We’ve discussed account-based marketing (ABM) strategy before, and talked about its resurgence in recent years. ABM – also known as key-account marketing (KAM), is a B2B marketing strategy based on goal-setting and key account targeting. In essence, ABM allows companies to better reach and communicate with individual prospects or accounts, treating them as a market of one. Think of ABM as a one-to-on approach instead of a one-to-many; generating specific leads with a fishing line rather than fishing broadly with a net.
Typically, an account-based marketing strategy is used to help align sales and marketing teams and maximize return on investment (ROI) for marketing campaigns. To make it clear, there are some very good reasons why companies might want to adopt ABM in their B2B marketing strategies:
5 Reasons You’ll Benefit from an Account-Based Marketing Strategy
1. Personalised Communications.
ABM relies on research and knowledge of target prospects, as a result, it allows for improved personalised communication. Peronalised marketing strategies are proven to have a higher impact on engagement, appealing to customers and prospects’ emotions. Personalized email introductions, for example, that address people by name rather than by the boring, generic, ‘Dear customer’ or ‘Hi!’, have a greater chance of drawing and keeping interest. ABM takes personalized marketing to the next level, developing specifically targeted content that engages decision-makers and draws them through the buyer’s journey.
2. Improves Marketing Resource Efficiency.
One of the key weaknesses of a traditional marketing funnel is that it is often stretched too thin. Traditionally, marketing resources tend to be expended on raking in as many leads as possible. ABM helps structure and plan marketing efforts so that they are being spent in the right places on the right accounts to drive the most revenue. Think of it as a strategy that focuses your marketing and sales efforts where they will do the most good.
3. Enhances your Tracking.
ROI is a critical part of analysing your bottom line and engagement. It’s important to review and track the impact of each of your campaigns to continuously improve and build on your successes. By understanding the effectiveness of each individual aspect of your ABM strategy you will be even more effective moving forward.
4. Increased Alignment of Sales and Marketing.
One of the biggest problems we encounter in today’s traditional marketing departments is that sales and marketing teams function in individual silos. A key strength of ABM is that it draws sales and marketing teams together, out of their individual pillars and into a joint team with the same goals. A solid ABM strategy requires that sales and marketing work closely. ABM keeps these teams working together instead of working independently.
5. Defines your ROI
All marketing initiatives need to be measured, and ABM is no different. The difference is that ABM provides a clearer, more focused picture of your ROI because it is a clearer and more focused approach. In any marketing activity, measuring ROI is critical and, nowadays, is more easily accomplished through the vast array of automation and software tools we now have at our disposal. ABM allows us to see both the return on investment for an ABM initiative and areas for improvement based on how leads are responding to your content.
Account-based marketing can have a massive impact on your B2B marketing strategy. Using a more focused, united approach, it is a strategy that provides a higher quality of leads that are more likely to convert to higher-value customers. It’s a more efficient use of both your marketing and sales teams, aligning them in pursuit of enhanced lead generation.