What refers to Account based marketing?
Account-based marketing (ABM) is a business marketing strategy that focuses on your customizing solutions. It uses personalized campaigns to engage these target accounts, making sure the campaign’s message is tailored to each account based off of their specific approach.
Account-based marketing has many benefits, including generating more clients and encouraging upselling by focusing on your most valuable accounts. It also takes a holistic view of marketing, which is important if you want the most value from your top customers.
Advantage of Account based marketing
Account-based marketing is a customer acquisition strategy that’s designed to help you grow your business by focusing on specific customers instead of general audiences. Account-based marketing is an increasingly popular approach for B2B companies that target larger accounts. Other major advents listed below
- Customer specific approach : If you want to be successful in marketing, it may be a good idea to create personalized messages for your customers. Make sure your work fits their needs and, in turn, they will appreciate what you have to offer.
Marketers are moving away from the generic approach of distributing mass-produced content to their target accounts. Instead, they are creating personalized messaging for these accounts by taking what they know about their customer and tailoring the creative assets of their campaign to that customer. With this change in approach, marketers can create better content that is more relevant to customers, which will lead to more engagement and higher conversion rates.
- Sales and marketing team work together : Account-based marketing is a strategic approach to marketing that focuses on identifying target accounts, crafting customized campaigns for them, and working together to align and move the sales process in a more efficient way.
It encourages people from different departments to work together and coordinate their efforts. This approach can increase the number of sales successes and improve account relationships.
- Sales cycle get shorter: Large purchases require different stakeholders to be on board. This usually slows down the sales process because it starts at a lower level of your organization and moves up towards the decision maker. ABM aims to shorten the cycle by sending a single message to a group of potential customers at once.
- High ROI :Account-based marketing offers the best ROI among B2B marketing tactics. 85% of marketers who measure ROI say that it has the highest ROI than any other marketing approach. This tactic is more targeted and provides better results. You can measure the ROI for this strategy because it is precise, unlike most other marketing tactics that are not as specific.
- Save time and resources : Account-based marketing is a marketing strategy where you focus on a specific account instead of a broader audience, so all resources and time focused on limited number of accounts that are more likely to convert into sales.
Examples of Account based marketing
Account based marketing is a targeted approach to marketing that focuses on serving up the right message to the right person at the right time. The main point of account based marketing is to collect customer data and analyze it so that companies can create segments of customers who share some common characteristics. This type of marketing has many benefits but some competitors are still unsure about this approach because it requires more work than traditional advertising.
When targeting specific accounts, your approach will depend on the attributes that make it different. This means considering meaningful segments for that account and which marketing channels it can easily use. You need to choose target segments that can add the most value to your business and then design ABM programs around them.
Here are some ways in which B2B marketers can leverage account-based marketing
- Events : Traditional sales tactics such as in-person events are still very successful. There is a high success rate when it comes to persuading decision makers. In-person events is one of the most effective methods for convincing buyers.
An ABM strategy for engaging with prospects and clients can be to use events as a way to create memorable and engaging moments. One example of this is personalized invitations to key prospects from target accounts, special VIP dinners, personalized gifts and schwag for target accounts, and personalized follow-up such as handwritten notes or phone calls.
- Webinars : Webinars are a useful tactic in the sales process. Webinars can be customized to include an account’s logo and other relevant information for target accounts. This shows that the presenter is aware of the account and has been researching them, which increases trust. They can also be tailored to be more time sensitive or timely for a given audience.
When it comes to webinars, there are many different formats. For example, some webinar events are curated for specific companies with the goal of delivering tailored content for them. Additionally, unique webinar content can be created with the target audience in mind.
- Email Campaigns :The benefits of direct mail are undeniable. It is an extremely effective way to get your message in front of a prospect that may not be aware of you or your new product.
ABM targeting allows marketers to identify potential customers who are more likely to buy their product or service. This will increase the revenue potential for gifts and marketing materials sent through direct mail which will lead to a higher ROI for businesses.
- Online advertising : The Web is a beast, and it’s hard to navigate. PPC and paid social media ads are a common way of reaching out to target accounts on the web. Paid social media ads help companies reach their target audience through demographic targeting features that allow for more specific targeting.
There are many companies that offer social media display ads, but the two most popular ones are LinkedIn and Facebook. These social networks allow you to target specific companies and personas, and using technology such as IP targeting and retargeting, your display campaigns can be tailored to reach these people.
How to Start with Account based marketing?
This is a step-by-step guide to setting up account-based marketing.
- Identification of high value account :It is crucial to identify the accounts that represent the cream-of-the-crop in your industry, These are the key accounts that can contribute to your company’s revenue the most.
- Account research : Understand your prospects better so you can develop more targeted offers. Where are they in the customer journey, what are their needs & pain points?
- Planning of Customized marketing campaign : To make the most of your marketing plan, you need to choose a marketing strategy that aligns with what you learned in research.
When developing creative for a given account, it is important to understand the cultural and behavioral patterns of that target demographic. For example, if the target is a high-end fashion retailer, it would be important to create content that conveys wealth and luxury. Creative assets should also reflect the tone and voice of the company as well as their values.
Carefully select your marketing method among events, webinars, email campaign and paid advertising.
Customize your marketing account and measure the results with goals that suit your business. Continuous work will allow you to expand and thrive.