Account Based Marketing, while it has been around for over 20 years, adoption has been surprisingly slow. That is hard to understand because, simply put, ABM is a marketing strategy that targets an individual company or customer account and treats them as individual markets. Traditionally, a good marketing strategy was about getting the message to the largest audience possible…so why would you want to limit that?
The benefits of Account Based Marketing:
- ROI- The 2014 ITSMA Account Based Marketing survey found that ABM carries the highest return on investment of any B2B strategy.
- Personalization- According to Marketo poll, 63% of respondents get highly annoyed when brands continue to use old marketing tactics of blasting them with generic messaging repeatedly. ABM tailors the message to the specific needs and wants of the target group or individual. Tailoring the message allows it to resonate with the customer, increasing their chances of engagement.
- Shorter Sales Cycle- By quickly eliminating unqualified prospects, sales and marketing teams can focus their efforts on small, precise targets with a higher conversion rate.
- Efficiency- ABM allows your sales and marketing teams to work in tandem, focusing on specific accounts that will drive the most revenue.
The best practices of Account Based Marketing:
- Define your target audience- Based on your company goals and utilizing readily available data, marketing and sales should work together to prioritize the key accounts that will be of most value to your organization.
- Explore your target audience- Once you have identified the most valuable accounts, it is important to highlight key decision makers, influencers and company structure. This will further narrow the funnel, allowing your content to get even more targeted.
- Create your message- Once you have narrowed down your list to a few key players, you can easily tailor your content to specific pain points and how your company can help alleviate those.
- Explore all channels- With so many touch points these days, getting in front of your target audience is getting easier. Make sure you research where your decision makers are living and engaging as to not waste time, effort, and money.
- Execute your campaign- Once you have created your tailored campaigns and identified the most valuable channels you are ready to implement. Confirm your messaging is aligned across all channels prior to execution for maximum impact.
- Measure, learn and refine- ABM campaigns need nurturing. Make sure you are constantly refining and optimizing your message based on the results you are seeing. Ask questions and learn from your findings.
Now that some of the basic principles of Account Based Marketing, have been laid out, take a step back and look at the current tactics of your marketing strategy. Are you efficiently and effectively getting your message to the right audience? Is that audience your key decision makers or strong influencers? If the answer is no to either of these, it may be time to adopt some new practices.
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