The name of today’s game is marketing with pinpoint accuracy. One of the most disruptive tactics to come along in the last few years is Account-Based Marketing (ABM) – a tactic that’s been getting a lot of attention for its success at personalized, high-performing campaigns. But what is ABM, and what’s driving businesses to move in this direction? In this blog we’ll cover what Account-Based Marketing (or ABM) is, principles to follow, what you can use it to achieve, and how to do it in your campaigns.
At the end of this post, you’ll have a total grasp on ABM paired with actionable tips to put it to work for you.
What Account-Based Marketing Is
Basically, Account-Based Marketing (ABM) is a customized marketing strategy where companies focus on individual accounts (companies) rather than a whole group of (potential) buyers. Rather than a numbers game, ABM takes a targeted approach towards high-value accounts which typically have much higher return potential.
ABM involves the sales team and marketing team collaborating to reach the key members of these accounts. ABM, by matching its marketing efforts to specific needs and pain points for a company, is inherently personal and can help generate trust and growth.
For example:
Instead of sending a generic email blast, ABM would mean writing an email to a decision-maker at a Fortune 500 company that is tailored to challenges the company faces in their specific industry.
Similarly, in LinkedIn ads, ABM zeroes in on only the professionals in one or two key accounts, delivering precision and pertinently.
Fundamentals of ABM (Account-Based Marketing)
In order to understand how ABM functions entirely, you need to break it down to the fundamental guiding principles:
Targeting High-Value Accounts
ABM values quality over quantity. Companies pick and choose a handful of worthwhile accounts that match their ideal customer profile and concentrate their efforts on them.
Personalization at Scale
Each message, campaign, or conversation is personalized for the specific needs of the account you’re prospecting into. Be that personalized copy for your email, whitepapers or even custom product demos, ABM ensures content personalization at every touchpoint.
Marketing and Sales Alignment
ABM also requires marketing and sales to collaborate. Both teams collaborate to discover profiles, build plays and even reach goals together, for a cohesive buyer’s journey.
Data-Driven Insights
ABM relies heavily on strong analytics and data to comprehensively know their target accounts. Data helps organizations hone in on just the right message, foresee problems and optimize strategies for best effect.
Pros of Account-Based Marketing
Why are companies of all sizes rushing to join the ABM bandwagon? Because it works.
Higher ROI
Based on a recent survey by ITSMA, 85 percent of marketers who measure ROI describe ABM as delivering higher returns than any other approach to marketing.
Improved Efficiency
When you concentrate resources on your high-value prospects, you can focus your investments on the most promising opportunities, rather than spreading them out among marginal leads.
Personalization Boost
ABM is about personalized messaging that is truly relevant and meaningful and that creates trust and strengthens relationships at the target account level.
Marketing-Sales Collaboration
Better alignment between sales and marketing teams not only leads to better ABM, it can influence the overall culture of a business.
Shorter Sales Cycles
When you’re focusing on accounts that are pre-qualified and already aligned with your product, deals close more quickly.
How to Run an ABM Campaign: A Step-by-Step Guide
ABM can be a scary mountain to climb, but when effectively rolled out, it becomes doable and effective. Below is how you can get started:
Identify High-Value Accounts
Begin by identifying which businesses hold the most promise for your product/service. Leverage tools such as your CRM, market research and share feedback from your sales team to compile a list of dream accounts that will support the goals of your business.
Create Your Ideal Customer Profile (ICP)
Before you adapt your style, create a mental picture of who your ideal customer is. Think about details such as company size, industry, location and current obstacles.
Align Your Teams
Promote sales and marketing teamwork from the get-go. Establish common goals, processes, and measures so that you don’t end up with a communication breakdown.
Develop Custom Campaigns
Personalize at extraordinarily high level in your most sensitive of target accounts. Customize emails, landing pages that are account relevant, and provide personalized content or demos that speaks specifically to their pain points.
Use Tools and Technology
To help your campaigns along, use ABM platforms and tools such as HubSpot, Demandbase or LinkedIn Ads. The following tools will enable you to monitor engagement with target accounts and optimize your actions according to data.
Nurture Relationships
Involve decision-makers and leaders in continued, one-on-one communication. I just want to remind you that ABM is about building relationships, not just executing deals.
Analyze and Optimize
Regularly track your ABM campaign performance. Follow metrics such as account engagement, sales velocity, ROI to see what’s working and what needs improvement.
The Success of ABM Campaigns Down to KPIs
It’s crucial to be able to determine the success of ABM campaigns–making sure they’re worth it. Here are some numbers to focus on:
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Engagement Rates: Track how your target accounts are engaging with your content or campaigns, whether it is opening an email or the time they spend on a custom landing page.
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Pipeline Velocity: The marketing/sales process will be speeded up regularly by ABM. Calculate the rate at which your sales prospects move through the buying meatgrinder.
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Customer Lifetime Value (CLV): As ABM primarily targets high-value accounts, the potential CLV is a straight indicator of whether your strategy is yielding fruits.
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Win Rates and Deal Sizes: As ABM is successful in target accounts primarily, win rates shoot up and deal sizes grow.
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Alignment Metrics – Collaboration Levels: Monitor how well your sales and marketing teams are playing together by keeping an eye out for their collaboration rate, shared goals, and mutual outcomes.
Driving Growth with Account-Based Marketing
Account-Based Marketing is no longer a weapon utilized by the big fish. Companies of all types are reaping its rewards by targeting high-value accounts with surgical precision. By combining tailor-made consumer interaction, cutting-edge analytics, and deep comprehension of target accounts, ABM enables firms to flourish within a highly competitive market.
Whether you are just starting with ABM or arranging mature approaches, executing the ABM methodology allows your company to get a far better ROI while also fostering long-lasting connections with key buyers. It might even shock you how successful this new marketing strategy can be.
If you’re ready to shake up your approach to marketing, start incorporating ABM principles into your business model today.
Effective online reputation management lays the foundation for successful account-based marketing by building trust with key accounts.
