your messages. These will be different for every business and industry. Therefore, do not try to use the same channels for all the prospects.
- Outline the strategy.
Once you know what to do and how to achieve it, you need to develop an outline for the whole process. In this, you mention the timeline of execution of all the steps involved in the ABM and also the roles and responsibilities of each person involved. This gives your strategy a direction and a deadline.
This is where it all starts to manifest results. Execute the plan using a personalized plan for each contact. This will include targeted emails, calls, ads, and more. ABM is driven by good relationships and that is what the aim is.
- Optimize based on the impact.
Lastly, keep track of how your account-based marketing efforts are performing. Measure the impact in the terms of account engagement and closed deals. Use the insights gained in this process to further streamline your strategy to make it more effective.
ABM strategy is a powerful tool to achieve conversions, especially with the difficult but high-value account. If you need to know more about how ABM can improve your ROI, contact our team at MarkSpace Media.