21 Feb What is Account Based Marketing?
Are you familiar with Account Based Marketing?
Or, even more to the point, can you afford not to be!
What is Account Based Marketing?
ABM (Account Based Marketing) is a marketing strategy based on innovatively using new technologies that provide the ability to aim customized messaging to specific targeted account and business persona within this account. This enables companies to concentrate on attentive relationships with specific businesses and their relevant decision makers.
ABM is the most effective response for companies facing the challenge posed by market commoditization. Market commoditization is becoming an increasingly widespread phenomenon. As a market becomes increasingly commoditized, price becomes ever more prioritized, and other considerations marginalized.
ABM is the optimal solution for companies faced with the need to effectively meet this challenge. It enables them to optimally utilize their marketing resources, by channeling them away from focusing and qualifying leads, and towards developing and building highly attentive relationships with companiabm is thes most likely to evolve from prospects into customers within a relatively short time frame. In addition, ABM enables companies to maintain and nurturing them by continuously engaging and interacting with the target throughout the entire purchase and customer journey.
ABM enables B2B marketing to evolve to its next level. It is not a replacement for mass marketing initiatives that are geared toward driving awareness and traffic, but an optimal marketing enhancement, which, by optimally converging marketing and technology, provides an effective means to help drive organizations toward clear ROI and measurable sales results based on marketing campaigns and integration with sales efforts.
Now that we have given you a very abridged version of what ABM is, we can go on to why you should start implementing it.
Five Reasons to go with ABM:
1. Promotes profitability by enhancing marketing ROI
A marketing strategy must be measurable, since the only way to accurately ascertain its cost effectiveness is to measure it in terms of its results.
According to the Information Technology Services Marketing Association survey, ABM has demonstratively proven it passes the measurability test. Over 80% (84%) of businesses surveyed said ABM had delivered higher ROI, significantly boosting profitability. Companies that adopted ABM reported they could see both the return on investment for an ABM initiative and where improvements were required, based on how contacts responded to the content and messaging they had received.
2. Enhances tracking
Optimizing ROI and profitability requires you know which tactics and strategies play a significant role in boosting ROI, and which don’t. The advanced software platforms incorporated into ABM enable real time monitoring of the operational effectiveness of individual tactics, such as an email campaign, a special event, or webinar. This means you can rapidly modify your campaigns and tactics as required, to ensure ongoing efficiency and cost effectiveness.
According to the Terminus ABM adoption report, organizations that have adopted ABM report that the enhanced tracking capabilities it provides have materially improved their abilities to attribute a measurable contribution to revenue, providing vital information pertaining to ensuring prolonged maintenance of optimal levels of efficiency, cost effectiveness and profitability
3. Optimally aligns marketing and sales
Optimal business results require that marketing and sales are in synch with each other. The only way they can achieve this is to be a cohabiting couple. All too often however, they are not even dating.
Implementing ABM significantly promotes the relationship between Sales and Marketing. To be effective, an ABM strategy requires sales and marketing teams work closely together to identify target accounts, develop a communication strategy and outreach tactics, and monitor the campaign’s progress. A Bizibile survey reported that marketers doing ABM are almost twice as likely to have a close, collaborative and mutually beneficial relationship with sales teams, compared to those not doing ABM.
ABM inherently encourages integrating sales and marketing efforts and promotes mutual collaboration, for efficiently and effectively targeting these contacts in a way that is going to be most meaningful to them. This optimizes the overall efficiency and cost-effectiveness of your B2B marketing resources.
4. Enables personalized messaging
Everyone appreciates a personal touch. For example, with email introductions, everyone prefers to be addressed by name rather than by a generic and slightly off-putting, “Dear potential customer”. In addition, a personalized finely tuned message, which includes something relevant to that person, indicates you have done your homework, making you and your organization look more professional and competent, and more highly motivated to go the extra mile when needed.
Marketing strategies that incorporate personalized messages have a proven track record of outperforming those which do not. ABM takes personalized marketing to a new level, by developing the attentive content those key decision-makers appreciate.
5. Enhances marketing efficiency
ABM provides structure that significantly mitigates marketing’s tendency to be somewhat disorderly. This improves marketing’s ability to efficiently identify and prioritize key revenue generating accounts, and then focus on them. This results in ensuring HR time and money, ultimately marketing’s most valuable marketing resources, are cost effectively utilized, which, in turn boosts overall ROI and profitability.
The next step
Contact us for an initial complimentary consultation.
As a leading, tech-savvy B2B marketing agency, we can help you plan and implement an effective, customized ABM strategy guaranteed to significantly boost your business results.