B2B marketers often try to cast a very wide net with their marketing campaigns in hopes of appealing to as many companies as possible in their target market. Account-based marketing (ABM) is an alternative B2B strategy that concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account.
With ABM, your marketing message is based on the specific attributes and needs of the account you’re targeting, hence the name account-based marketing.
Many companies, particularly those seeking to acquire specific high-value customers find that they are better served with an ABM strategy rather than taking a broad-reaching approach to their sales and marketing effort.
Because ABM requires more account-level personalization than traditional marketing it has historically cost more to implement. However, advances in marketing technology have enabled marketers to employ ABM for much less than previously possible and at much greater scale.
ALL ABM ESSENTIALS IN ONE, UNIFIED PLATFORM
1. Clear ROI
Effective ABM drives clear business results. In fact, compared to other marketing initiatives, the 2014 ITSMA Account-Based Marketing Survey found that “ABM delivers the highest Return on Investment of any B2B marketing strategy or tactic.”
2. Reduced Resource Waste
Because ABM is so targeted, it allows marketers to focus their resources efficiently and run marketing programs that are specifically optimized for target accounts.
3. It’s Personal and Optimized
ABM entails personalizing your messaging and communications to specific accounts so that your campaigns resonate with these target audiences. Targeted customers are more likely to engage with content that is geared specifically to them, and is relevant to their business and stage in the buyer journey.
4. Tracking Goals & Measurement is Clear
When you’re analyzing the effectiveness of campaigns, whether email, ads, web, or events, it’s easier to draw clear conclusions, because you look at a smaller set of target accounts instead of a vast set of metrics.
5. Sales Alignment is Easier
ABM is perhaps one of the most efficient ways to align sales and marketing. This is primarily due to the fact that the marketer running an ABM program operates with a mindset very similar to sales—thinking in terms of accounts and how to target them, bring them to the table, and generate revenue from them.
Discover & Define Your High-Value Accounts
Use all the firmographic data and business intelligence you can find to help you prioritize your high-value accounts. Consider revenue potential as well as other strategic factors like influence in the market, likelihood to purchase repeatedly from you, or potential for higher than average profit margins.
Map Accounts & Identify Key Internal Players
Identify how your target accounts are structured, how decisions are made and who the decision makers and influencers are.
Define Content & Personalized Messaging
An effective ABM initiative employs valuable content that addresses clear and significant business challenges the target account faces. Think about how your messaging and content can address the target account’s specific business challenges.
Determine Optimal Channels
Communicate with your audience on all the channels they leverage, including web, mobile and email. Consider which channels will be more effective for specific roles or industries you might be targeting and consider things such as opt-in rules or other restrictions in your region.
Execute Targeted & Coordinated Campaigns
It's critical to coordinate your campaigns across channels and align the marketing and sales teams' efforts for maximum impact. Technology is enabling marketers to coordinate and execute ABM campaigns at much greater scale and more efficiently than ever before.
Measure, Learn and Optimize
Be sure to test, measure, and optimize your ABM marketing campaigns to ensure they are effective and you improve your results over time. Look at the results of individual campaigns as well as trends at the account level and in the aggregate (all target accounts) to get a more accurate picture.
Whether ABM is part of your larger marketing strategy or is your marketing strategy, you will be more successful with the right tools. Explore the critical components of an ABM platform and how they impact your ABM strategy.